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This material does not constitute investment advice and should not be

viewed as a current or past recommendation or a solicitation of an


offer to buy or sell any securities or to adopt any investment strategy.

Fundamental Analysis &


Analyst Recommendations
QMS Gold Miners FlexIndex The QMS Advisors' Gold Miners Flexible Index tracks
companies involved in the Gold Mining Industry.
May 2013

Q M S Advisors
.

Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Valuation Measures I/II


Market Capitalization & Asset Liability data
Market
Total
Capitalization (in mio
Daily
Common Total Debt Preferred
Currency
USD)
Volume (M) Shares (M)
(USD)
Stock (USD)

Minority
Interest
(USD)

Total Revenue
Cash and Enterprise
Equivalents
Value
(USD)
(USD)

Tot. Rev. LFY

Est. Tot.
Rev. - Tr.
12M

EBITDA

Earnings Per Share

Est. Tot.
Est. Tot.
Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M
2013
2014
EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E
Ratio - Tr.
12M

Rev. Growth

EBITDA Growth

Est.
Est.
Est. Est.
Est. P/E
Est. P/E
Revenue
Revenue Est. EBITDA
EBITDA
Est. EBITDA
Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P LT
Credit
Rating -

S&P LT Credit
Rating Date

Moody's LT
Credit
Moody's LT Credit
Rating
Rating Date

S&P 500 INDEX

USD

14664995

1960.721

1107

1107

204

218

218

101.88

110.18

110.18

15.64

15.64

14.46

14.46

18.83

Euro Stoxx 50 Pr

EUR

2665458

5644.23

4685

4685

751

783

783

212.38

307.58

307.58

21.91

18.23

15.13

15.13

20.12

NIKKEI 225

JPY

2754343

195.4507

193

193

18

22

22

5.03

6.89

6.89

0.29

0.28

0.21

0.21

0.11

FTSE 100 INDEX

GBP

2770298

12036.34

9308

9308

1468

1668

1668

548.60

826.37

826.37

28.19

23.76

18.71

18.71

23.07

SWISS MARKET INDEX

CHF

1069323

11302.06

4148

4148

879

844

844

422.09

560.69

560.69

21.41

18.40

16.12

16.12

22.77

S&P/TSX COMPOSITE INDEX

CAD

1638689

17043.62

7901

7901

1862

2073

2073

795.38

870.10

870.10

15.16

15.16

13.86

13.86

24.48

S&P/ASX 200 INDEX

AUD

1457007

6845.162

2833

2833

630

701

701

250.06

336.12

336.12

22.19

17.81

16.51

16.51

23.22

HANG SENG INDEX

HKD

1731677

3400.73

1701

1701

364

405

405

274.80

269.60

269.60

1.37

1.50

1.40

1.40

2.97

MSCI EM

USD

7701703

1416.96

7066542

7066542

196

195

195

85.16

95.99

95.99

12.07

13.13

10.70

10.70

19.56

GOLDCORP INC

USD

23158

2732

812

23.24

5435

5435

5511

6878

2798

2798

719

719

1.99

1.89

1.54

2.20

14.88

14.88

18.27

12.82

1.36

19.30

19.78

21.03

51.48

BBB+

01.06.2009

Baa2

13.03.2013

BARRICK GOLD CORP

USD

19241

5335

1001

14

34.39

14547

14340

13641

14699

7358

7071

1538

1538

3.74

3.30

3.20

3.47

5.82

5.82

6.01

5.53

2.18

13.61

-11.64

24.49

49.31

BBB

26.04.2013

Baa2

24.04.2013

NEWMONT MINING CORP

USD

15766

6491

497

23.93

9868

9362

9627

11209

4169

3731

882

882

3.78

3.34

2.99

3.79

9.46

9.46

10.58

8.33

-4.73

4.99

-19.24

19.37

39.85

BBB+

11.08.2008

Baa1

26.07.2010

RANDGOLD RESOURCES LTD-ADR

USD

7259

380

92

7.05

1318

1318

1505

1959

699

699

4.65

4.70

4.67

7.35

16.77

16.77

16.87

10.71

16.92

45.49

20.16

53.34

53.06

YAMANA GOLD INC

USD

8832

1897

9.30

2337

2337

2666

3177

1269

1502

313

313

0.85

1.13

13.84

10.35

7.52

203.49

0.53

26.81

64.28

GOLD FIELDS LTD-SPONS ADR

USD

5241

899

16

28916

42194

28557

30284

14243

20101

5.89

7.52

10.89

8.53

14.46

5.29

13.85

47.64

BB+

15.11.2012

SILVER WHEATON CORP

USD

8372

1107

850

850

1001

1128

701

701

197

197

1.59

1.76

14.89

13.40

16.38

63.12

13.36

43.74

82.57

ANGLOGOLD ASHANTI-SPON ADR

USD

7159

384

30

52160

52152

59970

62195

19105

19105

19.30

23.51

8.68

7.12

-4.14

24.62

-17.82

86.63

36.63

BBB-

10.12.2012

CIA DE MINAS BUENAVENTUR-ADR

USD

5452

544

5.65

1564

1509

1722

1854

572

572

290

290

2.69

2.69

2.71

2.76

7.35

7.35

7.31

7.17

0.44

17.76

-30.27

7.50

37.90

NEW GOLD INC

USD

3644

831

3.80

791

791

988

1031

390

390

123

123

0.44

0.53

17.23

14.44

13.70

48.12

13.39

63.80

49.30

BB-

27.03.2012

B2

27.03.2012

AGNICO EAGLE MINES LTD

USD

5310

486

5.80

1918

1865

1731

2077

787

735

192

192

1.07

1.78

28.82

17.31

5.26

38.09

4.59

31.64

39.41

NR

12.03.2003

WR

05.03.2002

ELDORADO GOLD CORP

USD

5273

872

5.33

1148

1148

1309

1522

584

584

170

170

0.46

0.59

16.18

12.53

3.97

78.05

-9.24

53.95

50.93

BB

13.11.2012

Ba3

12.11.2012

KINROSS GOLD CORP

USD

6083

3036

1140

6.81

4311

4311

4045

4314

1962

1962

437

437

0.77

0.77

0.46

0.59

6.92

6.92

11.71

8.97

12.20

34.92

1.87

40.67

45.51

BBB-

15.08.2011

Baa3

15.08.2011

ROYAL GOLD INC

USD

3455

171

59

3.08

263

287

306

398

233

258

65

65

1.63

1.62

1.60

2.28

33.06

33.06

33.59

23.49

21.52

25.17

44.69

89.62

HARMONY GOLD MNG-SPON ADR

USD

2107

433

15169

16047

16682

22264

4222

3562

4867

4867

4.10

8.11

10.64

5.38

30.81

19.23

79.35

16.71

22.20

IAMGOLD CORP

USD

1914

1494

1.82

1670

1670

1631

1810

710

710

189

189

0.51

0.68

9.93

7.53

-0.19

21.94

-9.54

30.21

42.52

BB-

10.09.2012

PAN AMERICAN SILVER CORP

USD

1910

356

1.45

929

929

1036

1110

362

362

95

95

0.98

1.17

12.81

10.73

8.57

47.85

-18.81

25.23

38.98

FIRST MAJESTIC SILVER CORP

USD

1387

259

1.31

247

247

373

543

135

135

0.85

1.31

14.00

9.03

0.68

55.79

-13.49

101.01

54.66

COEUR D'ALENE MINES CORP

USD

1497

306

1.47

895

895

940

1061

378

378

74

74

0.59

0.58

0.73

1.34

25.16

25.16

20.12

10.92

-12.31

64.18

-28.81

43.35

42.24

B+

25.06.2012

B3

24.01.2013

AURICO GOLD INC

USD

1233

474

0.82

164

301

415

52

80

27

27

0.27

0.41

18.45

12.29

94.95

2151.89

ALLIED NEVADA GOLD CORP

USD

962

834

90

1.14

215

225

394

586

95

95

25

25

0.52

0.49

0.90

1.73

21.84

21.84

11.90

6.19

41.13

95.75

44.49

07.06.2012

B3

16.05.2012

HECLA MINING CO

USD

924

1293

285

0.75

321

321

493

619

93

93

40

40

0.07

0.07

0.22

0.38

46.29

46.29

15.07

8.64

-32.76

35.19

-63.53

10.36

28.93

04.04.2013

B2

02.04.2013

NEVSUN RESOURCES LTD

USD

98

566

566

394

670

426

426

38

38

0.43

0.95

8.70

3.92

3.34

-0.64

75.34

AURIZON MINES LTD

USD

688

172

0.49

224

224

206

266

92

92

0.17

0.26

24.95

16.54

-14.02

16.43

-26.18

14.15

41.26

SILVER STANDARD RESOURCES

USD

578

236

0.35

241

241

234

260

55

55

12

12

-0.08

-0.01

63.09

38.56

22.64

SEABRIDGE GOLD INC

USD

489

96

0.44

-16

-15

-15

-0.28

-0.40

20.14

TANZANIAN ROYALTY EXPLORATIO

USD

298

72

0.29

-5

-5

-16.99

GOLDEN STAR RESOURCES LTD

USD

272

285

259

0.31

551

551

585

125

126

26

26

-0.05

-0.14

0.00

0.16

16.89

19.35

35.80

22.85

VISTA GOLD CORP

USD

132

31

82

0.04

-36

-34

-6

-6

-0.54

-0.50

-0.25

-0.23

-26.58

GREAT BASIN GOLD LTD

USD

675

0.32

170

145

18

-26

70.83

-18.00

ARGONAUT GOLD INC

CAD

934

87

149

0.74

185

185

219

292

106

106

19

19

0.67

0.61

0.40

0.55

10.03

10.03

78.12

90.83

56.74

TOREX GOLD RESOURCES INC

CAD

792

302

604

0.37

-60

-60

-15

-15

-0.14

-0.15

-0.08

-0.08

-76.39

LIONGOLD CORP LTD

SGD

857

15119

731

0.83

80

92

90

116

-4

-0.02

-0.03

0.00

0.01

154.91

71.50

13.56

7.17

1.20

CHINA GOLD INTERNATIONAL RES

CAD

1082

24

396

1.11

329

329

351

630

137

137

152

152

0.18

0.18

0.16

0.19

15.12

15.12

16.92

14.48

6.70

-1.29

41.28

PERSEUS MINING LTD

CAD

643

183

0.58

143

312

399

55

126

0.13

0.20

10.12

6.66

SANDSTORM GOLD LTD

CAD

678

50

86

0.55

55

55

75

98

36

36

0.25

0.25

0.28

0.43

30.29

30.29

27.05

17.49

85.77

90.67

64.78

OCEANAGOLD CORP

CAD

622

103

294

0.78

381

388

587

647

143

143

50

50

0.08

0.11

0.24

0.34

19.08

19.08

8.60

6.17

-2.54

13.78

-11.92

66.39

37.10

MEDUSA MINING LTD

AUD

639

1449

189

0.65

84

96

124

287

60

66

0.27

0.30

0.44

1.01

12.24

8.14

3.59

-47.21

97.45

-53.84

71.75

DUNDEE PRECIOUS METALS INC

CAD

773

76

126

0.74

381

381

472

547

0.39

0.39

0.77

0.82

15.75

15.75

7.92

7.46

13.51

49.54

RIO ALTO MINING LTD

CAD

646

39

176

0.61

313

314

310

339

171

172

0.56

0.55

0.52

0.54

6.66

6.66

6.97

6.70

54.14

AURIZON MINES LTD

USD

688

172

0.49

224

224

206

266

92

92

0.17

0.26

24.95

16.54

-14.02

16.43

-26.18

14.15

41.26

ENDEAVOUR SILVER CORP

USD

506

276

0.49

208

208

249

291

90

90

25

25

0.49

0.63

10.43

8.06

62.57

87.74

38.56

43.16

CONTINENTAL GOLD LTD

CAD

601

45

108

0.49

14

14

-12

-10

-0.07

-0.07

-0.08

-0.09

RUBICON MINERALS CORP

CAD

497

94

288

0.33

-11

-11

-0.04

-0.04

-0.05

0.21

8.20

46.06

SILVERCORP METALS INC

USD

482

264

0.43

238

193

202

256

155

102

0.27

0.40

10.35

7.06

42.21

27.32

40.76

43.24

53.14

EVOLUTION MINING LTD

AUD

714

3944

707

0.75

485

658

641

738

197

221

144

144

0.07

0.19

0.09

0.14

5.49

11.46

7.64

294.91

559.45

34.76

CHINA PRECIOUS METAL RESOURC

HKD

746

1600

4351

0.97

210

210

268

319

144

144

186

186

0.02

0.02

0.02

0.02

1.42

1.11

0.94

5.83

26.53

4.61

8.87

SEABRIDGE GOLD INC

USD

489

96

0.44

-16

-15

-15

-0.28

-0.40

20.14

BEADELL RESOURCES LTD

AUD

573

12022

742

0.71

326

347

-14

167

167

-0.05

-0.06

0.15

0.18

4.99

4.24

62.42

RESOLUTE MINING LTD

AUD

635

1962

636

0.57

596

639

679

621

263

269

0.17

0.26

0.24

0.18

3.88

4.31

5.71

30.58

30.23

135.62

108.31

43.54

254

90

7.64

540

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6.52

15.51

11.21

Valuation Measures I/II


Market Capitalization & Asset Liability data
Market
Total
Capitalization (in mio
Daily
Common Total Debt Preferred
Currency
USD)
Volume (M) Shares (M)
(USD)
Stock (USD)

Minority
Interest
(USD)

Total Revenue
Cash and Enterprise
Equivalents
Value
(USD)
(USD)

Tot. Rev. LFY

Est. Tot.
Rev. - Tr.
12M

EBITDA

Earnings Per Share

Est. Tot.
Est. Tot.
Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M
2013
2014
EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E
Ratio - Tr.
12M

Rev. Growth

EBITDA Growth

Est.
Est.
Est. Est.
Est. P/E
Est. P/E
Revenue
Revenue Est. EBITDA
EBITDA
Est. EBITDA
Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P 500 INDEX

USD

14664995

1960.721

1107

1107

204

218

218

101.88

110.18

110.18

15.64

15.64

14.46

14.46

18.83

Euro Stoxx 50 Pr

EUR

2665458

5644.23

4685

4685

751

783

783

212.38

307.58

307.58

21.91

18.23

15.13

15.13

20.12

NIKKEI 225

JPY

2754343

195.4507

193

193

18

22

22

5.03

6.89

6.89

0.29

0.28

0.21

0.21

0.11

FTSE 100 INDEX

GBP

2770298

12036.34

9308

9308

1468

1668

1668

548.60

826.37

826.37

28.19

23.76

18.71

18.71

23.07

SWISS MARKET INDEX

CHF

1069323

11302.06

4148

4148

879

844

844

422.09

560.69

560.69

21.41

18.40

16.12

16.12

22.77

S&P/TSX COMPOSITE INDEX

CAD

1638689

17043.62

7901

7901

1862

2073

2073

795.38

870.10

870.10

15.16

15.16

13.86

13.86

24.48

S&P/ASX 200 INDEX

AUD

1457007

6845.162

2833

2833

630

701

701

250.06

336.12

336.12

22.19

17.81

16.51

16.51

23.22

HANG SENG INDEX

HKD

1731677

3400.73

1701

1701

364

405

405

274.80

269.60

269.60

1.37

1.50

1.40

1.40

2.97

MSCI EM

USD

7701703

1416.96

7066542

7066542

196

195

195

85.16

95.99

95.99

12.07

13.13

10.70

10.70

19.56

ENDEAVOUR MINING CORP

CAD

420

182

391

135

FORTUNA SILVER MINES INC

CAD

388

105

MCEWEN MINING INC

USD

627

860

296

MAG SILVER CORP

CAD

464

20

60

PRIMERO MINING CORP

CAD

565

109

97

KINGSGATE CONSOLIDATED LTD

AUD

340

1587

151

TIMMINS GOLD CORP

CAD

348

53

144

ST BARBARA LTD

AUD

303

3350

PREMIER GOLD MINES LTD

CAD

293

NORTHERN STAR RESOURCES LTD

AUD

TANZANIAN ROYALTY EXPLORATIO

S&P LT Credit
Rating Date

Moody's LT
Credit
Moody's LT Credit
Rating
Rating Date

0.58

342

343

496

631

135

0.00

0.15

0.20

981.35

981.35

6.53

4.97

136.18

212.47

38.96

0.32

159

159

173

200

70

70

17

17

0.27

0.27

0.24

0.30

11.37

11.37

12.58

10.13

45.89

90.36

44.32

66.64

43.46

0.56

27

150

217

-92

-72

-0.19

-0.20

0.10

0.17

22.74

12.71

-54.81

-266.78

0.42

-13

-13

-1

-1

-0.22

-0.22

-0.13

-0.14

-40.54

0.46

181

181

211

277

77

77

17

17

0.53

0.51

0.36

0.66

11.07

11.07

15.65

8.62

16.69

6.27

41.89

0.48

369

385

360

413

170

0.54

0.36

0.31

0.37

6.45

7.57

6.26

110.99

87.07

151.68

0.34

154

154

210

230

68

68

19

19

0.25

0.25

0.32

0.32

9.68

9.68

7.57

7.43

87.22

59.45

43.43

325

0.46

560

539

553

653

232

208

0.42

0.28

0.09

0.17

2.27

7.13

3.67

52.22

28.77

108.51

87.42

39.84

15.03.2013

325

149

0.27

-12

-12

-0.15

-0.16

-0.07

-0.07

-5.28

-1311.61

296

6775

402

0.26

103

118

143

177

49

60

73

73

0.05

0.08

0.08

0.11

9.06

9.41

-13.85

5.41

52.41

USD

298

72

0.29

-5

-5

-16.99

REAL GOLD MINING LTD

HKD

1032

907

0.50

176

176

153

153

0.12

0.12

0.95

0.95

4.55

7.02

11.19

GOLDEN STAR RESOURCES LTD

USD

272

285

259

0.31

551

551

125

126

26

26

-0.05

-0.14

0.00

0.16

16.89

19.35

35.80

22.85

ROMARCO MINERALS INC

CAD

258

282

585

0.19

-12

-12

-8

-8

-0.02

-0.02

-0.01

-0.01

22.29

BANRO CORPORATION

CAD

307

429

202

0.43

42

42

158

385

-0.02

-0.02

0.08

0.56

2.12

14.01

COLOSSUS MINERALS INC

CAD

237

183

106

0.25

41

283

-33

-33

-7

-7

-0.28

-0.28

-0.12

0.82

2.64

-12.10

RAINY RIVER RESOURCES LTD

CAD

228

29

100

0.13

-64

-64

-0.72

-0.72

-0.19

-298.45

SULLIDEN GOLD CORP LTD

CAD

244

124

243

0.22

-12

-4

-0.06

-0.04

-0.03

-0.03

-36.12

ASANKO GOLD INC

CAD

216

13

76

0.03

-35

-35

-0.48

-0.26

-0.19

-0.15

7.26

BEAR CREEK MINING CORP

CAD

237

25

92

0.17

-31

-31

-0.34

-0.33

-0.17

-0.07

-5.84

PARAMOUNT GOLD AND SILVER

USD

232

128

0.22

-18

-18

-8

-8

-0.04

-0.04

-59.56

-54.62

-29165.25

KIRKLAND LAKE GOLD INC

CAD

225

81

70

0.28

158

138

259

55

24

16

16

0.56

-0.01

-0.03

0.51

54.12

61.89

109.74

17.39

GUYANA GOLDFIELDS INC

CAD

222

91

95

0.19

410

-8

-8

-0.09

-0.10

-0.08

-0.09

19.41

HIGHLAND GOLD MINING LTD

GBp

413

285

325

0.56

545

545

712

251

251

248

248

0.59

0.59

0.42

0.51

5.22

5.22

26.65

38.35

5.22

63.72

71.23

INDOPHIL RESOURCES NL

AUD

330

406

1203

0.09

-18

-18

0.00

0.00

58.17

-128.09

LYDIAN INTERNATIONAL LTD

CAD

195

22

127

0.10

-0.05

-0.05

-0.04

-0.03

SABINA GOLD & SILVER CORP

CAD

206

20

174

0.09

-12

-12

-0.08

-0.08

-0.03

-0.02

-18.52

LAKE SHORE GOLD CORP

CAD

163

237

416

0.26

132

132

198

267

38

38

-0.22

-0.23

-0.01

0.04

9.53

99.77

412.60

28.20

BRIGUS GOLD CORP

USD

153

210

0.22

118

118

157

168

48

48

0.13

0.14

5.10

4.94

63.78

239.92

60.49

41.21

GREAT PANTHER SILVER LTD

USD

141

116

0.12

61

61

60

66

16

16

0.06

0.08

17.15

12.86

5.74

36.44

-28.90

25.56

INTREPID MINES LTD

AUD

152

2760

555

0.15

-49

-49

-0.12

-0.14

-0.01

-0.02

-22.44

VISTA GOLD CORP

USD

132

31

82

0.04

-36

-34

-6

-6

-0.54

-0.50

-0.25

-0.23

-26.58

ALEXCO RESOURCE CORP

USD

128

71

0.11

85

85

112

25

25

-0.08

0.08

87.81

444.74

160.76

30.03

ATAC RESOURCES LTD

CAD

129

40

104

0.11

-1

-1

-0.08

-0.07

-0.05

-0.05

SCORPIO MINING CORP

CAD

94

86

198

0.06

45

45

14

14

0.04

0.04

0.05

0.13

11.87

11.87

-24.73

-51.22

30.62

MIDWAY GOLD CORP

USD

125

31

128

0.09

-14

-14

-0.12

-0.13

-0.11

-0.12

21.14

PATAGONIA GOLD PLC

GBp

162

1459

736

0.16

-50

-41

-0.07

-0.05

GRYPHON MINERALS LTD

AUD

85

1851

348

0.03

-8

-8

-0.01

-0.02

-0.02

51.03

DRDGOLD LTD-SPONSORED ADR

USD

254

11

1764

1959

2129

2546

371

400

526

526

7.97

12.05

4.94

27.89

7.86

64.25

12.94

20.40

RED 5 LTD

AUD

87

68

135

0.10

17

52

131

-3

-5

-0.01

-0.07

-0.05

0.31

2.14

44.83

-30.53

LINGBAO GOLD CO LTD-H

HKD

228

397

770

0.70

824

824

892

850

95

95

97

97

0.03

0.03

0.02

0.02

1.12

1.07

1.30

1.27

1.51

2.37

-1.33

0.92

1.49

INTL TOWER HILL MINES LTD

USD

99

31

0.07

-56

-56

-0.10

-0.07

-463.04

SARACEN MINERAL HOLDINGS LTD

AUD

89

15969

595

0.10

190

193

218

247

65

54

64

64

0.04

-0.02

0.04

0.07

4.41

2.20

18.66

6.31

28.72

EXETER RESOURCE CORP

USD

80

16

88

0.02

-26

-26

-0.29

-0.29

-0.13

-0.11

17.44

RICHMONT MINES INC

USD

82

20

40

0.02

102

104

111

135

-0.08

-0.09

0.29

0.43

7.29

4.89

-14.20

30.03

-79.79

8.26

7.56

RAMELIUS RESOURCES LTD

AUD

70

1496

336

0.03

87

120

132

173

13

-11

26

26

0.01

-0.06

0.01

0.09

25.85

2.43

-44.52

180.96

-91.22

9.01

-9.39

GOLDEN MINERALS CO

USD

78

48

43

0.03

26

26

36

56

-35

-35

-6

-6

-1.44

-1.51

-0.74

-0.29

1320.81

45.58

-133.08

SAN GOLD CORP

CAD

63

158

335

0.05

141

141

129

168

36

36

-0.04

-0.03

-0.05

-0.02

24.29

115.45

185.88

24.98

OREZONE GOLD CORP

CAD

63

31

86

0.05

-28

-28

-0.06

-0.08

-0.15

-0.08

9.64

GRAN COLOMBIA GOLD CORP

CAD

64

303

382

0.25

166

166

15

15

10

10

-0.08

-0.09

-0.06

0.03

21.94

867.42

8.69

540

152

594

77

80

172

585

112

209

-0.04

S&P LT
Credit
Rating -

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

8.62

6.46

6.52

15.88

6.25

7.20

5.99

25.85

8.96

7.46

3.65

5.56

Valuation Measures II/II


Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.23

2.23

2.05

1.87

2.23

1.44

1.44

1.38

1.33

1.44

10.03

10.03

9.39

9.69

10.03

9.01

9.01

8.34

7.81

9.01

14.46

14.46

13.01

11.80

14.46

2.18

2.18

2.34

2.52

2.18

1719.1

7.9%

Euro Stoxx 50 Pr

1.18

1.18

1.12

1.05

1.18

0.76

0.76

0.74

0.72

0.76

5.89

5.89

5.46

4.90

5.89

7.21

7.21

6.82

6.47

7.21

11.57

11.57

10.33

9.43

11.57

4.21

4.21

4.52

4.84

4.21

2915.9

7.1%

NIKKEI 225

1.57

1.57

1.47

1.41

1.57

0.74

0.74

0.72

0.71

0.74

9.11

9.11

8.48

8.25

9.11

8.93

8.93

8.32

7.94

8.93

20.64

20.64

16.38

14.55

20.64

1.51

1.51

1.72

1.87

1.51

13153.7

-5.1%

FTSE 100 INDEX

1.71

1.71

1.59

1.38

1.71

1.07

1.07

1.04

1.01

1.07

8.45

8.45

7.68

6.11

8.45

7.22

7.22

6.78

6.38

7.22

12.08

12.08

10.98

10.07

12.08

3.86

3.86

4.14

4.52

3.86

6931.4

7.5%

SWISS MARKET INDEX

2.41

2.41

2.26

2.06

2.41

2.04

2.04

1.94

1.85

2.04

12.46

12.46

11.35

10.03

12.46

13.40

13.40

12.40

11.60

13.40

15.09

15.09

13.54

12.32

15.09

3.24

3.24

3.59

4.10

3.24

8289.2

4.7%

S&P/TSX COMPOSITE INDEX

1.65

1.65

1.53

1.43

1.65

1.54

1.54

1.46

1.37

1.54

8.22

8.22

7.42

6.84

8.22

8.22

8.22

7.30

6.86

8.22

14.00

14.00

12.39

11.38

14.00

3.23

3.23

3.39

3.59

3.23

14254.0

15.8%

S&P/ASX 200 INDEX

1.97

1.97

1.87

1.77

1.97

1.89

1.89

1.78

1.69

1.89

11.76

11.76

10.47

9.56

11.76

9.77

9.77

8.63

7.97

9.77

15.97

15.97

14.26

13.07

15.97

4.24

4.24

4.53

4.88

4.24

5163.8

-0.5%

HANG SENG INDEX

1.35

1.35

1.24

1.14

1.35

1.72

1.72

1.59

1.47

1.72

8.08

8.08

7.58

7.25

8.08

8.39

8.39

7.65

7.05

8.39

10.87

10.87

9.98

9.03

10.87

3.56

3.56

3.85

4.24

3.56

24857.0

9.3%

MSCI EM

1.44

1.44

1.31

1.21

1.44

0.00

0.00

0.00

0.00

0.00

6.95

6.95

6.42

6.05

6.95

7.28

7.28

6.64

6.27

7.28

10.70

10.70

9.62

8.97

10.70

3.11

3.11

3.56

3.46

3.11

1190.5

15.9%

GOLDCORP INC

1.02

0.98

0.94

0.89

4.20

4.21

3.37

3.12

3.18

9.90

10.61

7.85

6.51

5.17

7.87

8.34

5.99

5.25

5.00

14.21

18.26

12.82

11.01

8.72

1.91

2.12

2.11

2.13

2.13

39.80

41.2%

BARRICK GOLD CORP

0.74

0.80

0.75

0.67

1.36

1.41

1.31

1.30

1.23

3.50

4.04

3.66

3.39

3.02

4.61

5.25

4.71

4.45

3.89

5.05

6.00

5.53

5.65

4.47

3.91

4.19

4.21

4.10

5.73

29.23

52.1%

NEWMONT MINING CORP

1.15

1.08

1.00

0.94

1.59

1.66

1.42

1.45

5.24

5.80

4.74

4.78

5.58

6.25

4.93

5.21

6.73

8.89

10.57

8.33

8.98

9.42

4.54

4.80

4.89

4.39

4.44

44.40

40.5%

RANDGOLD RESOURCES LTD-ADR

2.79

2.42

2.08

1.79

5.30

4.82

3.70

3.62

3.49

12.40

11.12

7.95

7.09

8.87

9.70

9.72

6.26

5.86

6.10

16.69

16.86

10.71

11.24

12.46

0.60

0.65

1.36

0.57

111.36

41.3%

YAMANA GOLD INC

1.12

1.09

1.01

0.96

3.72

3.31

2.78

2.88

2.58

8.24

7.64

6.22

6.08

4.75

7.11

6.31

5.02

5.33

4.29

12.86

13.84

10.35

11.76

7.07

2.04

2.08

2.11

2.04

17.98

53.2%

GOLD FIELDS LTD-SPONS ADR

0.80

0.92

0.85

0.78

0.96

1.65

1.56

1.49

2.92

4.57

4.54

4.17

5.65

10.89

8.53

7.49

5.54

2.89

3.20

3.84

8.53

19.9%

SILVER WHEATON CORP

2.68

2.40

2.14

1.92

10.23

8.36

7.42

7.15

12.39

11.17

10.13

9.59

14.27

14.87

13.40

13.32

1.58

2.01

2.18

2.39

40.83

72.8%

ANGLOGOLD ASHANTI-SPON ADR

1.21

1.11

0.97

0.87

1.07

1.08

1.04

1.07

3.81

3.50

3.30

3.72

6.22

8.67

7.12

7.59

2.26

1.44

1.40

1.44

29.82

60.5%

CIA DE MINAS BUENAVENTUR-ADR

1.40

1.17

1.03

0.96

3.55

3.17

2.94

3.09

12.21

12.96

11.05

6.96

7.30

7.17

8.08

3.10

2.99

3.43

3.05

28.22

42.7%

NEW GOLD INC

1.41

1.26

1.18

1.10

4.75

3.68

3.53

3.48

3.87

12.36

8.99

7.78

7.02

12.62

65.0%

AGNICO EAGLE MINES LTD

1.53

1.52

1.47

1.40

2.77

3.07

2.56

2.57

2.44

7.53

10.37

7.62

ELDORADO GOLD CORP

0.88

0.86

0.83

0.78

4.56

4.02

3.46

2.54

1.87

11.34

10.41

KINROSS GOLD CORP

0.46

0.60

0.57

0.56

1.41

1.50

1.41

1.52

1.32

4.24

ROYAL GOLD INC

1.74

1.43

1.39

1.30

12.61

11.29

8.69

6.44

HARMONY GOLD MNG-SPON ADR

0.50

0.48

0.47

0.46

1.12

1.14

0.85

0.78

IAMGOLD CORP

0.51

0.50

0.48

0.48

1.17

1.17

1.06

1.08

PAN AMERICAN SILVER CORP

0.67

0.68

0.64

0.60

2.00

1.84

1.72

FIRST MAJESTIC SILVER CORP

2.24

5.27

3.72

COEUR D'ALENE MINES CORP

0.61

0.59

0.54

0.50

1.66

AURICO GOLD INC

0.66

0.62

0.61

0.60

0.50

ALLIED NEVADA GOLD CORP

1.52

1.41

1.01

0.81

HECLA MINING CO

0.82

0.77

0.73

0.64

NEVSUN RESOURCES LTD

1.21

1.08

0.96

0.85

AURIZON MINES LTD

1.79

1.78

SILVER STANDARD RESOURCES

0.55

0.51

0.50

1.55

5.46

7.76

11.22

9.22

8.11

8.17

6.10

9.75

2.63

6.60

7.51

6.66

7.27

7.64

9.60

6.72

5.89

5.74

6.02

18.84

17.21

14.44

13.17

15.82

0.00

0.00

7.06

6.53

7.04

9.23

6.51

6.54

4.55

14.60

28.79

17.31

16.05

14.42

2.49

2.75

2.73

2.68

2.60

43.05

39.9%

8.22

5.81

3.23

8.79

7.72

6.36

4.56

3.08

16.08

16.16

12.53

9.05

5.58

1.96

1.82

2.25

3.12

2.85

13.06

77.0%

4.66

3.93

4.35

3.71

3.45

4.18

3.48

3.77

2.84

7.22

11.71

8.97

9.89

7.03

3.00

2.91

2.89

3.00

3.00

8.77

64.6%

17.29

18.15

13.80

9.94

12.78

11.42

8.85

6.77

30.65

33.58

23.50

15.86

1.02

1.35

1.47

1.58

79.47

48.1%

4.52

3.83

3.19

3.92

6.39

10.63

5.38

13.67

2.74

1.37

2.93

1.46

8.05

66.3%

1.02

3.57

4.51

3.63

3.75

3.13

2.47

2.79

2.36

2.55

2.14

5.90

9.93

7.53

8.43

6.75

5.00

4.84

4.57

4.51

4.92

9.84

93.6%

1.71

1.37

7.05

7.23

6.68

7.21

4.36

3.70

3.61

3.14

3.40

1.84

10.02

12.81

10.73

12.52

7.24

1.41

3.43

3.27

2.96

3.97

18.65

48.2%

2.56

2.23

1.97

9.60

8.20

6.15

5.09

3.97

7.76

6.11

4.24

3.84

3.10

12.35

14.00

9.03

7.54

6.38

19.36

63.3%

1.59

1.41

1.40

1.22

4.93

5.16

4.24

4.01

3.97

3.83

2.85

2.67

13.39

20.10

10.93

8.49

23.49

61.0%

3.94

4.10

2.97

2.57

2.19

12.35

9.17

6.40

6.01

4.84

5.76

5.76

3.82

3.23

2.53

12.50

18.47

12.29

11.76

9.41

0.63

4.43

2.44

1.64

1.19

0.56

11.84

8.24

4.49

2.49

1.67

12.02

6.10

3.29

2.31

1.32

19.81

11.90

6.19

3.11

2.02

0.56

2.83

1.87

1.49

1.64

1.48

10.38

6.78

5.18

4.79

4.66

6.79

3.39

2.30

2.26

2.35

30.00

15.07

8.64

8.10

8.24

1.23

1.14

1.85

2.47

2.83

4.89

2.70

3.15

4.16

5.36

8.70

3.92

4.62

8.04

2.65

2.65

2.65

2.65

20.47

24.95

16.54

15.45

14.69

0.00

36.43

36.62

0.00

1.06

0.47

0.52

0.48

3.07

3.37

2.61

2.83

2.71

9.81

10.54

7.63

7.91

6.54

5.03

5.21

3.52

2.33

2.47

2.22

1.97

1.13

14.11

12.02

10.83

7.48

7.18

4.85

5.34

3.76

2.98

0.00

3.66

0.00

2.82

3.26

3.94

1.23

0.00

SEABRIDGE GOLD INC

7.46

49.2%

23.97

124.0%

5.09

57.1%

5.19

38.9%

4.69

12.1%

16.04

124.7%

43.82

308.4%

TANZANIAN ROYALTY EXPLORATIO


GOLDEN STAR RESOURCES LTD

0.63

0.65

0.60

VISTA GOLD CORP

0.95

0.50

0.52

0.70

0.00

0.49

GREAT BASIN GOLD LTD

0.01

ARGONAUT GOLD INC

1.57

1.07

0.96

0.93

5.04

TOREX GOLD RESOURCES INC

1.48

1.44

1.44

1.29

1827.72

LIONGOLD CORP LTD

16.36

CHINA GOLD INTERNATIONAL RES

0.79

0.74

0.68

0.63

PERSEUS MINING LTD

1.76

1.55

1.29

0.99

0.50

0.47

0.45

0.37

1.78

0.34

2.88

2.31

0.03

0.83

SANDSTORM GOLD LTD

2.34

3.05

2.04

1.91

1.38

0.20
4.24

3.17

2.76

2.66

1.65

0.62

9.10

9.51

7.38

5.39

3.23

3.09

1.70

1.14

3.87

1.99

1.54

1.08

11.49

8.92

6.86

5.20

2.24

21.88

6.52

4.61

1.07

2.23

1.59

51.0%

0.71

0.00

6.98

330.9%

8.70

11.52

81.7%

2.56

93.7%

3.62

31.2%

2.36

66.2%

10.25
11.38

7.95

6.58

6.37

7.02

6.76

4.93

6.50

10.94

2.14

4.97

3.19

11.34

15.72

11.32

8.94

20.72

1.06

6.84

0.79

1.71

0.35

10.15

7.78

4.40

2.69

13.96

15.21

10.73

8.31

3.26

7.52

7.40

4.60

3.02

9.86

4.60

3.40

1.96

12.92

9.61

6.62

5.65

2.22

190.83

88.08

44.04

13.35

17.29

14.63

12.57

10.88

10.30

6.73

3.89

25.34

27.37

17.68

12.30

12.23

58.4%

3.17

48.0%

5.39

64.9%

11.36

82.6%

6.09

64.1%

4.69

12.1%

4.81

0.48

0.47

0.62

11.75

0.00

0.00

0.22

3.21

OCEANAGOLD CORP

1.03

0.95

0.91

0.86

0.98

1.60

1.05

0.95

1.00

1.22

5.15

3.09

2.78

2.52

4.16

5.51

3.19

3.07

3.31

5.59

33.15

8.69

6.24

7.99

MEDUSA MINING LTD

2.02

1.62

1.14

0.87

0.71

7.06

5.32

2.31

2.09

1.86

11.71

4.86

3.18

2.74

2.74

9.65

7.58

3.04

2.76

2.61

10.88

7.87

3.47

3.18

3.15

2.98

0.98

3.40

DUNDEE PRECIOUS METALS INC

1.02

0.92

0.73

0.67

2.21

1.65

1.41

1.50

6.33

5.43

4.70

4.00

5.45

3.55

2.59

2.30

10.32

8.08

7.54

6.98

5.98

0.00

0.00

0.00

2.86

2.10

2.03

9.53

2.09

1.90

1.75

1.61

20.84

5.86

5.89

5.45

5.37

22.86

3.32

3.79

3.10

30.92

7.06

6.77

6.02

6.89

0.00

0.00

3.07

3.37

2.61

2.83

2.71

9.81

10.54

7.63

7.91

6.54

5.03

5.21

3.52

20.47

24.95

16.54

15.45

14.69

2.46

2.03

1.74

1.77

6.11

5.53

4.55

4.88

5.45

4.70

3.27

11.60

10.43

8.06

8.76

43.36

43.00

40.47

2.62
5.27

4.61

8.29

7.61

1.98

2.39

1.88

1.44

1.34

4.09

5.23

4.24

2.84

3.21

2.83

4.58

3.02

2.44

2.16

6.06

10.35

7.06

4.96

5.77

3.15

3.47

1.46

1.11

0.97

0.97

0.99

3.51

3.39

2.99

2.94

2.84

4.06

3.05

2.41

2.43

2.53

9.47

11.08

7.39

7.22

7.17

0.00

0.92

1.95

3.88

2.79

2.34

12.09

14.78

7.70

5.22

4.11

13.30

8.58

7.27

0.75

2.26

3.76

RIO ALTO MINING LTD


AURIZON MINES LTD

1.79

1.78

ENDEAVOUR SILVER CORP


CONTINENTAL GOLD LTD

SILVERCORP METALS INC

1.10

EVOLUTION MINING LTD

0.63

0.61

0.55

CHINA PRECIOUS METAL RESOURC

1.48

1.21

1.02

0.50

0.49

3.71

2.88

RUBICON MINERALS CORP

2.00

7.80

5.11

2.19

4.43

0.00

0.00

5.94

2.36

2.26

SEABRIDGE GOLD INC


BEADELL RESOURCES LTD

5.97

3.26

1.57

1.24

RESOLUTE MINING LTD

1.07

0.97

0.83

0.70

0.50

100.56

1.76

1.65

1.87

2.12

1.01

0.93

1.02

0.97

0.99

3.04

4.43

3.33

4.70

2.73

3.35

2.84

3.41

2.07

4.23

3.69

4.83

7.59

2.00

2.31

2.01

1.92

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4.40

8.75

72.2%

11.81

145.6%

4.83

177.8%

6.18

118.9%

1.21

24.6%

1.70

27.8%

43.82

308.4%

4.83

4.10

5.38

5.30

0.00

0.00

0.14

1.84

4.26

1.02

44.0%

4.17

5.52

5.43

5.82

0.00

5.03

2.62

3.25

5.24

1.32

38.7%

Valuation Measures II/II


Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.23

2.23

2.05

1.87

2.23

1.44

1.44

1.38

1.33

1.44

10.03

10.03

9.39

9.69

10.03

9.01

9.01

8.34

7.81

9.01

14.46

14.46

13.01

11.80

14.46

2.18

2.18

2.34

2.52

2.18

1719.1

7.9%

Euro Stoxx 50 Pr

1.18

1.18

1.12

1.05

1.18

0.76

0.76

0.74

0.72

0.76

5.89

5.89

5.46

4.90

5.89

7.21

7.21

6.82

6.47

7.21

11.57

11.57

10.33

9.43

11.57

4.21

4.21

4.52

4.84

4.21

2915.9

7.1%

NIKKEI 225

1.57

1.57

1.47

1.41

1.57

0.74

0.74

0.72

0.71

0.74

9.11

9.11

8.48

8.25

9.11

8.93

8.93

8.32

7.94

8.93

20.64

20.64

16.38

14.55

20.64

1.51

1.51

1.72

1.87

1.51

13153.7

-5.1%

FTSE 100 INDEX

1.71

1.71

1.59

1.38

1.71

1.07

1.07

1.04

1.01

1.07

8.45

8.45

7.68

6.11

8.45

7.22

7.22

6.78

6.38

7.22

12.08

12.08

10.98

10.07

12.08

3.86

3.86

4.14

4.52

3.86

6931.4

7.5%

SWISS MARKET INDEX

2.41

2.41

2.26

2.06

2.41

2.04

2.04

1.94

1.85

2.04

12.46

12.46

11.35

10.03

12.46

13.40

13.40

12.40

11.60

13.40

15.09

15.09

13.54

12.32

15.09

3.24

3.24

3.59

4.10

3.24

8289.2

4.7%

S&P/TSX COMPOSITE INDEX

1.65

1.65

1.53

1.43

1.65

1.54

1.54

1.46

1.37

1.54

8.22

8.22

7.42

6.84

8.22

8.22

8.22

7.30

6.86

8.22

14.00

14.00

12.39

11.38

14.00

3.23

3.23

3.39

3.59

3.23

14254.0

15.8%

S&P/ASX 200 INDEX

1.97

1.97

1.87

1.77

1.97

1.89

1.89

1.78

1.69

1.89

11.76

11.76

10.47

9.56

11.76

9.77

9.77

8.63

7.97

9.77

15.97

15.97

14.26

13.07

15.97

4.24

4.24

4.53

4.88

4.24

5163.8

-0.5%

HANG SENG INDEX

1.35

1.35

1.24

1.14

1.35

1.72

1.72

1.59

1.47

1.72

8.08

8.08

7.58

7.25

8.08

8.39

8.39

7.65

7.05

8.39

10.87

10.87

9.98

9.03

10.87

3.56

3.56

3.85

4.24

3.56

24857.0

9.3%

MSCI EM

1.44

1.44

1.31

1.21

1.44

0.00

0.00

0.00

0.00

0.00

6.95

6.95

6.42

6.05

6.95

7.28

7.28

6.64

6.27

7.28

10.70

10.70

9.62

8.97

10.70

3.11

3.11

3.56

3.46

3.11

1190.5

15.9%

1.20

0.86

0.67

0.63

0.41

2.43

2.54

2.06

1.87

0.92

4.05

2.87

2.39

2.00

1.94

6.65

6.67

5.02

4.46

1.73

2.76

168.0%

1.60

1.31

1.12

0.96

0.85

2.29

2.22

1.92

1.81

5.78

6.20

5.39

4.78

5.00

4.61

4.05

3.20

2.97

3.48

11.24

12.70

10.24

8.53

9.39

4.80

53.4%

0.67

0.61

0.55

4.18

2.89

2.02

15.43

48.00

18.00

8.00

10.17

6.70

4.06

2.67

24.00

22.74

12.71

8.64

5.45

152.3%

14.25

82.7%

3.05

2.65

2.02

1.56

1.28

6.27

7.64

5.30

4.41

3.08

5.40

4.39

2.77

2.14

1.51

11.76

15.84

8.71

6.24

5.00

0.00

0.00

8.59

46.3%

0.90

0.94

0.82

0.66

0.50

2.69

2.44

1.73

1.48

1.41

2.71

3.67

2.86

2.02

1.54

3.61

7.32

6.05

6.35

3.33

9.95

6.06

9.81

3.38

56.4%

2.20

1.65

1.51

1.49

1.46

6.18

5.36

5.26

5.24

4.58

4.60

3.48

3.30

3.72

3.58

8.78

7.62

7.51

7.06

6.15

0.00

0.00

0.00

0.54

0.55

0.46

0.42

0.49

0.91

2.46

1.47

1.27

1.61

2.04

2.73

1.78

1.71

1.84

1.66

6.90

3.55

3.49

4.80

0.00

0.00

2.00

3.00

2.67

2.08

1.67

1.63

1.02

6.68

4.50

3.61

3.43

3.38

4.81

3.52

2.59

2.50

2.45

12.05

8.33

6.25

5.67

9.51

0.00

4.44

4.30

1.48

0.50

0.47

0.45

0.37

3.05

2.04

1.91

1.38

2.66

1.65

2.14

2.24

21.88

6.52

4.61

2.23

2.72

1.26

9.80

2.94

1.35

1.53

1.75

2.21

1.86

1.95

ENDEAVOUR MINING CORP


FORTUNA SILVER MINES INC
MCEWEN MINING INC
MAG SILVER CORP

3.31

3.56

3.90

4.13

PRIMERO MINING CORP

0.98

1.06

1.02

0.87

KINGSGATE CONSOLIDATED LTD

0.43

0.39

0.36

0.34

TIMMINS GOLD CORP

2.18

1.65

1.27

1.41

ST BARBARA LTD

0.36

0.29

0.27

0.24

0.28

PREMIER GOLD MINES LTD

0.70

NORTHERN STAR RESOURCES LTD

3.07

2.35

1.86

1.56

1.53

0.60

0.70

0.00

0.29

155.62
2.60

11.81

21.20

0.00
3.85

3.46

41.9%

1.31

118.2%

5.57

181.3%

1.01

49.3%

TANZANIAN ROYALTY EXPLORATIO


REAL GOLD MINING LTD

1.44

GOLDEN STAR RESOURCES LTD

0.63

0.65

ROMARCO MINERALS INC

0.26

1.10

BANRO CORPORATION

4.52

0.73

COLOSSUS MINERALS INC

2.08

RAINY RIVER RESOURCES LTD

0.87

SULLIDEN GOLD CORP LTD

2.18

0.49

6.97
0.85

0.60

6.04

1.93

0.79

0.75

0.74

5.71

0.83

0.83

0.85

230.87

231.87

1.03

2.34

110.84

3.36

4.90

20.03

1.77

5.35

5.69

0.76

0.76

6.86

2.44

0.95

0.97

BEAR CREEK MINING CORP

1.74

3.30

7.58

PARAMOUNT GOLD AND SILVER


0.97

0.97

0.84

0.83

GUYANA GOLDFIELDS INC

0.90

0.74

0.46

0.39

0.33

1.37

HIGHLAND GOLD MINING LTD

0.53

0.48

0.43

0.39

0.34

LYDIAN INTERNATIONAL LTD

2.60

1.76

SABINA GOLD & SILVER CORP

0.69

0.27

LAKE SHORE GOLD CORP

0.17

0.26

1.21

1.50

1.08

0.00

14.71
243.03

6.85

2.23

2.00

20.90

1.22

1.13

2.09

16.11

2.14

2.25

3.14

0.82

0.00

2.67

2.24

2.24

0.00

0.00

2.19

0.91

KIRKLAND LAKE GOLD INC

0.00

0.00

0.90

ASANKO GOLD INC

2.76

0.87

0.63

0.49

0.54

1.08

0.90

0.90

0.90

0.90

1.91

1.24

4.24

3.08

10.22

3.62

3.60

2.93

1.83

1.19

2.71

1.62

2.76

2.27

7.32

1.96

4.79

5.06

8.91

3.12

0.61
4.44

2.34

9.66

2.27

2.72

1.84

1.81

1.40

1.62

1.29

1.81

1.91

0.00

0.00

4.90

5.72

0.00

0.00

1.14
4.45

4.07

6.32

4.65

3.87

2.68

1.94

4.43

2.29

4.02

4.32

20.32

12.45

0.00
5.81

4.95

5.18

5.65

6.28

1.59

51.0%

1.48

232.6%

2.60

111.4%

6.76

201.8%

6.61

186.1%

1.72

89.2%

4.62

79.7%

4.01

54.3%

3.70

135.7%

9.81

202.8%

5.33

199.4%

139.58

70.2%

3.71

139.6%

4.28

256.3%

INDOPHIL RESOURCES NL

0.00
0.27

1.17

0.82

0.61

0.62

0.50

3.76

2.56

1.80

1.70

1.13

8.10

3.25

2.08

2.45

1.48

BRIGUS GOLD CORP

1.27

0.99

0.91

0.77

0.57

2.87

2.32

2.26

2.05

1.61

4.06

2.63

2.16

1.86

1.96

GREAT PANTHER SILVER LTD

2.29

2.36

2.15

7.74

8.57

6.86

5.14

5.42

6.41

INTREPID MINES LTD

0.91

1.08

1.13

0.96

VISTA GOLD CORP

0.95

0.50

0.52

1.44

1.28

1.17

1.10

1.27

2.18

1.48

1.46

0.38

0.39

0.36

0.32

0.64

ALEXCO RESOURCE CORP


ATAC RESOURCES LTD

1.45

SCORPIO MINING CORP


MIDWAY GOLD CORP

4619.61

2.02

1.68

1.17

1.15

4.75

0.65

1.78

0.34

0.94

0.80

0.84
1.07

1.40

0.49

6.08

7.18

1.23

211.7%

6.77

5.13

4.91

3.55

3.03

1.46

120.2%

15.83

17.15

12.86

20.58

34.30

1.50

47.3%

0.00
0.62
5.70

7.16
1.91

9.63

5.08

3.58

3.48

1.73

2.79

2.05

1.02

1.07
9.84

5.39

8.71

3.84

6.18

36.93

2.24

48.95

12.00
18.99

2.07

1.91

0.44

25.85

9.06

3.69

12.92

0.00

0.00

0.00

0.24

-9.4%

0.71

6.98

330.9%

4.92

3.52

71.5%

3.53

206.5%

1.93

302.8%

1.86

92.0%

0.65

217.1%

8.40

27.3%
83.9%

2.29
6.53

PATAGONIA GOLD PLC


GRYPHON MINERALS LTD

0.18

33.32

DRDGOLD LTD-SPONSORED ADR

108.02

60.01

1.08

0.90

RED 5 LTD

0.62

0.58

0.47

0.37

6.09

1.68

0.66

0.63

LINGBAO GOLD CO LTD-H

0.57

0.56

0.54

0.53

0.20

0.20

0.21

0.24

INTL TOWER HILL MINES LTD

0.44

0.62

0.37

SARACEN MINERAL HOLDINGS LTD

0.48

0.32

0.28

EXETER RESOURCE CORP

OREZONE GOLD CORP


GRAN COLOMBIA GOLD CORP

9.25

1.20

1.51

1.37

4.02
7.46

1.01

20.24

6.25

1.18

1.03

6.75

7.17

6.66

7.01

0.55

22.96
6.74

10.11

1.75

0.00

0.00

0.00

5.03

6.70

0.00

0.00

0.00

0.00

1.14

4.07

3.30

3.02

2.20

2.14

-6.6%

4.72

367.7%

0.30

103.4%

3.45

279.3%

4.69

127.9%

4.94
2.07

1.62

9.83

13.48

1.00

0.00

0.00

0.24

0.20

0.47

0.41

0.36

0.30

0.30

1.51

1.54

1.31

1.01

1.21

1.55

1.53

1.13

0.82

0.79

3.30

4.26

2.13

1.75

1.48

0.00

0.00

0.00

7.59

13.79

1.47

0.42

0.25

GOLDEN MINERALS CO
SAN GOLD CORP

0.40

3.79

0.00

RICHMONT MINES INC


RAMELIUS RESOURCES LTD

7.88
5.61

0.27

0.29

0.24

0.22

0.78

0.74

0.61

0.72

0.53

0.40

0.44

3.13

2.18

1.40

1.02

0.45

0.49

0.38

0.15

0.34

7.42

3.46

2.63

9.09

6.25

1.83

1.82

28.69

1.89

1.33

1.50

1.64

1.90

0.75
0.31

0.37

0.31

0.19

1.57

1.12

1.87

0.84

0.56

0.50

7.29

4.89

5.41

25.00

2.35

0.61
1.46

1.79

1.57

5.64
2.41

0.52

19.79

1.15

3.44

2.21

3.62
6.65

25.25

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

5.26

2.74

2.50

5.62

5.62

3.33

0.00

0.00

2.00

3.00

10.00

0.34

67.5%

4.85

168.5%

0.31

63.2%

9.17

2.57

247.6%

1.69

0.70

311.8%

30.04.2013

Goldcorp Inc
Goldcorp, Inc. is engaged in the acquisition, exploration, development and
operation of precious metal properties in Canada, the Unites States, Mexico and
Central and South America.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2012)
52-Week Low (17.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GG US EQUITY YTD Change
GG US EQUITY YTD % CHANGE

12/2012
12/yy
47.42
27.11
2'731'668.00
28.18
-40.72%
3.95%
8.47%
811.7
23'157.77
783.00
0.0
213.0
918.00
23'235.77

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

31.12.2009
31.12.2010
2'723.6
3'738.0
10.50x
9.95x
1'366.2
2'026.0
20.94x
18.36x
240.2
2'051.0
50.85x
30.36x
Profitability

LTM-4Q
31.12.2011
5'362.0
6.61x
2'336.0
15.18x
1'187.0
22.24x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
5'435.0
5.50x
2'798.0
10.69x
1'749.0
18.47x
2'798.00
2'123.00
39.06%
41.44%
5.77%
7.95%
7.72%
0.18%
44.6%
51.5%
39.1%
32.2%
2.15
1.39
2.51%
3.45%
8.83
4.65

Price/ Cash Flow

12/yy
5'362
28.06x
3'030.0
11.71x
1'881.0
22.92x

20.0 M
15.0 M
10.0 M
5.0 M

j-12

j-12

a-12

s-12

LTM
12/yy
5'435
24.57x
2'798.0
10.69x
1'749.0
19.41x

o-12

n-12

d-12

j-13

f-13

m-13

.0 M
a-13

FY+1

1.92
0.73
808.91
5.19
-25.20%
-22.75%
0.727
27
4.333
7'859'788
7'606'458
6'880'145
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
5'511
6'878
1'351
1'305
4.43x
3.49x
17.38x
18.22x
2'789.2
3'880.4
718.6
669.1
8.34x
5.99x
8.00x
8.04x
1'320.8
1'969.3
311.3
263.3
18.26x
12.82x
17.15x
15.65x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

01.06.2009
BBB+
STABLE
93.27
6.33
-0.05
0.28
3.4%
3.3%
0.18
0.21
41.45
78.74
87.16
33.03

Sales/Revenue/Turnover

30.00

6'000.0

25.00

5'000.0

20.00

4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00
01.01.2010

25.0 M

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
2'419.6
9.42x
1'052.2
21.66x
1'475.6
57.34x

50
45
40
35
30
25
20
15
10
5
0
a-12 m-12

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Goldcorp Inc
Holdings By:

All

Holder Name
BLACKROCK
FMR LLC
VAN ECK ASSOCIATES C
ROYAL BANK OF CANADA
BMO FINANCIAL CORP
FIRST EAGLE INVESTME
CARMIGNAC GESTION
FRANKLIN RESOURCES
TD ASSET MANAGEMENT
CI INVESTMENTS INC
CIBC WORLD MARKETS I
TORONTO DOMINION BAN
IA CLARINGTON INVEST
CIBC GLOBAL ASSET MA
CAISSE DE DEPOT ET P
GREYSTONE MANAGED IN
FIERA CAPITAL CORPOR
SUN LIFE FINANCIAL I
NORGES BANK
WELLINGTON MANAGEMEN

Firm Name
Jefferies
HSBC
Stifel
Macquarie
Scotia Capital
TD Securities
Barclays
Deutsche Bank
Credit Suisse
Davenport & Co
Cormark Securities Inc.
RBC Capital Markets
JPMorgan
BMO Capital Markets
Canaccord Genuity Corp
CIBC World Markets
Cowen Securities LLC
GMP
Salman Partners
EVA Dimensions
Mackie Research Capital Corp.
Veritas Investment Research Co
Morgan Stanley
Raymond James

Portfolio Name
n/a
n/a
n/a
n/a
BMO FINANCIAL CORP
FIRST EAGLE INVESTME
CARMIGNAC GESTION
n/a
TD ASSET MANAGEMENT
Multiple Portfolios
CIBC WORLD MARKETS I
TORONTO DOMINION BAN
Multiple Portfolios
CIBC GLOBAL ASSET MA
CAISSE DE DEPOT ET P
GREYSTONE MANAGED IN
FIERA CAPITAL CORPOR
n/a
NORGES BANK
WELLINGTON MANAGEMEN

Analyst
PETER D WARD
PATRICK CHIDLEY
GEORGE J TOPPING
TONY LESIAK
TANYA M JAKUSCONEK
GREG BARNES
FAROOQ HAMED
JORGE M BERISTAIN
ANITA SONI
LLOYD T O'CARROLL
RICHARD GRAY
STEPHEN D WALKER
JOHN BRIDGES
DAVID HAUGHTON
STEVEN BUTLER
ALEC KODATSKY
ADAM P GRAF
GEORGE V ALBINO
DAVID WEST
CRAIG STERLING
BARRY D ALLAN
PAWEL RAJSZEL
PARETOSH MISRA
BRAD HUMPHREY

Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
MF-AGG
13F
13F
MF-AGG
13F
13F
13F
13F
ULT-AGG
13F
13F

Recommendation
hold
overweight
buy
outperform
sector outperform
buy
overweight
hold
neutral
buy
buy
outperform
overweight
outperform
buy
sector outperform
hold
buy
top pick
hold
buy
sell
Equalwt/In-Line
Under Review

Amt Held
95'391'332
32'937'156
31'593'509
22'991'630
19'122'015
18'417'273
17'580'357
15'796'349
15'632'925
12'996'285
11'582'812
11'409'803
8'426'680
7'362'990
7'239'262
7'106'968
6'835'256
6'162'583
5'776'522
5'736'927

% Out
11.75
4.06
3.89
2.83
2.36
2.27
2.17
1.95
1.93
1.6
1.43
1.41
1.04
0.91
0.89
0.88
0.84
0.76
0.71
0.71

Weighting

Change

3
5
5
5
5
5
5
3
3
5
5
5
5
5
5
5
3
5
5
3
5
1
3
#N/A N/A

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
N

Latest Chg
(9'098'135)
(836'637)
1'883'662
(574'672)
7'264'832
17'580'357
5'676'487
5'971'920
(440'597)
(224'052)
1'401'951
(27'800)
699'268
(4'220'800)
(2'294'891)
1'053'271
(935'880)
1'267'153
(2'008'888)

Target Price
27
35
36
39
41
37
40
28
37
35
42
36
50
49
46
46
#N/A N/A
60
59
#N/A N/A
48
33
#N/A N/A
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
29.04.2013
Investment Advisor
31.12.2012
Bank
31.03.2013
Investment Advisor
31.03.2013 Hedge Fund Manager
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor

Date
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided

Date
30.04.2013
28.04.2013
26.04.2013
25.04.2013
23.04.2013
23.04.2013
23.04.2013
22.04.2013
22.04.2013
22.04.2013
22.04.2013
19.04.2013
19.04.2013
15.04.2013
15.04.2013
11.04.2013
09.04.2013
02.04.2013
01.04.2013
15.03.2013
12.03.2013
19.02.2013
08.01.2013
19.11.2008

30.04.2013

Barrick Gold Corp


Barrick Gold Corporation is an international gold company with operating mines
and development projects in the United States, Canada, South America, Australia,
and Africa.

Price/Volume
45

70.0 M

40

60.0 M

35

50.0 M

30

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.06.2012)
52-Week Low (17.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ABX US EQUITY YTD Change
ABX US EQUITY YTD % CHANGE

12/2012
03/yy
43.30
17.51
5'334'847.00
19.219
-56.03%
9.76%
6.79%
1'001.1
19'240.87
13'943.00
0.0
2'663.0
2'093.00
34'387.87

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20
1.00

40.0 M

20

30.0 M

15

20.0 M

10

10.0 M

5
0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
7'613.0
4.64x
3'010.0
11.75x
785.0
-

25

31.12.2009
31.12.2010
8'136.0
11'001.0
5.27x
5.25x
3'589.0
6'211.0
11.95x
9.30x
(4'274.0)
3'582.0
Profitability

LTM-4Q
31.12.2011
14'236.0
4.08x
8'327.0
6.98x
4'484.0
-

31.12.2012
14'547.0
3.41x
7'358.0
6.73x
(665.0)
7'358.00
5'636.00
38.74%
-6.28%
-1.71%
-3.63%
0.29%
47.4%
49.3%
37.2%
-4.6%
1.33
0.58
29.49%
63.83%
34.72
2.91

LTM

03/yy
14'793.0
15.70x
8'579.0
6.58x
4'522.0
0.00x

03/yy
14'340.0
14.05x
7'071.0
6.30x
(847.0)
0.00x

FY+1

.0 M
a-13

4.16
0.77
998.49
9.30
-51.38%
-44.75%
0.772
32
3.938
24'445'460
21'168'664
15'802'371
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
13'640.9
14'699.3
3'337.0
3'484.3
2.57x
2.36x
10.28x
9.98x
6'557.0
7'308.1
1'538.4
1'682.0
5.25x
4.71x
5.16x
5.08x
3'100.7
3'413.1
635.7
727.6
6.00x
5.53x
6.45x
6.19x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

26.04.2013
BBB
NEG
19.05.2011
A-2
9.89
1.33
1.76
2.09
63.8%
36.3%
0.29
0.48
10.51
125.35
94.50
33.82

Sales/Revenue/Turnover

16'000.0
14'000.0
12'000.0

0.80
0.60

10'000.0
8'000.0
6'000.0

0.40
0.20

4'000.0
2'000.0
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Barrick Gold Corp


Holdings By:

All

Holder Name
BLACKROCK
CAPITAL GROUP COMPAN
VAN ECK ASSOCIATES C
ROYAL BANK OF CANADA
FMR LLC
CI INVESTMENTS INC
BMO FINANCIAL CORP
ALLIANZ ASSET MANAGE
CIBC WORLD MARKETS I
FRANKLIN RESOURCES
BANK OF NEW YORK MEL
TORONTO DOMINION BAN
TD ASSET MANAGEMENT
INSTITUTIONAL CAPITA
WELLINGTON MANAGEMEN
IA CLARINGTON INVEST
CIBC GLOBAL ASSET MA
HARTFORD INVESTMENT
OLDFIELD PARTNERS LL
WELLS FARGO

Firm Name
Jefferies
Deutsche Bank
Canaccord Genuity Corp
HSBC
Stifel
CIBC World Markets
Macquarie
Sterne, Agee & Leach
Salman Partners
Cormark Securities Inc.
Haywood Securities Inc.
TD Securities
Mackie Research Capital Corp.
Veritas Investment Research Co
Cowen Securities LLC
BMO Capital Markets
RBC Capital Markets
Credit Suisse
JPMorgan
Scotia Capital
GMP
Barclays
Davenport & Co
EVA Dimensions
Argus Research Corp
Hamburger Sparkasse
S&P Capital IQ
Morgan Stanley
Investec

Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
BMO FINANCIAL CORP
n/a
CIBC WORLD MARKETS I
n/a
BANK OF NEW YORK MEL
TORONTO DOMINION BAN
TD ASSET MANAGEMENT
INSTITUTIONAL CAPITA
WELLINGTON MANAGEMEN
Multiple Portfolios
CIBC GLOBAL ASSET MA
Multiple Portfolios
OLDFIELD PARTNERS LL
n/a

Analyst
PETER D WARD
JORGE M BERISTAIN
STEVEN BUTLER
PATRICK CHIDLEY
GEORGE J TOPPING
ALEC KODATSKY
TONY LESIAK
MICHAEL S DUDAS
DAVID WEST
RICHARD GRAY
KERRY SMITH
GREG BARNES
BARRY D ALLAN
PAWEL RAJSZEL
ADAM P GRAF
DAVID HAUGHTON
STEPHEN D WALKER
ANITA SONI
JOHN BRIDGES
TANYA M JAKUSCONEK
GEORGE V ALBINO
FAROOQ HAMED
LLOYD T O'CARROLL
CRAIG STERLING
WILLIAM V SELESKY
INGO SCHMIDT
LEO LARKIN
PARETOSH MISRA
PIETER MARAIS

Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
MF-AGG
13F
MF-AGG
13F
ULT-AGG

Recommendation
buy
hold
hold
overweight
buy
sector perform
neutral
neutral
buy
market perform
buy
hold
buy
buy
hold
market perform
sector perform
outperform
neutral
sector perform
buy
equalweight
buy
sell
hold
buy
buy
Equalwt/In-Line
hold

Amt Held
87'777'710
58'280'637
33'799'228
30'078'073
20'600'402
17'663'919
17'095'925
16'861'844
14'741'836
14'548'226
13'797'555
13'586'744
13'422'922
12'729'638
10'758'391
10'376'354
10'027'723
9'682'770
8'964'554
8'501'322

% Out
8.77
5.82
3.38
3
2.06
1.76
1.71
1.68
1.47
1.45
1.38
1.36
1.34
1.27
1.07
1.04
1
0.97
0.9
0.85

Weighting

Change
5
3
3
5
5
3
3
3
5
3
5
3
5
5
3
3
3
5
3
3
5
3
5
1
3
5
5
3
3

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M

Latest Chg
(23'472'640)
(1'012'978)
3'795'193
(3'418'885)
771'337
(4'625'429)
3'198'995
(68'927)
3'777'420
(4'803'846)
1'359'379
866'236
(401'738)
353'171
(2'442'600)
1'562'724
128'664
1'678'488
2'875'528

Target Price
30
23
23
29
34
33
21
#N/A N/A
29
25
34
22
33
28
#N/A N/A
30
24
38
32
24
49
24
26
#N/A N/A
#N/A N/A
#N/A N/A
38
#N/A N/A
48

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.03.2013
31.03.2013
29.04.2013
31.12.2012
31.03.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.03.2013
31.03.2013
31.03.2013

Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
30.04.2013
29.04.2013
29.04.2013
28.04.2013
26.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
22.04.2013
26.02.2013
20.02.2013
15.02.2013
15.02.2013
20.11.2012
18.03.2011

30.04.2013

Newmont Mining Corp


Newmont Mining Corporation acquires, explores, and develops mineral properties.
The Company produces gold from operations in the United States, Australia, Peru,
Indonesia, Ghana, Canada, New Zealand and Mexico. Newmont also mines and
processes copper in Indonesia.

Price/Volume
60

25.0 M

50

20.0 M

40

Latest Fiscal Year:


LTM as of:
52-Week High (21.09.2012)
52-Week Low (30.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 22.04.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
NEM US EQUITY YTD Change
NEM US EQUITY YTD % CHANGE

12/2012
03/yy
57.93
31.56
6'490'939.00
31.5999
-45.70%
0.13%
8.41%
492.3
15'765.83
6'298.00
0.0
3'175.0
1'647.00
23'932.83

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

10.0 M

20

5.0 M

10
0
a-12 m-12

31.12.2009
31.12.2010
7'705.0
9'540.0
3.46x
3.45x
3'799.0
5'118.0
7.02x
6.43x
1'297.0
2'277.0
17.02x
13.44x
Profitability

31.12.2011
10'358.0
3.38x
5'162.0
6.78x
366.0
13.92x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
9'868.0
3.13x
4'169.0
7.41x
1'809.0
12.29x
4'169.00
3'137.00
31.79%
31.04%
5.59%
12.12%
9.02%
0.32%
46.6%
39.9%
28.4%
18.3%
1.89
0.80
21.24%
45.73%
12.69
3.29

Price/ Cash Flow

j-12

LTM-4Q

LTM

03/yy
10'576.0
12.61x
5'185.0
6.08x
342.0
11.55x

03/yy
9'362.0
13.44x
3'731.0
7.71x
1'634.0
12.54x

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

FY+1

.0 M
a-13

4.67
0.67
491.01
15.85
-31.49%
-31.21%
0.675
24
3.750
9'550'125
8'914'642
8'472'661
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
9'627.0
11'208.8
2'262.4
2'361.1
2.51x
2.15x
10.56x
10.14x
3'859.1
4'882.1
881.5
939.2
6.25x
4.93x
5.80x
5.31x
1'559.9
2'105.0
373.3
407.3
10.57x
8.33x
8.89x
7.87x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

11.08.2008
BBB+
NEG
11.71
2.69
1.32
1.71
45.7%
27.1%
0.32
0.54
28.77
111.05
34.85
89.70

Sales/Revenue/Turnover

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00
01.01.2010

j-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
6'124.0
3.70x
2'139.0
10.60x
831.0
20.98x

15.0 M

30

Valuation Analysis

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Newmont Mining Corp


Holdings By:

All

Holder Name
BLACKROCK
CAPITAL GROUP COMPAN
STATE STREET
VANGUARD GROUP INC
VAN ECK ASSOCIATES C
FRANKLIN RESOURCES
DEUTSCHE BANK AG
FMR LLC
T ROWE PRICE ASSOCIA
BANK OF NEW YORK MEL
CARMIGNAC GESTION
NORTHERN TRUST CORPO
FIRST EAGLE INVESTME
UBS
GAMCO
LAZARD ASSET MANAGEM
JP MORGAN
NORGES BANK
SUSQUEHANNA INTERNAT
AMERICAN CENTURY COM

Firm Name
Jefferies
Cowen Securities LLC
EVA Dimensions
BMO Capital Markets
Deutsche Bank
RBC Capital Markets
Sterne, Agee & Leach
HSBC
Stifel
Argus Research Corp
Scotia Capital
TD Securities
Barclays
Credit Suisse
JPMorgan
BB&T Capital Markets
CIBC World Markets
GMP
Mackie Research Capital Corp.
Veritas Investment Research Co
S&P Capital IQ
Morgan Stanley

Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
DEUTSCHE BANK AKTIEN
n/a
T ROWE PRICE ASSOCIA
BANK OF NEW YORK MEL
CARMIGNAC GESTION
NORTHERN TRUST CORPO
FIRST EAGLE INVESTME
n/a
n/a
n/a
n/a
NORGES BANK
SUSQUEHANNA INTERNAT
AMERICAN CENTURY COM

Analyst
PETER D WARD
ADAM P GRAF
CRAIG STERLING
DAVID HAUGHTON
JORGE M BERISTAIN
STEPHEN D WALKER
MICHAEL S DUDAS
PATRICK CHIDLEY
GEORGE J TOPPING
WILLIAM V SELESKY
TANYA M JAKUSCONEK
GREG BARNES
FAROOQ HAMED
ANITA SONI
JOHN BRIDGES
GARRETT S. NELSON
ALEC KODATSKY
GEORGE V ALBINO
BARRY D ALLAN
PAWEL RAJSZEL
LEO LARKIN
PARETOSH MISRA

Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F

Recommendation
hold
buy
overweight
outperform
sell
sector perform
buy
overweight
hold
buy
sector perform
hold
overweight
neutral
overweight
buy
sector perform
buy
hold
sell
hold
Equalwt/In-Line

Amt Held
61'681'268
39'690'300
29'136'091
23'252'143
20'452'474
12'509'376
12'128'463
9'840'813
8'086'219
7'585'611
7'008'200
6'878'622
6'023'181
5'132'224
5'044'086
4'937'393
4'884'655
4'796'938
4'397'226
3'840'057

% Out
12.53
8.06
5.92
4.72
4.15
2.54
2.46
2
1.64
1.54
1.42
1.4
1.22
1.04
1.02
1
0.99
0.97
0.89
0.78

Weighting

Change
3
5
5
5
1
3
5
5
3
5
3
3
5
3
5
5
3
5
3
1
3
3

M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M

Latest Chg
(10'014'717)
91'985
1'215'913
(543'864)
8'462'980
(5'869'326)
(3'033'787)
1'819'020
(37'784)
7'008'200
410'310
(290'400)
322'413
405'185
(276'645)
(1'656'954)
(408'945)
950'823
261'014

Target Price
32
33
#N/A N/A
56
24
41
65
39
#N/A N/A
60
41
37
45
45
51
52
52
60
43
44
53
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
29.04.2013
Investment Advisor
31.03.2013
Investment Advisor
29.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013 Hedge Fund Manager
31.03.2013
Unclassified
31.12.2012
Unclassified
31.03.2013
Unclassified
31.03.2013
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor

Date
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided

Date
30.04.2013
30.04.2013
30.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
28.04.2013
26.04.2013
24.04.2013
23.04.2013
23.04.2013
23.04.2013
22.04.2013
19.04.2013
18.04.2013
11.04.2013
02.04.2013
12.03.2013
07.11.2012
07.09.2012
27.04.2012

30.04.2013

Randgold Resources Ltd


Randgold Resources Ltd. provides mining services. The Company offers
acquisition, development, and exploration of gold and other precious metal in
Africa.

Price/Volume
140

3.0 M

120

2.5 M

100

2.0 M

80

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.10.2012)
52-Week Low (17.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.04.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GOLD US EQUITY YTD Change
GOLD US EQUITY YTD % CHANGE

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1.0 M

40

.5 M

20
0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
338.6
9.01x
97.3
31.34x
41.6
78.87x

1.5 M

60

12/2011
12/yy
127.27
66.51
379'878.00
78.785
-38.34%
18.46%
24.56%
92.1
7'258.61
18.02
0.0
166.1
390.76
7'051.98

31.12.2009
31.12.2010
432.8
484.6
15.50x
14.79x
142.3
164.3
47.15x
43.62x
69.4
103.5
94.26x
72.03x
Profitability

LTM-4Q
31.12.2011
1'127.1
7.97x
581.9
15.44x
383.9
24.30x

31.12.2012
1'317.8
6.59x
699.2
12.43x
431.8
20.57x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

699.18
567.44
43.06%
43.12%
15.23%
17.95%
20.07%
0.46%
51.1%
53.1%
43.1%
32.8%
4.07
1.92
0.58%
0.69%
23.85
-

Price/ Cash Flow

12/yy
1'127.1
28.37x
581.9
15.44x
383.9
24.30x

LTM
12/yy
1'317.8
26.72x
699.2
12.43x
431.8
20.57x

FY+1

.0 M
a-13

0.63
0.65
0.81
-11.17%
-20.59%
0.651
10
4.400
1'118'052
831'432
715'132
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'505.4
1'959.4
321.0
339.0
4.74x
3.40x
726.0
1'126.2
9.72x
6.26x
431.0
696.9
75.3
85.0
16.86x
10.71x
19.13x
16.43x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

582.65
114.09
-0.53
0.03
0.7%
0.6%
0.46
0.87
15.35
136.09

Sales/Revenue/Turnover

160.00

1'400.0

140.00

1'200.0

120.00

1'000.0

100.00

800.0

80.00

600.0

60.00

400.0

40.00

200.0

20.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Randgold Resources Ltd


Holdings By:

All

Holder Name
BLACKROCK
VAN ECK ASSOCIATES C
WELLS FARGO
FMR LLC
CARMIGNAC GESTION
AGF INVESTMENTS INC
FRANKLIN RESOURCES
MACKENZIE FINANCIAL
FIRST EAGLE INVESTME
JENNISON ASSOCIATES
JP MORGAN
PAULSON & CO
TOCQUEVILLE ASSET MA
INVESCO LTD
GAMCO
OPPENHEIMERFUNDS INC
ASA BERMUDA LIMITED
RENAISSANCE TECHNOLO
NIKKO ASSET MANAGEME
AMERICAN CENTURY COM

Firm Name
Dundee Securities Corp
HSBC
Scotia Capital
BMO Capital Markets
Canaccord Genuity Corp
Clarus Securities
EVA Dimensions
S&P Capital IQ
GARP Research

Portfolio Name
n/a
n/a
n/a
n/a
CARMIGNAC GESTION
AGF INVESTMENTS INC
n/a
MACKENZIE FINANCIAL
FIRST EAGLE INVESTME
JENNISON ASSOCIATES
n/a
PAULSON & CO
TOCQUEVILLE ASSET MA
n/a
n/a
OPPENHEIMER FUNDS IN
ASA BERMUDA LIMITED
RENAISSANCE TECHNOLO
n/a
AMERICAN CENTURY COM

Analyst
JOSH WOLFSON
PATRICK CHIDLEY
TANYA M JAKUSCONEK
ANDREW BREICHMANAS
TIM DUDLEY
NANA SANGMUAH
CRAIG STERLING
LEO LARKIN
SETH DADDS

Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F

Recommendation
buy
overweight
sector perform
outperform
buy
buy
underweight
buy
buy

Amt Held
8'508'542
6'627'558
6'279'467
4'049'382
3'917'000
1'639'811
1'530'963
1'487'200
1'264'736
1'013'740
947'594
930'502
891'270
821'510
818'535
656'494
444'700
399'700
386'300
385'000

% Out
9.24
7.19
6.82
4.4
4.25
1.78
1.66
1.61
1.37
1.1
1.03
1.01
0.97
0.89
0.89
0.71
0.48
0.43
0.42
0.42

Weighting

Change
5
5
3
5
5
5
1
5
5

M
M
M
U
M
M
M
M
M

Latest Chg
(57'745)
365'169
265'676
(992'666)
3'917'000
442'950
(121'450)
954'000
(96'778)
(20'901)
(60'950)
(72'716)
1'320
30'000
171'000
65'300
-

Target Price
105
91
94
100
133
120
#N/A N/A
125
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
26.04.2013
29.04.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.12.2012
31.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.03.2013
31.03.2013

Date
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Hedge Fund Manager
Unclassified
Investment Advisor

Date
30.04.2013
28.04.2013
23.04.2013
14.04.2013
11.04.2013
01.04.2013
28.03.2013
16.11.2012
10.08.2012

30.04.2013

Yamana Gold Inc


Yamana Gold Inc. is an intermediate gold producer with production, development
stage, and exploration properties throughout Brazil. The Company also holds
gold exploration properties in Argentina.

Price/Volume
25
20
15

Valuation Analysis

10

Latest Fiscal Year:


LTM as of:
52-Week High (09.11.2012)
52-Week Low (17.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
AUY US EQUITY YTD Change
AUY US EQUITY YTD % CHANGE

12/2012
12/yy
20.59
11.02
1'896'532.00
11.74
-43.22%
6.53%
10.24%
752.3
8'832.17
765.91
0.0
46.8
349.59
9'295.29

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

0
a-12 m-12

31.12.2009
31.12.2010
1'183.3
1'686.8
7.39x
5.76x
575.5
884.1
15.19x
11.00x
192.6
466.5
Profitability

LTM-4Q
31.12.2011
2'173.3
5.04x
1'262.7
8.67x
548.3
-

31.12.2012
2'336.8
5.73x
1'269.4
10.56x
442.1
1'269.45
885.71
37.90%
34.88%
3.92%
5.79%
0.21%
64.4%
64.3%
35.7%
18.9%
1.38
0.78
6.49%
9.80%
12.25
5.25

12/yy
2'173.3
18.01x
1'271.5
8.61x
548.3
0.00x

a-12

s-12

LTM
12/yy
2'336.8
21.98x
1'502.0
8.92x
442.1
0.00x

o-12

n-12

d-12

j-13

f-13

m-13

FY+1

0.75
749.79
7.18
-18.91%
-31.49%
0.750
23
4.304
8'396'875
8'441'024
7'530'020
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
2'665.6
3'177.1
564.6
582.5
3.52x
2.82x
16.75x
16.31x
1'479.5
1'859.7
313.0
302.3
6.31x
5.02x
6.79x
6.80x
704.5
921.4
147.7
136.7
13.84x
10.35x
13.13x
11.94x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

22.03
-4.66
0.28
0.51
9.8%
8.9%
0.21
0.24
29.87
69.74
146.62
-62.98

Sales/Revenue/Turnover

2'500.0

1.00

2'000.0

0.60

j-12

Market Data

1.20

0.80

j-12

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
949.4
6.36x
438.9
13.76x
434.8
-

20.0 M
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
a-13

1'500.0
1'000.0

0.40

500.0
0.20

0.0
0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Yamana Gold Inc


Holdings By:

All

Holder Name
BLACKROCK
FMR LLC
BANK OF NEW YORK MEL
VAN ECK ASSOCIATES C
ROYAL BANK OF CANADA
ALLIANZ ASSET MANAGE
GREYSTONE MANAGED IN
AGF INVESTMENTS INC
CIBC WORLD MARKETS I
BMO FINANCIAL CORP
TORONTO DOMINION BAN
CONNOR CLARK & LUNN
JP MORGAN
OPPENHEIMERFUNDS INC
CARMIGNAC GESTION
INVESTEC ASSET MANAG
TOCQUEVILLE ASSET MA
UNITED SERVICES AUTO
FIERA CAPITAL CORPOR
TD ASSET MANAGEMENT

Firm Name
RBC Capital Markets
Dundee Securities Corp
HSBC
Macquarie
Raymond James
Morgan Stanley
Scotia Capital
TD Securities
Barclays
Credit Suisse
Davenport & Co
Cormark Securities Inc.
EVA Dimensions
BMO Capital Markets
Canaccord Genuity Corp
Davy
CIBC World Markets
National Bank Financial
Cowen Securities LLC
GMP
Veritas Investment Research Co
VSA Capital Ltd
Paradigm Capital Inc

Portfolio Name
n/a
n/a
BANK OF NEW YORK MEL
n/a
n/a
n/a
GREYSTONE MANAGED IN
AGF INVESTMENTS INC
CIBC WORLD MARKETS I
BMO FINANCIAL CORP
TORONTO DOMINION BAN
CONNOR CLARK & LUNN
n/a
Multiple Portfolios
CARMIGNAC GESTION
INVESTEC ASSET MANAG
TOCQUEVILLE ASSET MA
UNITED SERVICES AUTO
FIERA CAPITAL CORPOR
TD ASSET MANAGEMENT

Analyst
DAN ROLLINS
JOSH WOLFSON
PATRICK CHIDLEY
TONY LESIAK
BRAD HUMPHREY
PARETOSH MISRA
TANYA M JAKUSCONEK
STEVEN J GREEN
FAROOQ HAMED
ANITA SONI
LLOYD T O'CARROLL
RICHARD GRAY
CRAIG STERLING
DAVID HAUGHTON
STEVEN BUTLER
BART JAWORSKI
ALEC KODATSKY
STEPHEN PARSONS
ADAM P GRAF
GEORGE V ALBINO
PAWEL RAJSZEL
CHARLIE LONG
DON MACLEAN

Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
MF-AGG
13F
13F
13F
13F
13F
13F

Recommendation
outperform
neutral
neutral
neutral
outperform
Overwt/In-Line
sector outperform
buy
overweight
outperform
buy
buy
hold
outperform
buy
underperform
sector outperform
outperform
buy
buy
sell
not rated
buy

Amt Held
78'066'044
39'560'804
32'345'793
30'395'201
20'933'359
14'372'698
13'228'300
11'430'227
10'433'341
10'227'965
9'535'253
8'387'255
7'226'163
6'409'801
6'398'774
6'246'128
6'019'943
5'959'128
5'822'420
5'761'349

% Out
10.38
5.26
4.3
4.04
2.78
1.91
1.76
1.52
1.39
1.36
1.27
1.11
0.96
0.85
0.85
0.83
0.8
0.79
0.77
0.77

Weighting

Change

5
3
3
3
5
5
5
5
5
5
5
5
3
5
5
1
5
5
5
5
1
#N/A N/A
5

M
D
M
M
M
M
M
M
M
M
M
M
U
M
M
D
M
M
M
M
M
M
M

Latest Chg
6'000'156
1'752'155
33'993
(281'596)
4'180'320
(4'648'298)
11'430'227
10'433'341
10'227'965
307'566
(3'112'528)
(304'473)
160'000
6'398'774
6'246'128
783'343
5'959'128
352'746
5'761'349

Target Price
15
17
13
12
20
16
17
20
17
19
14
19
#N/A N/A
22
21
#N/A N/A
25
20
16
22
15
#N/A N/A
21

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
29.04.2013
Investment Advisor
31.12.2012
Bank
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013 Hedge Fund Manager
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor

Date
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month

Date
29.04.2013
29.04.2013
28.04.2013
25.04.2013
24.04.2013
23.04.2013
23.04.2013
23.04.2013
23.04.2013
22.04.2013
22.04.2013
22.04.2013
16.04.2013
15.04.2013
15.04.2013
15.04.2013
11.04.2013
09.04.2013
09.04.2013
02.04.2013
22.02.2013
10.01.2013
19.06.2012

30.04.2013

Gold Fields Ltd


Gold Fields Limited produces precious metals. The Company has mines in South
Africa, Ghana, and Australia, as well as a partnership in Finland. Gold Fields
has a precious metals programs in Africa, Australasia, Europe, North America,
and South America.

Price/Volume
14

25.0 M

12

20.0 M

10

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.06.2012)
52-Week Low (17.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 07.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GFI US EQUITY YTD Change
GFI US EQUITY YTD % CHANGE

12/2012
12/yy
12.09
6.23
899'045.00
7.12
-41.42%
14.29%
18.61%
736.1
5'241.38
16'015.70
0.0
1'803.9
5'195.60
-

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20
1.00

15.0 M

10.0 M

4
5.0 M

2
0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
23'009.5
3.10x
8'713.0
8.19x
4'457.5
-

31.12.2009
31.12.2010
29'086.9
31'565.3
2.56x
2.56x
10'955.0
11'960.3
6.80x
6.75x
1'535.6
3'631.4
Profitability

LTM-4Q
31.12.2011
25'263.7
3.99x
13'527.5
7.45x
7'026.7
-

31.12.2012
28'915.8
3.05x
14'243.0
6.20x
5'658.1
14'243.00
10'149.20
35.10%
22.47%
6.31%
11.52%
9.18%
0.47%
38.7%
47.6%
33.6%
19.6%
1.76
0.39
16.85%
31.19%
22.99
-

LTM

12/yy
29'609.9
13.11x
13'851.2
0.00x
7'026.7
0.00x

12/yy
42'193.5
8.38x
20'100.6
4.39x
5'658.1
0.00x

FY+1

.0 M
a-13

0.75
5.43
-34.07%
-33.11%
0.751
3
3.000
6'587'472
6'128'878
5'750'875
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
28'557.2
30'284.2
2.10x
1.91x
12'491.6
14'066.7
4'000.8
5'404.3
10.89x
8.53x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

15.11.2012
BB+
STABLE
15.11.2012
B
24.36
6.99
0.54
0.80
31.2%
23.2%
0.47
0.72
15.92
69.00

Sales/Revenue/Turnover

35'000.0
30'000.0
25'000.0

0.80

20'000.0
0.60

15'000.0

0.40

10'000.0
5'000.0

0.20

0.0
0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Gold Fields Ltd


Holdings By:

All

Holder Name
FIRST EAGLE INVESTME
VAN ECK ASSOCIATES C
DIMENSIONAL FUND ADV
FMR LLC
THORNBURG INVESTMENT
BLACKROCK
PAULSON & CO
ALLIANZ ASSET MANAGE
TRADEWINDS GLOBAL IN
RUFFER LLP
RENAISSANCE TECHNOLO
WELLS FARGO
GAMCO
UNITED SERVICES AUTO
INVESTEC ASSET MANAG
TOCQUEVILLE ASSET MA
INVESTEC ASSET MANAG
PROSPECTOR PARTNERS
PASSPORT CAPITAL LLC
FRANK RUSSELL TRUST

Firm Name
HSBC
Scotia Capital
EVA Dimensions
BMO Capital Markets

Portfolio Name
FIRST EAGLE INVESTME
n/a
DIMENSIONAL FUND ADV
n/a
THORNBURG INVESTMENT
n/a
PAULSON & CO
n/a
TRADEWINDS GLOBAL IN
RUFFER LLP
RENAISSANCE TECHNOLO
n/a
n/a
UNITED SERVICES AUTO
INVESTEC ASSET MANAG
TOCQUEVILLE ASSET MA
Multiple Portfolios
PROSPECTOR PARTNERS
PASSPORT CAPITAL LLC
FRANK RUSSELL COMPAN

Analyst
PATRICK CHIDLEY
TANYA M JAKUSCONEK
TEAM COVERAGE
DAVID HAUGHTON

Source
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
MF-AGG
13F
13F
13F

Recommendation
neutral
sector perform
dropped coverage
market perform

Amt Held
47'177'664
35'916'727
22'259'805
9'740'161
7'145'000
6'975'326
6'541'600
6'270'156
5'423'998
5'396'309
5'162'800
4'906'608
4'470'669
4'338'700
3'938'303
3'907'319
3'806'476
3'774'300
3'394'316
2'993'616

% Out
6.41
4.88
3.02
1.32
0.97
0.95
0.89
0.85
0.74
0.73
0.7
0.67
0.61
0.59
0.53
0.53
0.52
0.51
0.46
0.41

Weighting

Change

3
3
#N/A N/A
3

D
M
M
M

Latest Chg
(20'500)
1'204'375
1'621'222
(96'300)
4'291'310
(1'745'314)
1'864'617
(1'957'356)
(21'230)
(1'012'600)
(128'413)
(469'100)
(368'600)
(21'100)
1'826
(145'200)
3'394'316
382'294

Target Price
8
8
#N/A N/A
13

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.03.2013
29.04.2013
31.12.2012
31.03.2013
31.12.2012
26.04.2013
31.12.2012
31.03.2013
31.12.2012
31.03.2013
31.12.2012
31.03.2013
31.12.2012
31.12.2012
31.12.2012
31.03.2013
28.02.2013
31.12.2012
31.12.2012
31.12.2012

Date
Not Provided
12 month
Not Provided
12 month

Inst Type
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor

Date
28.04.2013
23.04.2013
18.01.2013
04.03.2010

30.04.2013

Silver Wheaton Corp


Silver Wheaton Corporation purchases and sells by-product silver from operating
mines. The Company has long term contracts to purchase all or a portion of the
silver production from mines in Mexico, Sweden, Peru, Greece and the United
States.

Price/Volume
45

16.0 M

40

14.0 M

35

12.0 M

30

10.0 M

25

Latest Fiscal Year:


LTM as of:
52-Week High (01.11.2012)
52-Week Low (18.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SLW US EQUITY YTD Change
SLW US EQUITY YTD % CHANGE

12/2012
12/yy
41.30
21.79
1'106'991.00
23.62
-43.00%
8.40%
11.53%
354.4
8'371.72
50.06
0.0
0.0
778.22
7'643.56

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

6.0 M

15
10

4.0 M

2.0 M

0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
166.7
12.14x
105.5
19.18x
17.3
-

8.0 M

20

Valuation Analysis

31.12.2009
31.12.2010
239.3
423.4
21.12x
31.91x
158.5
316.2
31.87x
42.72x
117.9
153.4
Profitability

LTM-4Q
31.12.2011
730.0
13.01x
618.8
15.35x
550.0
-

31.12.2012
849.6
14.18x
701.5
17.17x
586.0
701.46
600.00
70.63%
70.72%
19.34%
20.34%
0.28%
74.3%
82.6%
70.6%
69.0%
15.88
15.86
1.57%
1.61%
168.45
-

12/yy
730.0
62.08x
618.8
15.35x
550.0
0.00x

LTM
12/yy
849.6
52.82x
701.5
17.17x
586.0
0.00x

FY+1

.0 M
a-13

1.08
353.96
1.87
-21.63%
-34.24%
1.076
15
4.600
7'005'716
6'268'902
5'010'694
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'000.6
1'128.0
242.6
228.8
8.78x
7.82x
37.92x
40.32x
831.0
945.1
197.3
181.3
9.22x
8.11x
9.69x
9.88x
600.1
686.8
144.5
124.0
14.87x
13.40x
14.89x
14.31x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

-1.04
0.07
1.6%
1.6%
0.28
0.41
2.17
24.47
-

Sales/Revenue/Turnover

900.0
800.0

1.00
0.80

700.0
600.0
500.0

0.60

400.0
300.0

0.40
0.20

200.0
100.0
0.0

0.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Silver Wheaton Corp


Holdings By:

All

Holder Name
BLACKROCK
VAN ECK ASSOCIATES C
CARMIGNAC GESTION
CAISSE DE DEPOT ET P
FMR LLC
ROYAL BANK OF CANADA
TD ASSET MANAGEMENT
BMO FINANCIAL CORP
CIBC WORLD MARKETS I
OPPENHEIMERFUNDS INC
TORONTO DOMINION BAN
TCW GROUP INC
TOCQUEVILLE ASSET MA
GREAT WEST LIFE ASSU
CONNOR CLARK & LUNN
JP MORGAN
UBS
RENAISSANCE TECHNOLO
FIERA CAPITAL CORPOR
SUSQUEHANNA INTERNAT

Firm Name
Macquarie
Credit Suisse
Raymond James
Scotia Capital
TD Securities
RBC Capital Markets
JPMorgan
BMO Capital Markets
Canaccord Genuity Corp
CIBC World Markets
GMP
Salman Partners
EVA Dimensions

Portfolio Name
n/a
n/a
CARMIGNAC GESTION
CAISSE DE DEPOT ET P
n/a
n/a
TD ASSET MANAGEMENT
BMO FINANCIAL CORP
CIBC WORLD MARKETS I
OPPENHEIMER FUNDS IN
TORONTO DOMINION BAN
TCW GROUP INCORPORAT
TOCQUEVILLE ASSET MA
GREAT WEST LIFE ASSU
CONNOR CLARK & LUNN
n/a
n/a
RENAISSANCE TECHNOLO
FIERA CAPITAL CORPOR
SUSQUEHANNA INTERNAT

Analyst
TONY LESIAK
RALPH M PROFITI
BRAD HUMPHREY
TREVOR TURNBULL
DANIEL EARLE
DAN ROLLINS
JOHN BRIDGES
ANDREW KAIP
STEVEN BUTLER
COSMOS CHIU
CHELSEA HAMILTON
DAVID WEST
CRAIG STERLING

Source
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F

Recommendation
neutral
outperform
outperform
focus stock
buy
outperform
overweight
outperform
buy
sector outperform
buy
top pick
underweight

Amt Held
26'099'114
14'931'769
13'917'000
8'175'300
7'447'807
6'662'901
6'495'536
5'382'984
4'958'532
4'728'500
4'349'599
3'789'248
3'473'930
3'099'463
2'913'501
2'750'546
2'708'496
2'633'600
2'612'842
2'596'512

% Out
7.36
4.21
3.93
2.31
2.1
1.88
1.83
1.52
1.4
1.33
1.23
1.07
0.98
0.87
0.82
0.78
0.76
0.74
0.74
0.73

Weighting

Change
3
5
5
5
5
5
5
5
5
5
5
5
1

M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(446'773)
13'917'000
(31'900)
(6'668'009)
830'039
(1'461'400)
180'499
(2'425)
20'000
90'737
(27'067)
(35'700)
(230'385)
700'890
(488'041)
(136'469)
986'200
283'586
665'106

Target Price
27
37
42
50
37
33
40
40
45
45
47
48
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.03.2013
Investment Advisor
29.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Bank
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013 Hedge Fund Manager
31.03.2013
Insurance Company
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Unclassified
31.12.2012 Hedge Fund Manager
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor

Date
12 month
Not Provided
12 month
12 month
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided

Date
26.04.2013
24.04.2013
24.04.2013
23.04.2013
23.04.2013
19.04.2013
19.04.2013
15.04.2013
15.04.2013
11.04.2013
02.04.2013
01.04.2013
17.01.2013

30.04.2013

AngloGold Ashanti Ltd


AngloGold Ashanti Limited is a holding company for a group of companies which
explore for and mine gold internationally. The Group has operations in the Vaal
River and West Witwatersrand areas of South Africa as well as Namibia, Mali,
Brazil, Argentina, Australia, Tanzania and the United States.

Price/Volume
40
35
30
25
20

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.06.2012)
52-Week Low (17.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.04.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
AU US EQUITY YTD Change
AU US EQUITY YTD % CHANGE

12/2012
12/yy
38.31
17.45
384'138.00
18.58
-51.63%
6.48%
7.14%
383.7
7'158.94
30'375.96
0.0
186.5
7'562.20
-

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

10
5
0
a-12 m-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data

31.12.2009
31.12.2010
30'745.0
38'833.0
3.88x
3.60x
(2'435.0)
9'720.0
14.37x
(2'762.0)
637.0
Profitability

LTM-4Q
31.12.2011
47'849.0
3.00x
20'443.0
7.03x
11'282.0
-

31.12.2012
52'160.3
2.30x
19'105.5
6.28x
6'814.6
19'105.47
12'553.61
24.07%
18.43%
7.08%
15.88%
12.20%
0.54%
36.1%
36.6%
24.1%
13.1%
1.37
0.70
28.22%
65.78%
15.50
3.46

LTM

12/yy
47'846.3
11.44x
20'438.6
7.03x
11'269.3
0.00x

12/yy
51'994.5
9.54x
18'922.1
6.28x
6'452.4
0.00x

FY+1

0.77
3.22
-45.34%
-40.64%
0.769
6
4.000
2'094'489
2'658'774
2'367'474
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
59'969.9
62'195.1
1.51x
1.36x
22'063.8
25'016.6
8'402.6
8'562.1
8.67x
7.12x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

10.12.2012
BBBNEG
10.07
2.46
1.16
1.54
65.8%
39.6%
0.54
0.90
23.61
105.75
73.67
55.66

Sales/Revenue/Turnover

1.20

60'000.0

1.00

50'000.0

0.80

40'000.0

0.60

j-12

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
29'774.0
3.48x
3'278.0
31.64x
(16'138.0)
-

15

10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
a-13

30'000.0
20'000.0

0.40

10'000.0
0.20

0.0
0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

AngloGold Ashanti Ltd


Holdings By:

All

Holder Name
PAULSON & CO
VAN ECK ASSOCIATES C
NWQ INVESTMENT MANAG
FRANKLIN RESOURCES
FMR LLC
WELLS FARGO
BLACKROCK
FIRST EAGLE INVESTME
TRADEWINDS GLOBAL IN
DUPONT CAPITAL MANAG
RENAISSANCE TECHNOLO
NUVEEN ASSET MANAGEM
CAPITAL GROUP COMPAN
PLATINUM INVESTMENT
ALLIANZ ASSET MANAGE
UNITED SERVICES AUTO
GAMCO
INVESTEC ASSET MANAG
NIKKO ASSET MANAGEME
INVESTEC ASSET MANAG

Firm Name
HSBC
Societe Generale
Scotia Capital
EVA Dimensions
BMO Capital Markets

Portfolio Name
PAULSON & CO
n/a
NWQ INVESTMENT MANAG
n/a
n/a
n/a
n/a
FIRST EAGLE INVESTME
TRADEWINDS GLOBAL IN
DUPONT CAPITAL MANAG
RENAISSANCE TECHNOLO
Multiple Portfolios
n/a
PLATINUM INVESTMENT
n/a
UNITED SERVICES AUTO
n/a
INVESTEC ASSET MANAG
n/a
Multiple Portfolios

Analyst
PATRICK CHIDLEY
BRUCE ALWAY
TANYA M JAKUSCONEK
CRAIG STERLING
DAVID HAUGHTON

Source
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
MF-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
MF-AGG

Recommendation
overweight
hold
sector perform
hold
market perform

Amt Held
28'203'999
15'624'679
11'768'176
8'747'623
6'722'122
5'693'290
5'230'372
4'945'084
4'186'865
3'731'629
3'240'700
2'740'632
2'635'169
2'204'815
1'741'097
1'718'056
1'612'030
1'609'197
1'607'200
1'542'152

% Out
7.35
4.07
3.07
2.28
1.75
1.48
1.36
1.29
1.09
0.97
0.84
0.71
0.69
0.57
0.45
0.45
0.42
0.42
0.42
0.4

Weighting

Change
5
3
3
3
3

M
M
M
U
M

Latest Chg
(199'546)
1'302'862
(511'763)
(128'150)
(133'085)
164'885
(1'261'046)
(259'531)
(559'541)
3'731'629
(420'800)
162'163
(10'100)
147'000
(461'493)
(681'300)
88'230
(8'000)
252'500
-

Target Price
31
25
25
#N/A N/A
0

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.12.2012 Hedge Fund Manager
29.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
26.04.2013
Investment Advisor
31.03.2013 Hedge Fund Manager
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012 Hedge Fund Manager
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.03.2013
Unclassified
28.02.2013
Investment Advisor

Date
Not Provided
12 month
12 month
Not Provided
Not Provided

Date
28.04.2013
26.04.2013
23.04.2013
05.04.2013
24.02.2010

30.04.2013

Cia de Minas Buenaventura SA


Cia de Minas Buenaventura S.A. explores for, mines, and processes gold, silver,
zinc, and other metals. The Company operates mines in Peru, a lime plant, an
electric power transmission company, and an engineering services company.
Buenaventura also markets metal concentrates to smelters internationally.

Price/Volume
45

6.0 M

40

5.0 M

35
30

4.0 M

25

12/2011
12/yy
42.73
19.42
544'174.00
19.78
-53.83%
1.85%
4.57%
274.9
5'452.05
179.30
0.0
262.3
241.22
5'652.47

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

15

2.0 M

10

1.0 M

5
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
766.6
6.61x
(54.4)
153.3
33.61x

3.0 M

20

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.06.2012)
52-Week Low (30.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 04.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BVN US EQUITY YTD Change
BVN US EQUITY YTD % CHANGE

31.12.2009
31.12.2010
881.5
1'103.8
9.30x
10.85x
351.5
475.4
23.33x
25.19x
593.6
660.8
14.29x
18.66x
Profitability

LTM-4Q
31.12.2011
1'556.6
6.05x
820.2
11.49x
858.9
11.16x

31.12.2012
1'563.5
6.00x
571.9
16.39x
684.7
13.40x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

571.92
418.23
26.75%
56.63%
16.03%
19.90%
19.50%
0.35%
39.7%
37.9%
27.7%
43.8%
2.30
1.42
3.91%
4.84%
7.03
5.57

Price/ Cash Flow

12/yy
1'556.6
24.64x
629.3
14.97x
858.9
11.16x

LTM
12/yy
1'508.9
25.51x
571.9
16.39x
684.7
13.40x

FY+1

.0 M
a-13

0.57
2.14
-51.18%
-44.29%
0.570
13
3.308
1'574'176
1'384'438
1'497'047
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'722.0
1'853.9
425.0
408.3
2.95x
2.55x
753.2
849.7
290.0
214.0
7.51x
6.66x
5.32x
714.9
729.6
162.3
138.0
7.30x
7.17x
7.87x
8.05x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

68.99
15.56
-0.11
0.31
4.8%
4.3%
0.35
1.54
52.03
65.70
70.83
45.41

Sales/Revenue/Turnover

30.00

1'800.0
1'600.0

25.00

1'400.0
1'200.0

20.00

1'000.0
15.00

800.0
600.0

10.00

400.0
5.00
0.00
01.01.2010

200.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Cia de Minas Buenaventura SA


Holdings By:

All

Holder Name
BLACKROCK
VONTOBEL ASSET MANAG
VAN ECK ASSOCIATES C
FRANKLIN RESOURCES
VANGUARD GROUP INC
STATE STREET
WELLS FARGO
FMR LLC
THE BANK OF NOVA SCO
HARRIS TRUST & SAVIN
NORGES BANK
UNITED SERVICES AUTO
JENNISON ASSOCIATES
VONTOBEL ASSET MANAG
CREDIT AGRICOLE SA
PARAMETRIC PORTFOLIO
GAMCO
ING INV MANAGEMENT E
ING INVESTMENT MANAG
WELLINGTON MANAGEMEN

Firm Name
Morgan Stanley
Credit Suisse
Banco BTG Pactual SA
Grupo Santander
Scotia Capital
JPMorgan
Inteligo SAB
EVA Dimensions
Euro Pacific Capital Inc
Kallpa Securities SAB
Banco de Credito del Peru

Portfolio Name
n/a
VONTOBEL ASSET MANAG
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
THE BANK OF NOVA SCO
Multiple Portfolios
NORGES BANK
UNITED SERVICES AUTO
JENNISON ASSOCIATES
Multiple Portfolios
CREDIT AGRICOLE SA
PARAMETRIC PORTFOLIO
n/a
ING INVESTMENT MANAG
Multiple Portfolios
WELLINGTON MANAGEMEN

Analyst
CARLOS DE ALBA
SANTIAGO PEREZ TEUFFER
CESAR PEREZ-NOVOA
WALTER CHIARVESIO
TANYA M JAKUSCONEK
JOHN BRIDGES
LALI MERINO
CRAIG STERLING
HEIKO IHLE
EDDER CASTRO
HECTOR JOSUE COLLANTES

Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
MF-AGG
13F
13F
13F
MF-AGG
13F
13F
ULT-AGG
13F
MF-AGG
13F

Recommendation
Equalwt/No Rating
neutral
buy
buy
sector perform
neutral
buy
hold
neutral
overweight
hold

Amt Held
25'536'584
12'497'006
12'079'992
8'641'735
5'406'540
4'777'677
4'709'673
4'343'301
2'559'961
2'471'676
2'298'752
1'806'500
1'778'056
1'651'026
1'460'432
1'434'207
1'112'800
1'110'680
1'097'662
1'002'949

% Out
9.29
4.55
4.39
3.14
1.97
1.74
1.71
1.58
0.93
0.9
0.84
0.66
0.65
0.6
0.53
0.52
0.4
0.4
0.4
0.36

Weighting

Change
3
3
5
5
3
3
5
3
3
5
3

M
D
M
M
M
M
M
M
M
M
M

Latest Chg
(4'985'793)
4'814'696
349'674
2'695'645
355'351
371'700
136'724
(1'580'101)
(1'514'324)
558'323
1'801'505
(22'000)
(70'363)
224'921
(302'643)
33'736
(475'416)
(1'561)
245'358

Target Price
24
28
30
33
25
34
32
#N/A N/A
27
33
33

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
26.04.2013
31.03.2013
29.04.2013
31.03.2013
31.03.2013
29.04.2013
31.03.2013
31.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.03.2013
31.12.2012
31.12.2012
28.02.2013
31.12.2012

Date
12 month
Not Provided
12 month
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor

Date
30.04.2013
30.04.2013
29.04.2013
23.04.2013
23.04.2013
19.04.2013
16.04.2013
27.03.2013
11.03.2013
07.03.2013
01.03.2013

30.04.2013

New Gold Inc


New Gold Inc. is a natural resource company. The Company acquires, explores,
and develops gold properties.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2012)
52-Week Low (15.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
NGD US EQUITY YTD Change
NGD US EQUITY YTD % CHANGE

12/2012
12/yy
12.84
6.25
830'932.00
7.65
-41.04%
22.40%
23.07%
476.4
3'644.45
847.80
0.0
0.0
687.80
3'804.45

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

14.0 M

12

12.0 M

10

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
143.1
2.55x
13.8
26.46x
(102.7)
-

14

31.12.2009
31.12.2010
323.8
530.5
4.31x
6.83x
110.4
239.2
12.64x
15.15x
(194.3)
47.5
Profitability

LTM-4Q
31.12.2011
695.9
6.62x
344.0
13.39x
179.0
-

31.12.2012
791.3
6.86x
390.1
13.91x
199.0
390.10
273.90
34.61%
35.23%
5.30%
8.02%
0.21%
85.3%
49.3%
34.6%
25.1%
5.18
4.15
19.79%
31.68%
18.73
2.12

12/yy
695.9
25.77x
344.0
13.39x
179.0
0.00x

LTM
12/yy
791.3
25.89x
390.1
13.91x
198.9
0.00x

FY+1

.0 M
a-13

0.97
461.42
3.14
-15.93%
-30.64%
0.972
15
4.600
4'347'746
3'464'131
3'137'420
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
987.8
1'031.1
228.0
271.5
3.77x
3.54x
565.3
644.8
123.0
142.0
6.72x
5.89x
6.93x
233.3
282.6
47.5
66.9
17.21x
14.44x
16.29x
14.36x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

27.03.2012
BBSTABLE
23.79
-7.68
0.41
2.17
31.7%
24.1%
0.21
0.27
19.54
172.84
78.91
287.67

Sales/Revenue/Turnover

900.0
800.0

1.00
0.80

700.0
600.0
500.0

0.60

400.0
300.0

0.40
0.20

200.0
100.0
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

New Gold Inc


Holdings By:

All

Holder Name
BLACKROCK
VAN ECK ASSOCIATES C
FMR LLC
TORONTO DOMINION BAN
WELLINGTON MANAGEMEN
MACKENZIE FINANCIAL
OPPENHEIMERFUNDS INC
ROYAL BANK OF CANADA
RS INVESTMENT MANAGE
TOCQUEVILLE ASSET MA
CONNOR CLARK & LUNN
FIERA CAPITAL CORPOR
GCIC LTD/CANADA
LASSONDE PIERRE
INVESTEC ASSET MANAG
FIRST EAGLE INVESTME
INVESTEC ASSET MANAG
JP MORGAN
OLIPHANT RANDALL
PUBLIC SECTOR PENSIO

Firm Name
RBC Capital Markets
TD Securities
Credit Suisse
Cormark Securities Inc.
EVA Dimensions
BMO Capital Markets
Canaccord Genuity Corp
CIBC World Markets
National Bank Financial
Casimir Capital
Paradigm Capital Inc
Scotia Capital
GMP
Mackie Research Capital Corp.

Portfolio Name
n/a
n/a
n/a
TORONTO DOMINION BAN
WELLINGTON MANAGEMEN
MACKENZIE FINANCIAL
Multiple Portfolios
n/a
RS INVESTMENT MANAGE
TOCQUEVILLE ASSET MA
CONNOR CLARK & LUNN
FIERA CAPITAL CORPOR
GOODMAN & COMPANY IN
n/a
INVESTEC ASSET MANAG
FIRST EAGLE INVESTME
Multiple Portfolios
n/a
n/a
PUBLIC SECTOR PENSIO

Analyst
DAN ROLLINS
STEVEN J GREEN
ANITA SONI
RICHARD GRAY
CRAIG STERLING
ANDREW KAIP
STEVEN BUTLER
ALEC KODATSKY
STEPHEN PARSONS
STUART MCDOUGALL
DON MACLEAN
TREVOR TURNBULL
GEORGE V ALBINO
BARRY D ALLAN

Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
MF-AGG
ULT-AGG
13F
13F
13F
13F
13F
SEDI
13F
13F
MF-AGG
ULT-AGG
SEDI
13F

Recommendation
outperform
buy
outperform
buy
hold
outperform
buy
sector perform
outperform
strong buy
buy
sector outperform
buy
hold

Amt Held
62'551'684
51'620'702
35'745'701
15'167'798
13'670'324
12'987'264
12'693'570
10'060'721
9'900'164
8'366'671
6'168'803
6'040'968
5'839'800
5'645'000
5'417'566
5'379'731
5'091'201
4'883'382
4'570'855
4'393'260

% Out
13.13
10.84
7.5
3.18
2.87
2.73
2.66
2.11
2.08
1.76
1.29
1.27
1.23
1.18
1.14
1.13
1.07
1.03
0.96
0.92

Weighting

Change
5
5
5
5
3
5
5
3
5
5
5
5
5
3

M
M
M
M
U
M
M
M
M
M
M
M
M
M

Latest Chg
(2'416'637)
15'004'748
4'853'453
1'051'834
148'803
258'671
(127'400)
(1'836'450)
3'201'270
45'000
434'429
(238'800)
(179'446)
(27'471)
320'855
49'900

Target Price
9
11
13
14
#N/A N/A
12
13
12
12
16
16
13
15
10

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
26.04.2013
Investment Advisor
29.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Bank
31.12.2012
Investment Advisor
31.03.2013 Hedge Fund Manager
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
22.03.2012
n/a
31.12.2012
Investment Advisor
31.03.2013 Hedge Fund Manager
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
23.11.2012
n/a
31.12.2012
Investment Advisor

Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided

Date
29.04.2013
23.04.2013
22.04.2013
22.04.2013
16.04.2013
15.04.2013
15.04.2013
11.04.2013
09.04.2013
09.04.2013
08.04.2013
05.04.2013
05.04.2013
12.03.2013

30.04.2013

Agnico Eagle Mines Ltd


Agnico Eagle Mines Limited is a gold producer with operations primarily in
northwestern Quebec, northern Mexico, northern Finland and Nunavut. The
Company also has exploration activities in Canada, Europe, Latin America, and
the United States. Agnico Eagle Mines focuses on the exploration, development,
and expansion of its gold properities primarily from underground operations.

Price/Volume
60

6.0 M

12/2012
03/yy
57.35
30.36
486'177.00
30.78
-46.33%
1.38%
1.34%
172.5
5'309.59
842.96
0.0
0.0
351.28
5'801.23

Price/ Cash Flow

2.0 M
0
a-12

31.12.2009
31.12.2010
613.8
1'422.5
14.47x
9.45x
202.5
601.8
43.86x
22.34x
86.5
332.1
Profitability

1.0 M
m-12

LTM-4Q
31.12.2011
1'821.8
3.75x
752.9
9.08x
(568.9)
-

31.12.2012
1'917.7
4.96x
787.4
12.08x
310.9
787.42
515.56
26.88%
22.69%
5.00%
7.63%
7.06%
0.36%
39.0%
39.4%
24.5%
16.2%
3.26
1.51
16.04%
24.72%
23.11
4.16

03/yy
1'882.7
18.58x
801.6
7.78x
(535.6)
0.00x

j-12

j-12

a-12

s-12

LTM
03/yy
1'865.2
18.17x
735.0
10.31x
256.2
0.00x

o-12

n-12

d-12

j-13

f-13

m-13

FY+1

.0 M
a-13

0.61
171.63
1.76
-21.46%
-41.01%
0.608
25
3.560
2'469'627
1'849'147
1'669'496
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
1'730.6
2'077.4
388.7
439.2
3.52x
2.92x
15.22x
13.58x
631.8
895.0
191.8
158.3
9.23x
6.51x
7.98x
8.64x
202.0
330.6
25.1
56.7
28.79x
17.31x
26.20x
21.65x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

12.03.2003
NR
13.60
5.91
0.67
1.10
24.7%
19.8%
0.36
0.46
15.79
87.72
50.91
66.58

Sales/Revenue/Turnover

2'500.0

1.00

2'000.0

0.60

3.0 M

10

1.20

0.80

4.0 M

20

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

5.0 M

30

Latest Fiscal Year:


LTM as of:
52-Week High (26.11.2012)
52-Week Low (30.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
AEM US EQUITY YTD Change
AEM US EQUITY YTD % CHANGE

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

7.0 M

40

Valuation Analysis

31.12.2008
368.9
21.80x
94.9
84.80x
73.2
-

8.0 M

50

1'500.0
1'000.0

0.40

500.0
0.20

0.0
0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Agnico Eagle Mines Ltd


Holdings By:

All

Holder Name
BLACKROCK
FIRST EAGLE INVESTME
FMR LLC
VAN ECK ASSOCIATES C
T ROWE PRICE ASSOCIA
WELLS FARGO
ROYAL BANK OF CANADA
GREYSTONE MANAGED IN
BMO FINANCIAL CORP
OPPENHEIMERFUNDS INC
CIBC WORLD MARKETS I
CONNOR CLARK & LUNN
TORONTO DOMINION BAN
TOCQUEVILLE ASSET MA
GAMCO
TD ASSET MANAGEMENT
VINIK ASSET MANAGEME
CIBC GLOBAL ASSET MA
INVESCO LTD
MANUFACTURERS LIFE I

Firm Name
RBC Capital Markets
JPMorgan
Raymond James
Sterne, Agee & Leach
Canaccord Genuity Corp
Cormark Securities Inc.
TD Securities
Mackie Research Capital Corp.
Global Hunter Securities
HSBC
National Bank Financial
Credit Suisse
CIBC World Markets
Salman Partners
Dundee Securities Corp
GMP
Veritas Investment Research Co
Cowen Securities LLC
Barclays
BMO Capital Markets
Macquarie
Scotia Capital
Morgan Stanley
Paradigm Capital Inc

Portfolio Name
n/a
FIRST EAGLE INVESTME
n/a
n/a
T ROWE PRICE ASSOCIA
n/a
n/a
GREYSTONE MANAGED IN
BMO FINANCIAL CORP
OPPENHEIMER FUNDS IN
CIBC WORLD MARKETS I
CONNOR CLARK & LUNN
TORONTO DOMINION BAN
TOCQUEVILLE ASSET MA
n/a
TD ASSET MANAGEMENT
VINIK ASSET MANAGEME
CIBC GLOBAL ASSET MA
n/a
MANUFACTURERS LIFE I

Analyst
STEPHEN D WALKER
JOHN BRIDGES
BRAD HUMPHREY
MICHAEL S DUDAS
STEVEN BUTLER
RICHARD GRAY
GREG BARNES
BARRY D ALLAN
JEFF WRIGHT
PATRICK CHIDLEY
STEPHEN PARSONS
ANITA SONI
ALEC KODATSKY
DAVID WEST
JOSH WOLFSON
GEORGE V ALBINO
PAWEL RAJSZEL
ADAM P GRAF
FAROOQ HAMED
DAVID HAUGHTON
TONY LESIAK
TANYA M JAKUSCONEK
PARETOSH MISRA
DON MACLEAN

Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F

Recommendation
outperform
neutral
market perform
neutral
hold
buy
buy
hold
buy
underweight
sector perform
outperform
sector perform
buy
neutral
buy
sell
hold
equalweight
market perform
underperform
sector outperform
Equalwt/In-Line
buy

Amt Held
20'005'396
11'305'234
10'965'646
7'852'302
6'703'930
4'829'613
4'508'247
3'966'811
3'247'664
2'465'218
2'433'065
2'203'819
2'127'726
1'551'262
1'516'976
1'286'484
1'179'900
1'173'439
1'122'414
1'100'246

% Out
11.6
6.55
6.36
4.55
3.89
2.8
2.61
2.3
1.88
1.43
1.41
1.28
1.23
0.9
0.88
0.75
0.68
0.68
0.65
0.64

Weighting

Change
5
3
3
3
3
5
5
3
5
1
3
5
3
5
3
5
1
3
3
3
1
5
3
5

M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
D
M
M
M

Latest Chg
696'000
1'566'877
(1'072'408)
(231'825)
(57'068)
1'219'028
3'966'811
(83'945)
(510'000)
(37'672)
1'150'325
75'223
(35'750)
(201'330)
9'866
155'300
92'994
(158'619)
6'382

Target Price
40
39
46
#N/A N/A
41
48
41
38
47
29
42
50
54
55
45
55
30
#N/A N/A
39
45
29
46
#N/A N/A
59

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
26.04.2013
Investment Advisor
31.03.2013 Hedge Fund Manager
31.03.2013
Investment Advisor
29.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Bank
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013 Hedge Fund Manager
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Insurance Company

Date
12 month
6 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month

Date
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
28.04.2013
28.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
25.04.2013
25.04.2013
23.04.2013
25.10.2012
05.01.2012

30.04.2013

Eldorado Gold Corp


Eldorado Gold Corporation acquires, explores, and develops mineral properties.
The Company currently has operating gold mines in Brazil, China, Turkey, Greece,
and surrounding regions.

Price/Volume
18

16.0 M

16

14.0 M

14

12.0 M

12

10.0 M

10

Latest Fiscal Year:


LTM as of:
52-Week High (19.09.2012)
52-Week Low (17.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
EGO US EQUITY YTD Change
EGO US EQUITY YTD % CHANGE

12/2012
12/yy
16.20
6.59
872'359.00
7.38
-54.58%
11.99%
9.26%
714.5
5'273.26
593.32
0.0
284.1
818.83
5'331.85

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20
1.00

6.0 M

6
4

4.0 M

2.0 M

0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
277.7
10.15x
132.0
21.36x
163.7
-

8.0 M

Valuation Analysis

31.12.2009
31.12.2010
358.5
791.2
21.00x
12.74x
181.2
423.3
41.53x
23.82x
102.4
221.0
Profitability

LTM-4Q
31.12.2011
1'103.7
6.66x
643.9
11.41x
318.7
-

31.12.2012
1'147.5
8.06x
584.4
15.83x
305.3
584.40
470.87
41.03%
38.89%
5.14%
6.65%
6.33%
0.19%
62.7%
50.9%
41.0%
26.6%
4.90
3.96
7.48%
10.01%
14.84
2.08

12/yy
1'103.7
30.37x
643.9
11.41x
318.7
0.00x

LTM
12/yy
1'147.5
33.92x
584.4
15.83x
305.3
0.00x

FY+1

.0 M
a-13

0.84
708.06
3.27
-47.35%
-42.35%
0.836
21
4.238
5'739'912
6'314'405
5'299'977
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'308.7
1'521.9
338.3
309.3
4.34x
3.99x
15.92x
17.92x
691.0
838.7
169.5
146.0
7.72x
6.36x
8.55x
9.01x
331.8
421.6
90.5
72.8
16.16x
12.53x
14.79x
14.53x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

13.11.2012
BB
STABLE
83.69
22.66
-0.39
1.02
10.0%
8.7%
0.19
0.26
24.66
176.07
157.09
43.64

Sales/Revenue/Turnover

1'400.0
1'200.0
1'000.0

0.80

800.0
0.60

600.0

0.40

400.0
200.0

0.20

0.0
0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Eldorado Gold Corp


Holdings By:

All

Holder Name
BLACKROCK
FMR LLC
VAN ECK ASSOCIATES C
T ROWE PRICE ASSOCIA
ROYAL BANK OF CANADA
CARMIGNAC GESTION
CAISSE DE DEPOT ET P
OPPENHEIMERFUNDS INC
TOCQUEVILLE ASSET MA
BMO FINANCIAL CORP
JENNISON ASSOCIATES
CIBC WORLD MARKETS I
AGF INVESTMENTS INC
JP MORGAN
TORONTO DOMINION BAN
BAILLIE GIFFORD AND
BANK OF NEW YORK MEL
IG INVESTMENT MANAGE
GREYSTONE MANAGED IN
UNITED SERVICES AUTO

Firm Name
Dundee Securities Corp
RBC Capital Markets
HSBC
Macquarie
Raymond James
Morgan Stanley
Scotia Capital
TD Securities
Barclays
Credit Suisse
Cormark Securities Inc.
Haywood Securities Inc.
EVA Dimensions
BMO Capital Markets
Canaccord Genuity Corp
CIBC World Markets
Salman Partners
GMP
Mackie Research Capital Corp.
Veritas Investment Research Co
Paradigm Capital Inc

Portfolio Name
n/a
n/a
n/a
T ROWE PRICE ASSOCIA
n/a
Multiple Portfolios
CAISSE DE DEPOT ET P
Multiple Portfolios
TOCQUEVILLE ASSET MA
BMO FINANCIAL CORP
JENNISON ASSOCIATES
CIBC WORLD MARKETS I
AGF INVESTMENTS INC
n/a
TORONTO DOMINION BAN
BAILLIE GIFFORD & CO
BANK OF NEW YORK MEL
IG INVESTMENT MANAGE
GREYSTONE MANAGED IN
UNITED SERVICES AUTO

Analyst
JOSH WOLFSON
DAN ROLLINS
PATRICK CHIDLEY
TONY LESIAK
BRAD HUMPHREY
PARETOSH MISRA
TANYA M JAKUSCONEK
STEVEN J GREEN
FAROOQ HAMED
ANITA SONI
MIKE KOZAK
KERRY SMITH
CRAIG STERLING
DAVID HAUGHTON
STEVEN BUTLER
COSMOS CHIU
DAVID WEST
GEORGE V ALBINO
BARRY D ALLAN
PAWEL RAJSZEL
DON MACLEAN

Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
MF-AGG
13F
MF-AGG
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F

Recommendation
neutral
outperform
overweight
neutral
outperform
Overwt/In-Line
sector outperform
action list buy
equalweight
outperform
buy
buy
underweight
outperform
buy
sector outperform
buy
buy
hold
sell
hold

Amt Held
115'755'188
47'460'386
44'220'345
27'084'566
17'214'008
13'044'870
12'485'802
11'711'546
11'661'328
10'662'061
10'493'352
10'031'223
9'924'291
9'088'523
8'932'322
8'799'121
8'616'810
8'067'119
8'034'377
7'551'100

% Out
16.2
6.64
6.19
3.79
2.41
1.83
1.75
1.64
1.63
1.49
1.47
1.4
1.39
1.27
1.25
1.23
1.21
1.13
1.12
1.06

Weighting

Change
3
5
5
3
5
5
5
5
3
5
5
5
1
5
5
5
5
5
3
1
3

M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M

Latest Chg
(8'965'098)
2'071'841
(178'880)
1'231'174
(14'814'642)
536'600
861'550
(256'391)
335'758
(12'436)
(1'473'143)
(223'376)
329'970
(2'010'762)
966'831
1'115'425
(3'436'746)
-

Target Price
10
10
13
8
16
10
12
14
9
15
12
19
#N/A N/A
13
13
15
18
20
13
8
18

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
29.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Bank
29.03.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013 Hedge Fund Manager
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor

Date
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month

Date
30.04.2013
29.04.2013
28.04.2013
25.04.2013
24.04.2013
23.04.2013
23.04.2013
23.04.2013
23.04.2013
22.04.2013
22.04.2013
16.04.2013
16.04.2013
15.04.2013
15.04.2013
11.04.2013
03.04.2013
02.04.2013
12.03.2013
25.02.2013
21.02.2012

30.04.2013

Kinross Gold Corp


Kinross Gold Corporation is involved in the exploration, development, and
production of gold in countries located around the world. The Company currently
has operations in the United States, Brazil, Chile, Ecuador and Russia.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.10.2012)
52-Week Low (17.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
KGC US EQUITY YTD Change
KGC US EQUITY YTD % CHANGE

12/2012
12/yy
11.20
4.97
3'036'269.00
5.33
-52.57%
7.24%
7.55%
1'141.4
6'083.43
2'632.60
0.0
75.5
1'982.70
6'808.83

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

30.0 M

10

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0
a-12 m-12

31.12.2009
31.12.2010
2'412.1
3'010.1
5.37x
6.92x
1'093.2
1'200.4
11.85x
17.35x
309.9
759.7
41.68x
146.30x
Profitability

LTM-4Q
31.12.2011
3'842.5
3.37x
1'926.2
6.73x
(2'073.6)
15.25x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
4'311.4
2.74x
1'962.2
6.01x
(2'504.9)
12.61x
1'962.20
1'281.00
29.71%
-53.16%
-15.96%
-22.53%
0.27%
57.1%
45.5%
29.7%
-58.1%
2.76
1.74
17.69%
26.73%
14.45
1.66

Price/ Cash Flow

12/yy
3'842.5
16.69x
1'926.2
6.73x
(2'080.9)
15.46x

j-12

a-12

s-12

LTM
12/yy
4'311.4
10.44x
1'962.2
6.01x
(2'504.9)
12.61x

o-12

n-12

d-12

j-13

f-13

m-13

FY+1

.0 M
a-13

3.00
0.77
1'139.38
5.43
-39.39%
-44.61%
0.769
27
4.333
13'279'045
12'214'832
10'600'447
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
4'044.9
4'314.1
1'036.1
960.0
1.82x
1.72x
6.87x
7.51x
1'639.2
1'965.8
436.8
364.3
4.18x
3.48x
4.13x
3.98x
545.4
720.1
149.2
100.8
11.71x
8.97x
11.90x
10.75x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

15.08.2011
BBBSTABLE
13.84
0.25
0.33
1.34
26.7%
21.0%
0.27
0.48
25.33
220.88
24.03
222.18

Sales/Revenue/Turnover

20.00

5'000.0

18.00

4'500.0

16.00

4'000.0

14.00

3'500.0

12.00

3'000.0

10.00
8.00

2'500.0
2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00
01.01.2010

j-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
1'617.0
7.84x
656.3
19.32x
(807.2)
46.21x

12

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Kinross Gold Corp


Holdings By:

All

Holder Name
VAN ECK ASSOCIATES C
BMO FINANCIAL CORP
ROYAL BANK OF CANADA
INVESCO LTD
TRADEWINDS GLOBAL IN
LAZARD ASSET MANAGEM
CAISSE DE DEPOT ET P
JENNISON ASSOCIATES
FMR LLC
CIBC WORLD MARKETS I
NORGES BANK
ALTRINSIC GLOBAL ADV
JP MORGAN
TORONTO DOMINION BAN
PASSPORT CAPITAL LLC
OPPENHEIMERFUNDS INC
FIRST EAGLE INVESTME
CARMIGNAC GESTION
DEUTSCHE BANK AG
TD ASSET MANAGEMENT

Firm Name
Jefferies
Mackie Research Capital Corp.
BMO Capital Markets
Deutsche Bank
Credit Suisse
CIBC World Markets
Canaccord Genuity Corp
National Bank Financial
Cowen Securities LLC
Barclays
RBC Capital Markets
HSBC
Stifel
Macquarie
Scotia Capital
TD Securities
Cormark Securities Inc.
JPMorgan
GMP
EVA Dimensions
Salman Partners
Veritas Investment Research Co
Morgan Stanley
Paradigm Capital Inc

Portfolio Name
n/a
BMO FINANCIAL CORP
n/a
n/a
TRADEWINDS GLOBAL IN
n/a
CAISSE DE DEPOT ET P
JENNISON ASSOCIATES
n/a
CIBC WORLD MARKETS I
NORGES BANK
ALTRINSIC GLOBAL ADV
n/a
TORONTO DOMINION BAN
PASSPORT CAPITAL LLC
Multiple Portfolios
FIRST EAGLE INVESTME
CARMIGNAC GESTION
DEUTSCHE BANK AKTIEN
TD ASSET MANAGEMENT

Analyst
PETER D WARD
BARRY D ALLAN
DAVID HAUGHTON
JORGE M BERISTAIN
ANITA SONI
ALEC KODATSKY
STEVEN BUTLER
PAOLO LOSTRITTO
ADAM P GRAF
FAROOQ HAMED
STEPHEN D WALKER
PATRICK CHIDLEY
GEORGE J TOPPING
TONY LESIAK
TANYA M JAKUSCONEK
GREG BARNES
RICHARD GRAY
JOHN BRIDGES
GEORGE V ALBINO
CRAIG STERLING
DAVID WEST
PAWEL RAJSZEL
PARETOSH MISRA
DON MACLEAN

Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
MF-AGG
13F
13F
13F
13F

Recommendation
hold
buy
outperform
hold
outperform
sector underperform
buy
outperform
buy
equalweight
outperform
overweight
hold
outperform
sector perform
buy
buy
overweight
buy
overweight
buy
buy
Underwt/In-Line
buy

Amt Held
59'376'977
25'903'233
24'321'082
23'312'301
20'641'596
20'421'586
18'547'731
17'311'077
17'079'796
16'877'973
15'598'099
14'907'433
14'411'242
14'146'557
14'121'122
13'817'771
12'671'799
12'416'200
10'563'778
10'441'370

% Out
5.2
2.27
2.13
2.04
1.81
1.79
1.63
1.52
1.5
1.48
1.37
1.31
1.26
1.24
1.24
1.21
1.11
1.09
0.93
0.91

Weighting

Change
3
5
5
3
5
1
5
5
5
3
5
5
3
5
3
5
5
5
5
5
5
5
1
5

M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
D
M

Latest Chg
2'536'128
3'849'773
14'542'877
1'717'094
(9'067'104)
(1'148'398)
(100'100)
(452'461)
(14'149'102)
(15'894)
4'274'423
(259'550)
(3'227'985)
(132'094)
4'740'498
100'000
(1'130'000)
12'416'200
(2'044'058)
701'284

Target Price
6
10
11
6
10
8
8
11
8
7
7
11
#N/A N/A
7
8
9
10
12
11
#N/A N/A
12
10
#N/A N/A
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
29.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Bank
29.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
28.02.2013
Investment Advisor
31.03.2013 Hedge Fund Manager
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor

Date
12 month
12 month
Not Provided
12 month
Not Provided
18 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided

Date
30.04.2013
30.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
28.04.2013
28.04.2013
26.04.2013
25.04.2013
23.04.2013
23.04.2013
22.04.2013
19.04.2013
02.04.2013
21.03.2013
15.02.2013
14.02.2013
10.10.2012
25.01.2012

30.04.2013

Royal Gold Inc


Royal Gold, Inc. acquires and manages precious metals royalties. The Company
seeks to acquire existing royalties or to finance projects that are in
production or near production in exchange for royalty interests. Royal Gold
Inc.'s gold-focused portfolio contains royalties ranging from those in
production and development to those in the evaluation and exploration stages.

Price/Volume
120
100
80
60

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.10.2012)
52-Week Low (18.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
RGLD US EQUITY YTD Change
RGLD US EQUITY YTD % CHANGE

06/2012
12/yy
100.84
50.20
170'518.00
53.67
-47.00%
6.91%
8.33%
64.4
3'454.56
293.25
0.0
25.0
390.47
3'077.43

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

20
0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


30.06.2008
66.3
13.56x
51.3
17.51x
24.0
56.00x

40

30.06.2009
30.06.2010
73.8
136.6
19.29x
18.40x
59.9
114.2
23.77x
22.00x
38.3
21.5
91.09x
61.79x
Profitability

LTM-4Q
30.06.2011
216.5
15.32x
186.3
17.80x
71.4
45.40x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

30.06.2012
263.1
17.19x
233.2
19.39x
92.5
48.25x
233.22
158.22
60.15%
58.17%
4.04%
5.14%
4.99%
0.12%
71.5%
89.6%
62.1%
35.2%
29.27
28.23
12.36%
15.95%
4.25
-

Price/ Cash Flow

10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
a-13

12/yy
248.1
55.25x
215.8
17.98x
87.2
42.80x

LTM
12/yy
287.5
66.05x
257.6
18.80x
98.6
50.12x

FY+1

1.21
0.67
61.67
2.80
-12.60%
-33.67%
0.674
10
3.800
1'269'649
1'093'253
954'545
FY+2

FQ+1

FQ+2

06/13 Y
06/14 Y
03/13 Q3 06/13 Q4
306.0
397.8
73.6
75.9
10.26x
7.40x
42.72x
41.39x
271.3
349.8
65.0
68.3
11.42x
8.85x
10.55x
9.09x
102.1
147.1
23.4
24.7
33.58x
23.50x
30.56x
25.71x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

30.27
-5.64
-1.56
1.16
16.0%
13.6%
0.12
0.15
86.11
11.57
-

Sales/Revenue/Turnover

90.00

300.0

80.00

250.0

70.00

200.0

60.00
50.00

150.0

40.00

100.0

30.00
20.00

50.0

10.00
0.00
03.07.2009

0.0
03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Royal Gold Inc


Holdings By:

All

Holder Name
BLACKROCK
VAN ECK ASSOCIATES C
VANGUARD GROUP INC
STATE STREET
FMR LLC
WELLS FARGO
STUCKERT JAMES W
TOCQUEVILLE ASSET MA
ALLIANZ ASSET MANAGE
NEUBERGER BERMAN LLC
FIRST EAGLE INVESTME
AGF INVESTMENTS INC
T ROWE PRICE ASSOCIA
BANK OF NEW YORK MEL
DEUTSCHE BANK AG
UNITED SERVICES AUTO
GAMCO
AMERIPRISE FINANCIAL
NORTHERN TRUST CORPO
TIAA CREF INVESTMENT

Firm Name
HSBC
Scotia Capital
BB&T Capital Markets
RBC Capital Markets
CIBC World Markets
National Bank Financial
MLV & Co
EVA Dimensions

Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
TOCQUEVILLE ASSET MA
n/a
NEUBERGER BERMAN GRO
FIRST EAGLE INVESTME
AGF INVESTMENTS INC
T ROWE PRICE ASSOCIA
BANK OF NEW YORK MEL
DEUTSCHE BANK AKTIEN
UNITED SERVICES AUTO
n/a
AMERIPRISE FINANCIAL
NORTHERN TRUST CORPO
TIAA-CREF INVESTMENT

Analyst
PATRICK CHIDLEY
TANYA M JAKUSCONEK
GARRETT S. NELSON
STEPHEN D WALKER
COSMOS CHIU
SHANE NAGLE
MICHAEL D PETERSON
CRAIG STERLING

Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
Form 4
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F

Recommendation
overweight
sector perform
buy
sector perform
sector perform
outperform
buy
sell

Amt Held
7'427'251
5'440'661
3'592'556
3'387'502
2'287'976
2'234'914
1'622'095
1'361'050
1'234'254
974'044
867'401
838'175
767'697
633'761
630'719
615'300
529'097
476'257
473'052
471'399

% Out
11.54
8.45
5.58
5.26
3.55
3.47
2.52
2.11
1.92
1.51
1.35
1.3
1.19
0.98
0.98
0.96
0.82
0.74
0.73
0.73

Weighting

Change
5
3
5
3
3
5
5
1

M
M
M
M
M
U
M
M

Latest Chg
1'174'946
159'701
188'296
(1'907'624)
197'748
(150'000)
(47'750)
(67'745)
106'304
838'175
(30'935)
25'047
258'938
(30'000)
(120'280)
163'416
69'031
20'921

Target Price
77
71
80
71
88
88
92
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.03.2013
Investment Advisor
29.04.2013
Investment Advisor
31.03.2013
Investment Advisor
29.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
24.04.2013
n/a
31.03.2013 Hedge Fund Manager
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013 Hedge Fund Manager
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor

Date
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided

Date
28.04.2013
23.04.2013
22.04.2013
19.04.2013
11.04.2013
09.04.2013
08.04.2013
15.01.2013

30.04.2013

Harmony Gold Mining Co Ltd


Harmony Gold Mining Company Limited is a mining company which produces gold from
its operations in the district of Virginia, Orange Free State. Harmony owns and
operates the Harmony, Randfontein, Evander, Consolidated Modderfontein, Grootvei
and Bissett gold mines. Harmony also has gold mining operations in Australia.

Price/Volume
12

14.0 M

10

12.0 M
10.0 M

Latest Fiscal Year:


LTM as of:
52-Week High (06.06.2012)
52-Week Low (18.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
HMY US EQUITY YTD Change
HMY US EQUITY YTD % CHANGE

06/2012
12/yy
10.73
4.57
433'330.00
4.84
-54.99%
5.91%
5.36%
435.3
2'106.65
1'844.00
0.0
0.0
1'773.00
-

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20
1.00

6.0 M

4.0 M

2.0 M

0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


30.06.2008
9'617.0
4.37x
1'393.0
30.15x
(245.0)
-

8.0 M

Valuation Analysis

30.06.2009
30.06.2010
11'496.0
11'284.0
2.83x
3.13x
2'125.0
1'737.0
15.29x
20.33x
2'927.0
(192.0)
Profitability

LTM-4Q
30.06.2011
11'596.0
3.41x
2'354.0
16.81x
617.0
-

30.06.2012
15'169.0
2.18x
4'222.0
7.84x
2'645.0
4'222.00
2'231.00
14.71%
12.72%
5.25%
6.80%
0.36%
25.7%
22.2%
10.7%
17.4%
2.28
0.93
4.27%
5.41%
13.25
12.59

LTM

12/yy
13'536.0
12.28x
3'077.0
0.00x
1'720.0
0.00x

12/yy
16'047.0
8.20x
3'562.0
9.00x
2'314.0
0.00x

FY+1

.0 M
a-13

0.88
3.75
-49.29%
-45.50%
0.883
3
5.000
3'696'324
2'999'190
2'863'461
FY+2

FQ+1

FQ+2

06/13 Y
06/14 Y
03/13 Q3 06/13 Q4
16'682.3
22'264.3
1.14x
0.92x
4'866.6
8'430.0
1'854.6
3'517.8
10.63x
5.38x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

14.26
3.47
-0.04
0.67
5.4%
5.1%
0.36
0.48
27.63
29.08
51.94
31.22

Sales/Revenue/Turnover

16'000.0
14'000.0
12'000.0

0.80
0.60

10'000.0
8'000.0
6'000.0

0.40
0.20

4'000.0
2'000.0
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Harmony Gold Mining Co Ltd


Holdings By:

All

Holder Name
DEUTSCHE BANK TRUST
VAN ECK ASSOCIATES C
FIRST EAGLE INVESTME
BLACKROCK
DIMENSIONAL FUND ADV
CAPITAL GROUP COMPAN
FMR LLC
UNITED SERVICES AUTO
DEUTSCHE BANK AG
GAMCO
RENAISSANCE TECHNOLO
TEXAS TEACHER RETIRE
CREDIT AGRICOLE SA
TWO SIGMA INVESTMENT
CITIGROUP INCORPORAT
US GLOBAL INVESTORS
CAPITAL INTERNATIONA
HUSSMAN ECONOMETRICS
GAM HOLDING LTD
DIMENSIONAL FUND ADV

Firm Name
HSBC
EVA Dimensions
BMO Capital Markets

Portfolio Name
n/a
n/a
FIRST EAGLE INVESTME
n/a
DIMENSIONAL FUND ADV
n/a
n/a
UNITED SERVICES AUTO
DEUTSCHE BANK AKTIEN
n/a
RENAISSANCE TECHNOLO
TEACHER RETIREMENT S
CREDIT AGRICOLE SA
TWO SIGMA INVESTMENT
CITIGROUP INCORPORAT
US GLOBAL INVESTORS
Multiple Portfolios
HUSSMAN ECONOMETRICS
GAM HOLDING LTD
Multiple Portfolios

Analyst
PATRICK CHIDLEY
CRAIG STERLING
DAVID HAUGHTON

Source
20F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
MF-AGG
13F
13F
MF-AGG

Recommendation
overweight
overweight
market perform

Amt Held
135'983'632
29'990'015
20'829'043
20'017'881
9'196'293
6'004'994
4'456'773
3'825'000
2'325'160
1'982'630
1'826'300
1'500'000
1'346'948
1'321'429
1'203'118
1'050'000
1'037'400
1'000'000
943'850
840'178

% Out
31.24
6.89
4.79
4.6
2.11
1.38
1.02
0.88
0.53
0.46
0.42
0.34
0.31
0.3
0.28
0.24
0.24
0.23
0.22
0.19

Weighting

Change
5
5
3

M
M
M

Latest Chg
5'544'228
(1'394'122)
(3'910'953)
559'805
(1'282'000)
(196'323)
3'825'000
589'627
132'770
(286'323)
1'500'000
(81'700)
916'557
490'639
(106'100)
500'000
300'000
70'220

Target Price
7
#N/A N/A
11

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
22.10.2012
29.04.2013
31.03.2013
26.04.2013
31.12.2012
31.12.2012
31.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.03.2013
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.01.2013

Date
Not Provided
Not Provided
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Hedge Fund Manager
Pension Fund (ERISA)
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
28.04.2013
28.03.2013
24.02.2010

30.04.2013

IAMGOLD Corp
IAMGOLD Corporation is a mid-tier gold mining company. The Company is focused
in West Africa, the Guiana Shield of South America and in Quebec where it has a
pipeline of development and exploration projects.

Price/Volume
18

16.0 M

16

14.0 M

14

12.0 M

12

10.0 M

10

Latest Fiscal Year:


LTM as of:
52-Week High (05.10.2012)
52-Week Low (18.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
IAG US EQUITY YTD Change
IAG US EQUITY YTD % CHANGE

12/2012
12/yy
16.88
4.60
1'494'284.00
5.0817
-69.90%
10.47%
5.13%
376.6
1'913.58
641.40
0.0
76.7
813.50
1'818.18

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

6.0 M

6
4

4.0 M

2.0 M

0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
869.6
2.09x
342.1
5.31x
(9.9)
-

8.0 M

Valuation Analysis

31.12.2009
31.12.2010
914.3
1'097.1
6.14x
5.88x
378.6
470.3
14.82x
13.71x
114.1
262.6
Profitability

LTM-4Q
31.12.2011
1'673.2
2.98x
785.0
6.36x
806.6
-

31.12.2012
1'670.0
2.52x
710.1
5.94x
334.7
710.10
546.20
32.71%
34.17%
6.85%
9.29%
9.60%
0.34%
43.2%
42.5%
32.7%
20.0%
3.76
2.61
11.93%
17.20%
11.40
2.57

12/yy
1'673.2
15.16x
785.0
6.36x
806.6
0.00x

LTM
12/yy
1'670.0
10.85x
710.1
5.94x
334.7
0.00x

FY+1

.0 M
a-13

0.96
371.42
4.60
-58.13%
-55.70%
0.960
24
3.417
6'160'789
6'867'198
6'570'385
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'631.4
1'809.7
386.0
400.8
1.37x
1.36x
5.21x
5.29x
651.9
770.4
189.0
172.5
2.79x
2.36x
2.53x
2.81x
228.2
304.4
53.0
45.6
9.93x
7.53x
8.56x
7.81x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

10.09.2012
BBSTABLE
38.38
0.52
-0.24
0.90
17.2%
14.4%
0.34
0.73
32.10
142.44
82.70
91.84

Sales/Revenue/Turnover

1'800.0
1'600.0

1.00
0.80

1'400.0
1'200.0
1'000.0

0.60

800.0
600.0

0.40
0.20

400.0
200.0
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

IAMGOLD Corp
Holdings By:

All

Holder Name
BLACKROCK
VAN ECK ASSOCIATES C
ROYAL BANK OF CANADA
FMR LLC
AGF INVESTMENTS INC
OPPENHEIMERFUNDS INC
UNITED SERVICES AUTO
FIRST EAGLE INVESTME
HEXAVEST INC
T ROWE PRICE ASSOCIA
CIBC WORLD MARKETS I
ALLIANZ ASSET MANAGE
BMO FINANCIAL CORP
SCHRODER INVESTMENT
TORONTO DOMINION BAN
PAULSON & CO
INTERNATIONAL VALUE
MACKENZIE FINANCIAL
FRANKLIN RESOURCES
CARIBBEAN INVESTMENT

Firm Name
Clarus Securities
HSBC
Societe Generale
Stifel
Macquarie
Scotia Capital
TD Securities
Barclays
Credit Suisse
Canaccord Genuity Corp
Cormark Securities Inc.
RBC Capital Markets
BMO Capital Markets
GMP
National Bank Financial
Dundee Securities Corp
CIBC World Markets
Paradigm Capital Inc
Salman Partners
Mackie Research Capital Corp.
Veritas Investment Research Co
EVA Dimensions
Morgan Stanley

Portfolio Name
n/a
n/a
n/a
n/a
AGF INVESTMENTS INC
OPPENHEIMER FUNDS IN
UNITED SERVICES AUTO
FIRST EAGLE INVESTME
HEXAVEST INC
T ROWE PRICE ASSOCIA
CIBC WORLD MARKETS I
n/a
BMO FINANCIAL CORP
SCHRODER INVESTMENT
TORONTO DOMINION BAN
PAULSON & CO
INTERNATIONAL VALUE
MACKENZIE FINANCIAL
n/a
n/a

Analyst
NANA SANGMUAH
PATRICK CHIDLEY
BRUCE ALWAY
MICHAEL A SCOON
TONY LESIAK
TANYA M JAKUSCONEK
STEVEN J GREEN
FAROOQ HAMED
ANITA SONI
STEVEN BUTLER
MIKE KOZAK
DAN ROLLINS
DAVID HAUGHTON
GEORGE V ALBINO
PAOLO LOSTRITTO
JOSH WOLFSON
ALEC KODATSKY
DON MACLEAN
DAVID WEST
BARRY D ALLAN
PAWEL RAJSZEL
CRAIG STERLING
PARETOSH MISRA

Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
SEDI

Recommendation
hold
overweight
sell
hold
outperform
sector perform
buy
equalweight
underperform
hold
market perform
sector perform
market perform
buy
outperform
neutral
sector perform
buy
buy
hold
sell
buy
Equalwt/In-Line

Amt Held
43'954'065
35'765'320
14'154'923
9'811'133
9'271'077
8'419'845
6'464'401
6'125'592
5'890'847
5'498'913
5'356'509
5'249'538
5'016'061
4'905'401
4'617'450
3'881'900
3'575'932
3'462'599
3'204'100
3'119'569

% Out
11.67
9.5
3.76
2.61
2.46
2.24
1.72
1.63
1.56
1.46
1.42
1.39
1.33
1.3
1.23
1.03
0.95
0.92
0.85
0.83

Weighting

Change
3
5
1
3
5
3
5
3
1
3
3
3
3
5
5
3
3
5
5
3
1
5
3

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
U
N

Latest Chg
(4'226'809)
2'840'159
(2'608'732)
1'611'410
1'500'000
(90'001)
(776'100)
(3'062'014)
68'530
(87'839)
(169'616)
(268'526)
2'828'200
158'233
(963'988)
275'900
(1'256'100)
-

Target Price
13
8
5
#N/A N/A
7
7
11
6
7
8
7
6
9
15
14
9
9
25
14
14
7
#N/A N/A
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.03.2013
Investment Advisor
29.04.2013
Investment Advisor
31.12.2012
Bank
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013 Hedge Fund Manager
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
06.09.2011
Bank

Date
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided

Date
29.04.2013
28.04.2013
26.04.2013
26.04.2013
25.04.2013
23.04.2013
23.04.2013
23.04.2013
22.04.2013
22.04.2013
22.04.2013
19.04.2013
15.04.2013
15.04.2013
15.04.2013
12.04.2013
11.04.2013
25.03.2013
22.03.2013
12.03.2013
21.02.2013
24.01.2013
10.10.2012

30.04.2013

Pan American Silver Corp


Pan American Silver Corporation is a silver mining company with its principal
property in Peru. The Company also explores and develops mines in Mexico.

Price/Volume
25

7.0 M
6.0 M

20

5.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.11.2012)
52-Week Low (18.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
PAAS US EQUITY YTD Change
PAAS US EQUITY YTD % CHANGE

12/2012
12/yy
22.83
11.78
355'722.00
12.58
-45.07%
6.79%
8.69%
151.8
1'909.84
77.98
0.0
7.3
542.32
1'452.83

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

4.0 M

10

3.0 M
2.0 M

5
0
a-12

1.0 M
m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
338.6
4.05x
121.0
11.33x
24.6
-

15

31.12.2009
31.12.2010
454.8
646.6
5.14x
6.33x
179.1
277.8
13.05x
14.73x
62.0
13.7
Profitability

LTM-4Q
31.12.2011
855.3
2.15x
445.9
4.12x
352.5
-

31.12.2012
928.6
2.57x
362.0
6.60x
87.4
361.98
253.83
27.33%
19.53%
3.27%
4.05%
4.11%
0.35%
45.2%
39.0%
27.3%
9.4%
4.96
3.44
2.30%
2.87%
7.80
2.67

12/yy
855.3
12.63x
455.9
4.03x
352.5
0.00x

LTM
12/yy
928.6
11.01x
362.0
6.60x
87.4
0.00x

FY+1

.0 M
a-13

1.01
149.44
3.44
-34.52%
-32.33%
1.014
15
3.533
2'085'762
2'170'909
1'760'121
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'035.5
1'109.7
255.8
254.0
1.41x
1.24x
5.74x
5.67x
405.4
466.0
94.8
90.7
3.61x
3.14x
3.79x
3.44x
189.2
226.6
40.7
39.8
12.81x
10.73x
10.79x
9.90x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

47.15
26.32
-1.28
0.22
2.9%
2.8%
0.35
0.55
46.91
137.18
36.38
154.58

Sales/Revenue/Turnover

1'000.0
900.0

1.00

800.0
700.0

0.80
0.60
0.40

600.0
500.0
400.0
300.0
200.0

0.20

100.0
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Pan American Silver Corp


Holdings By:

All

Holder Name
BLACKROCK
VAN ECK ASSOCIATES C
ROYCE AND ASSOCIATES
UNITED SERVICES AUTO
TOCQUEVILLE ASSET MA
BEATY ROSS J
OPPENHEIMERFUNDS INC
RIVER ROAD ASSET MAN
DEUTSCHE BANK AG
ASTON ASSET MANAGEME
GLOBAL X MANAGEMENT
PUBLIC SECTOR PENSIO
DREMAN VALUE MANAGEM
CANADA PENSION PLAN
ALETHEIA RESEARCH &
INTREPID CAPITAL MAN
FMR LLC
MORGAN STANLEY
AXA
JP MORGAN

Firm Name
Raymond James
Scotia Capital
TD Securities
Credit Suisse
RBC Capital Markets
JPMorgan
BMO Capital Markets
Canaccord Genuity Corp
Deutsche Bank
CIBC World Markets
Cowen Securities LLC
EVA Dimensions
Sterne, Agee & Leach
Salman Partners

Portfolio Name
n/a
n/a
ROYCE & ASSOCIATES L
UNITED SERVICES AUTO
TOCQUEVILLE ASSET MA
n/a
OPPENHEIMER FUNDS IN
RIVER ROAD ASSET MAN
DEUTSCHE BANK AKTIEN
Multiple Portfolios
GLOBAL X MANAGEMENT
PUBLIC SECTOR PENSIO
DREMAN VALUE MANAGEM
CANADA PENSION PLAN
ALETHEIA RESEARCH &
INTREPID CAPITAL MAN
n/a
n/a
n/a
n/a

Analyst
BRAD HUMPHREY
TREVOR TURNBULL
DANIEL EARLE
RALPH M PROFITI
DAN ROLLINS
JOHN BRIDGES
ANDREW KAIP
RAHUL PAUL
JORGE M BERISTAIN
ARNOLD VAN GRAAN
ADAM P GRAF
CRAIG STERLING
MICHAEL S DUDAS
DAVID WEST

Source
ULT-AGG
ULT-AGG
13F
13F
13F
SEDI
13F
13F
13F
MF-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG

Recommendation
outperform
sector outperform
hold
outperform
sector perform
underweight
market perform
buy
hold
sector perform
buy
hold
neutral
buy

Amt Held
12'051'414
10'498'344
10'001'527
3'951'500
3'257'722
2'118'680
2'049'341
1'995'846
1'817'974
1'795'904
1'533'353
1'446'774
1'404'840
1'261'757
1'212'045
1'198'545
1'154'508
1'117'492
1'095'911
1'087'824

% Out
7.94
6.92
6.59
2.6
2.15
1.4
1.35
1.31
1.2
1.18
1.01
0.95
0.93
0.83
0.8
0.79
0.76
0.74
0.72
0.72

Weighting

Change
5
5
3
5
3
1
3
5
3
3
5
3
3
5

M
M
M
M
M
M
M
M
M
M
M
U
M
M

Latest Chg
1'951'350
(1'140'970)
(126'002)
(10'899)
300'000
130'000
561'998
784'238
82'638
(17'297)
16'500
882'133
(23'600)
412'637
(13'530)
(48'347)
393'712
(925'154)

Target Price
21
19
16
22
14
18
20
21
16
19
20
#N/A N/A
#N/A N/A
22

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
26.04.2013
Investment Advisor
29.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013 Hedge Fund Manager
31.05.2012
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Pension Fund (ERISA)
30.09.2012 Hedge Fund Manager
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor

Date
12 month
12 month
12 month
Not Provided
12 month
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month

Date
24.04.2013
23.04.2013
23.04.2013
22.04.2013
19.04.2013
19.04.2013
15.04.2013
15.04.2013
11.04.2013
11.04.2013
09.04.2013
21.03.2013
25.02.2013
22.02.2013

30.04.2013

First Majestic Silver Corp


First Majestic Silver Corp. is a silver producing mining company. The
Company's presently owns and operates producing silver mines in Mexico, the La
Parrilla Silver Mine, the San Martin Silver Mine, the La Encantada Silver Mine,
and the La Guitarra Silver Mine.

Price/Volume
25
20
15

Valuation Analysis

10

Latest Fiscal Year:


LTM as of:
52-Week High (09.11.2012)
52-Week Low (23.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
AG US EQUITY YTD Change
AG US EQUITY YTD % CHANGE

12/2012
12/yy
24.20
10.77
259'138.00
11.86
-51.12%
10.12%
9.98%
117.0
1'387.35
29.64
0.0
0.0
111.59
1'305.40

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

0
a-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data

31.12.2009
31.12.2010
52.4
117.9
6.36x
11.66x
11.7
53.4
28.43x
25.73x
5.6
35.1
Profitability

LTM-4Q
31.12.2011
245.5
6.93x
156.2
10.89x
103.6
-

31.12.2012
247.2
9.19x
135.1
16.82x
88.9
135.11
109.13
44.15%
44.90%
14.15%
18.83%
18.36%
0.39%
57.5%
54.7%
44.2%
36.0%
3.02
2.29
3.65%
4.99%
14.05
5.49

12/yy
245.5
29.14x
156.2
10.89x
103.6
0.00x

LTM
12/yy
247.2
32.67x
135.1
16.82x
88.9
0.00x

FY+1

1.20
111.14
0.95
-24.79%
-41.26%
1.202
7
4.143
1'514'734
1'180'223
1'068'518
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
373.0
542.5
214.0
308.3
6.11x
4.24x
149.5
224.0
14.00x
9.03x
11.88x
9.80x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

58.92
-17.45
-0.61
0.22
5.0%
4.8%
0.39
0.56
26.05
66.66
69.36
23.35

Sales/Revenue/Turnover

1.20

300.0

1.00

250.0

0.80

200.0

0.60

m-12

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
41.8
3.30x
2.3
59.08x
(4.9)
-

5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
a-13

150.0
100.0

0.40

50.0
0.20

0.0
0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

First Majestic Silver Corp


Holdings By:

All

Holder Name
VAN ECK ASSOCIATES C
SPROTT INC
GREYSTONE MANAGED IN
NEUMEYER KEITH
CONNOR CLARK & LUNN
OPPENHEIMERFUNDS INC
BARING INTERNATIONAL
BARING ASSET MANAGEM
ROYAL BANK OF CANADA
TORONTO DOMINION BAN
ALBERTA INVESTMENT M
CANADA PENSION PLAN
PUBLIC SECTOR PENSIO
TD ASSET MANAGEMENT
POLAR SECURITIES INC
IG INVESTMENT MANAGE
INVESCO LTD
IA CLARINGTON INVEST
ALTAMIRA MANAGEMENT
LB SWISS INVESTMENT

Firm Name
BMO Capital Markets
Raymond James
TD Securities
Cormark Securities Inc.
Casimir Capital
Cowen Securities LLC
EVA Dimensions

Portfolio Name
n/a
SPROTT INC
GREYSTONE MANAGED IN
n/a
CONNOR CLARK & LUNN
Multiple Portfolios
BARING INTERNATIONAL
BARING ASSET MANAGEM
n/a
TORONTO DOMINION BAN
n/a
CANADA PENSION PLAN
PUBLIC SECTOR PENSIO
TD ASSET MANAGEMENT
POLAR SECURITIES INC
IG INVESTMENT MANAGE
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
ANDREW KAIP
CHRIS THOMPSON
DANIEL EARLE
GRAEME JENNINGS
STUART MCDOUGALL
ADAM P GRAF
CRAIG STERLING

Source
ULT-AGG
13F
13F
SEDI
13F
MF-AGG
13F
13F
ULT-AGG
13F
Research
13F
13F
13F
13F
13F
ULT-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
market perform
outperform
buy
buy
strong buy
buy
underweight

Amt Held
7'999'040
4'404'872
4'030'468
3'126'000
2'643'635
2'550'000
2'276'819
2'274'076
1'398'251
1'332'088
1'223'700
1'183'943
1'096'680
1'086'500
1'034'662
991'400
891'317
836'400
696'394
675'000

% Out
6.84
3.77
3.45
2.67
2.26
2.18
1.95
1.94
1.2
1.14
1.05
1.01
0.94
0.93
0.88
0.85
0.76
0.72
0.6
0.58

Weighting

Change
3
5
5
5
5
5
1

M
M
M
M
M
M
M

Latest Chg
1'502'609
(376'800)
(380'759)
150'000
850'190
2'276'819
481'911
644'865
1'295'488
(118'994)
12'400
(23'800)
(207'700)
321'483
241'639
(125'000)

Target Price
18
20
18
21
22
17
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
29.04.2013
Investment Advisor
31.03.2013 Hedge Fund Manager
31.12.2012
Investment Advisor
19.11.2012
n/a
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
30.09.2012
Investment Advisor
28.02.2013
Bank
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012 Pension Fund (ERISA)
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Unclassified
31.12.2012
Investment Advisor

Date
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided

Date
26.04.2013
24.04.2013
23.04.2013
22.04.2013
15.04.2013
09.04.2013
15.01.2013

30.04.2013

Coeur d'Alene Mines Corp


Coeur d'Alene Mines Corporation, through its subsidiaries, explores, develops,
operates, and/or owns silver and gold mining properties and companies. The
Company's properties are located primarily in the United States, Australia, and
South America.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.11.2012)
52-Week Low (18.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 23.04.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
CDE US EQUITY YTD Change
CDE US EQUITY YTD % CHANGE

12/2012
12/yy
31.97
13.31
306'378.00
14.59
-54.55%
9.62%
8.04%
102.6
1'496.93
124.55
0.0
0.0
153.50
1'467.97

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

14.0 M

30

12.0 M

25

10.0 M

20

8.0 M

15

6.0 M

10

4.0 M

2.0 M

0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
170.9
5.09x
0.3
2750.95x
(0.6)
-

35

31.12.2009
31.12.2010
300.4
515.5
5.42x
4.98x
78.2
218.7
20.82x
11.74x
(27.1)
(91.3)
Profitability

LTM-4Q
31.12.2011
1'021.2
2.05x
531.3
3.95x
93.5
22.35x

31.12.2012
895.5
2.45x
378.2
5.80x
48.7
41.69x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

378.23
159.37
17.80%
13.10%
1.50%
2.25%
0.28%
24.6%
42.2%
17.8%
5.4%
1.70
0.79
3.87%
5.67%
12.27
4.45

Price/ Cash Flow

12/yy
1'021.2
9.28x
531.3
3.95x
93.5
22.35x

LTM
12/yy
895.5
9.22x
378.2
5.80x
48.7
42.41x

FY+1

.0 M
a-13

1.30
102.01
3.91
-32.30%
-40.69%
1.297
7
4.286
1'811'326
1'746'520
1'656'453
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
940.3
1'061.3
198.3
232.0
1.50x
1.17x
7.20x
6.43x
385.3
516.3
73.8
89.1
3.83x
2.85x
3.79x
3.14x
96.8
170.2
15.1
15.7
20.10x
10.93x
14.93x
11.53x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

25.06.2012
B+
STABLE
13.10
8.08
-0.08
0.33
5.7%
5.4%
0.28
0.33
29.82
82.19
34.90
77.12

Sales/Revenue/Turnover

50.00

1'200.0

45.00

1'000.0

40.00
35.00

800.0

30.00

600.0

25.00
20.00

400.0

15.00
10.00

200.0

5.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Coeur d'Alene Mines Corp


Holdings By:

All

Holder Name
BLACKROCK
VAN ECK ASSOCIATES C
VANGUARD GROUP INC
DIMENSIONAL FUND ADV
STATE STREET
AMERICAN CENTURY COM
OPPENHEIMERFUNDS INC
GUGGENHEIM
ATLANTIC INVESTMENT
NORTHERN TRUST CORPO
DEUTSCHE BANK AG
DONALD SMITH & CO IN
SUN VALLEY GOLD LLC
DREMAN VALUE MANAGEM
FMR LLC
NEW JERSEY DIVISION
AMERIPRISE FINANCIAL
JP MORGAN
SPROTT INC
INVESCO LTD

Portfolio Name
n/a
n/a
VANGUARD GROUP INC
DIMENSIONAL FUND ADV
n/a
AMERICAN CENTURY COM
OPPENHEIMER FUNDS IN
n/a
ATLANTIC INVESTMENT
NORTHERN TRUST CORPO
DEUTSCHE BANK AKTIEN
DONALD SMITH & CO IN
SUN VALLEY GOLD LLC
DREMAN VALUE MANAGEM
n/a
STATE OF NJ COMMON P
AMERIPRISE FINANCIAL
n/a
SPROTT INC
n/a

Firm Name

Analyst

EVA Dimensions
Deutsche Bank
Global Hunter Securities
Cormark Securities Inc.
JPMorgan
BMO Capital Markets
Sidoti & Company LLC
Sterne, Agee & Leach

CRAIG STERLING
JORGE M BERISTAIN
JEFF WRIGHT
GRAEME JENNINGS
JOHN BRIDGES
ANDREW KAIP
ADAM BROOKS
MICHAEL S DUDAS

Source
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG

Recommendation
buy
buy
accumulate
market perform
restricted
market perform
buy
buy

Amt Held
7'408'808
6'165'441
4'876'942
4'438'757
4'427'354
2'810'872
2'403'100
2'259'708
2'031'590
1'857'341
1'795'841
1'602'028
1'278'258
1'265'889
1'105'840
1'000'000
996'110
942'523
838'500
733'057

% Out
7.22
6.01
4.75
4.33
4.32
2.74
2.34
2.2
1.98
1.81
1.75
1.56
1.25
1.23
1.08
0.97
0.97
0.92
0.82
0.71

Weighting

Change

5
5
4
3
#N/A N/A
3
5
5

U
M
M
M
M
M
M
M

Latest Chg
1'114'305
(420'427)
256'439
(54'878)
(256'964)
350'000
986'778
(285'500)
60'904
(457'409)
1'602'028
272'396
(232'106)
(51'910)
1'000'000
756'816
(89'282)
(341'000)
(410'219)

Target Price
#N/A N/A
21
23
20
#N/A N/A
17
24
36

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.03.2013
Investment Advisor
29.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
29.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012 Pension Fund (ERISA)
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013 Hedge Fund Manager
31.12.2012
Investment Advisor

Date
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month

Date
30.04.2013
29.04.2013
29.04.2013
22.04.2013
19.04.2013
17.04.2013
17.04.2013
12.04.2013

30.04.2013

AuRico Gold Inc


AuRico Gold Inc. is a Canadian gold producer with mines and projects in North
America that have solid production growth and exploration potential. The Company
is focused on its core operations including the Young-Davidson gold mine in
northern Ontario and the El Chanate mine in Sonora State, Mexico. AuRico's
project pipeline also includes development opportunities in Canada and Mexico.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.05.2012)
52-Week Low (18.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
AUQ US EQUITY YTD Change
AUQ US EQUITY YTD % CHANGE

12/2012
12/yy
9.50
4.52
473'854.00
5
-47.16%
10.62%
11.04%
246.6
1'233.18
188.57
0.0
0.0
603.40
818.35

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

31.12.2009
31.12.2010
206.8
238.3
6.86x
4.42x
70.5
106.6
20.14x
9.87x
8.2
(134.7)
Profitability

LTM-4Q
31.12.2011
83.9
27.78x
2.3
1003.29x
176.9
-

31.12.2012
163.6
11.67x
52.3
36.48x
33.2
52.33
33.61
20.54%
-60.53%
1.09%
1.46%
43.2%
20.3%
7.76
6.33
6.51%
8.21%
-

12/yy
212.3
33.27x
106.8
0.00x
176.9
0.00x

20.0 M
15.0 M
10.0 M
5.0 M

j-12

j-12

a-12

s-12

LTM
12/yy
233.4
39.23x
79.9
23.88x
33.2
0.00x

o-12

n-12

d-12

j-13

f-13

m-13

FY+1

.0 M
a-13

0.87
245.79
13.50
-45.11%
-38.47%
0.870
14
3.214
2'986'072
3'464'322
3'328'162
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
301.4
415.2
59.9
58.4
3.95x
2.86x
12.41x
13.31x
144.3
217.3
26.8
21.0
5.76x
3.82x
5.82x
5.09x
64.8
94.6
14.2
6.6
18.47x
12.29x
17.73x
14.58x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

23.39
-142.03
-5.19
2.36
8.2%
7.6%
-

Sales/Revenue/Turnover

1.20

300.0

1.00

250.0

0.80

200.0

0.60

25.0 M

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
212.5
3.30x
53.3
13.17x
38.7
-

10
9
8
7
6
5
4
3
2
1
0
a-12 m-12

150.0
100.0

0.40

50.0
0.20

0.0
0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

AuRico Gold Inc


Holdings By:

All

Holder Name
WELLINGTON MANAGEMEN
VAN ECK ASSOCIATES C
HARTFORD INVESTMENT
SENTRY SELECT CAPITA
HEARTLAND ADVISORS I
DONALD SMITH & CO IN
UNITED SERVICES AUTO
OPPENHEIMERFUNDS INC
PUBLIC SECTOR PENSIO
OPUS CAPITAL GROUP L
NWQ INVESTMENT MANAG
HEXAVEST INC
MACKENZIE FINANCIAL
INVESTEC ASSET MANAG
FIERA CAPITAL CORPOR
ASTON ASSET MANAGEME
SUN VALLEY GOLD LLC
DREMAN VALUE MANAGEM
GEOLOGIC RESOURCE PA
DEUTSCHE BANK AG

Firm Name
Macquarie
TD Securities
Credit Suisse
Canaccord Genuity Corp
RBC Capital Markets
Raymond James
Dundee Securities Corp
BMO Capital Markets
Desjardins Securities
GMP
National Bank Financial
EVA Dimensions
CIBC World Markets
Scotia Capital
Cowen Securities LLC

Portfolio Name
n/a
n/a
Multiple Portfolios
SENTRY SELECT CAPITA
HEARTLAND ADVISORS I
DONALD SMITH & CO IN
UNITED SERVICES AUTO
OPPENHEIMER FUNDS IN
PUBLIC SECTOR PENSIO
OPUS CAPITAL GROUP L
NWQ INVESTMENT MANAG
HEXAVEST INC
MACKENZIE FINANCIAL
INVESTEC ASSET MANAG
FIERA CAPITAL CORPOR
Multiple Portfolios
SUN VALLEY GOLD LLC
DREMAN VALUE MANAGEM
GEOLOGIC RESOURCE PA
DEUTSCHE BANK AKTIEN

Analyst
TONY LESIAK
STEVEN J GREEN
ANITA SONI
RAHUL PAUL
DAN ROLLINS
GARY J BASCHUK
JOE FAZZINI
BRIAN QUAST
ADAM MELNYK
CHELSEA HAMILTON
PAOLO LOSTRITTO
CRAIG STERLING
COSMOS CHIU
TREVOR TURNBULL
ADAM P GRAF

Source
13G
ULT-AGG
MF-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
MF-AGG
13F
13F
13F
13F

Recommendation
outperform
reduce
neutral
buy
sector perform
Under Review
neutral
market perform
hold
buy
sector perform
underweight
sector perform
sector perform
hold

Amt Held
29'437'231
24'673'016
12'572'597
11'799'825
11'733'592
8'335'053
8'314'200
7'469'100
4'793'558
4'478'647
3'916'476
3'895'355
3'862'659
3'699'470
3'677'730
3'654'124
3'493'185
3'453'046
3'444'100
3'343'677

% Out
11.94
10
5.1
4.78
4.76
3.38
3.37
3.03
1.94
1.82
1.59
1.58
1.57
1.5
1.49
1.48
1.42
1.4
1.4
1.36

Weighting

Change

5
2
3
5
3
#N/A N/A
3
3
3
5
3
1
3
3
3

M
M
M
M
M
M
M
M
M
M
M
U
M
M
M

Latest Chg
9'509'551
1'193'174
(2'491'500)
(677'807)
164'601
(87'073)
680'000
38'100
1'610'951
(2'801'559)
(1'586'686)
371'532
1'016'940
(11'562'015)
488'507
(50'000)
(54'087)
(500'000)
(389'322)

Target Price
6
5
8
9
6
#N/A N/A
7
8
8
12
6
#N/A N/A
8
7
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.01.2013
Investment Advisor
29.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
28.03.2013
Investment Advisor
31.12.2012 Hedge Fund Manager
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
31.12.2012
Investment Advisor

Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided

Date
25.04.2013
23.04.2013
22.04.2013
22.04.2013
19.04.2013
18.04.2013
16.04.2013
15.04.2013
15.04.2013
15.04.2013
15.04.2013
15.04.2013
11.04.2013
04.04.2013
26.03.2013

30.04.2013

Allied Nevada Gold Corp


Allied Nevada Gold Corporation evaluates, acquires, explores, and advances
gold exploration and potential development projects. The Company's holdings
include projects in Nevada, California, Idaho and Colorado in the United
States, as well as Bolivia, Mexico, Indonesia and Australia.

Price/Volume
45
40
35
30
25
20

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.10.2012)
52-Week Low (18.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.04.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ANV US EQUITY YTD Change
ANV US EQUITY YTD % CHANGE

12/2012
03/yy
41.02
10.20
833'915.00
10.7
-74.65%
4.90%
5.29%
89.9
961.81
525.19
0.0
0.0
347.05
1'139.96

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

10
5
0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
0.0
(38.7)
(79.6)
-

15

31.12.2009
31.12.2010
43.2
130.9
23.79x
15.41x
(0.8)
30.5
66.12x
8.5
34.1
107.71x
64.17x
Profitability

LTM-4Q
31.12.2011
152.0
16.34x
48.8
50.94x
36.7
77.64x

31.12.2012
214.6
13.43x
95.5
30.19x
47.7
57.94x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

95.46
80.87
37.69%
29.90%
5.04%
8.05%
6.96%
0.23%
49.0%
44.5%
37.7%
22.2%
5.58
4.00
42.43%
84.71%
7.10
2.60

Price/ Cash Flow

10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
a-13

03/yy
159.3
69.10x
64.8
42.00x
48.6
62.56x

LTM
03/yy
224.5
39.30x
77.6
0.00x
44.5
33.59x

FY+1

0.00
1.03
82.61
6.78
-63.47%
-64.49%
1.035
10
3.300
2'268'719
2'577'116
1'843'639
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
394.2
586.0
72.8
86.8
3.46x
2.54x
9.86x
7.21x
186.8
346.5
25.1
29.8
6.10x
3.29x
9.06x
7.86x
87.4
172.5
11.3
14.1
11.90x
6.19x
8.20x
6.65x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

07.06.2012
B
STABLE
3.69
-6.45
1.87
5.50
84.7%
45.9%
0.23
0.62
51.58
140.60
115.64
76.54

Sales/Revenue/Turnover

800.00

250.0

700.00

200.0

600.00
500.00

150.0

400.00

100.0

300.00
200.00

50.0

100.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Allied Nevada Gold Corp


Holdings By:

All

Holder Name
VAN ECK ASSOCIATES C
VANGUARD GROUP INC
ROYCE AND ASSOCIATES
PESCIO CARL A
SENTRY SELECT CAPITA
WELLINGTON MANAGEMEN
GCIC LTD/CANADA
STATE STREET
FMR LLC
BLACKROCK
BAUPOST GROUP LLC
UNITED SERVICES AUTO
BUCHAN ROBERT M
PERRY CORP
OPPENHEIMERFUNDS INC
TOCQUEVILLE ASSET MA
SCOTIA ASSET MANAGEM
PAULSON & CO
COLUMBIA WANGER ASSE
GUGGENHEIM

Firm Name
RBC Capital Markets
Macquarie
Scotia Capital
Canaccord Genuity Corp
Cormark Securities Inc.
EVA Dimensions
CIBC World Markets
BMO Capital Markets
GMP
Cowen Securities LLC

Portfolio Name
n/a
VANGUARD GROUP INC
ROYCE & ASSOCIATES L
n/a
SENTRY SELECT CAPITA
WELLINGTON MANAGEMEN
n/a
n/a
n/a
n/a
THE BAUPOST GROUP LL
UNITED SERVICES AUTO
n/a
PERRY CORPORATION
OPPENHEIMER FUNDS IN
TOCQUEVILLE ASSET MA
Multiple Portfolios
PAULSON & CO
COLUMBIA WANGER ASSE
n/a

Analyst
SAM CRITTENDEN
MICHAEL GRAY
TREVOR TURNBULL
STEVEN BUTLER
MIKE KOZAK
CRAIG STERLING
CHITIMUKULU MUSONDA
BRIAN QUAST
ANDREW MIKITCHOOK
ADAM P GRAF

Source
ULT-AGG
13F
13F
Form 4
13F
13F
13G
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
PROXY
13F
13F
13F
MF-AGG
13F
13F
ULT-AGG

Recommendation
sector perform
underperform
sector perform
buy
speculative buy
hold
sector perform
underperform
buy
buy

Amt Held
7'138'101
4'618'576
4'534'307
4'403'800
4'254'700
3'976'128
3'931'475
3'793'522
3'225'015
3'054'914
2'853'550
2'408'733
2'211'500
2'142'250
1'857'800
1'768'623
1'620'900
1'509'221
1'444'000
1'199'739

% Out
7.94
5.14
5.04
4.9
4.73
4.42
4.37
4.22
3.59
3.4
3.17
2.68
2.46
2.38
2.07
1.97
1.8
1.68
1.61
1.33

Weighting

Change
3
1
3
5
4
3
3
1
5
5

D
M
U
M
M
U
M
M
M
M

Latest Chg
1'164'848
(88'198)
(1'437'400)
(296'200)
5'600
1'180'057
(1'847'320)
68'701
192'715
(174'019)
(2'200'000)
18'784
(23'300)
259'000
300'000
(400'400)
1'444'000
571'495

Target Price
15
9
15
26
24
#N/A N/A
19
18
43
46

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
29.04.2013
31.03.2013
31.03.2013
21.09.2012
31.12.2012
31.12.2012
18.04.2013
29.04.2013
31.03.2013
26.04.2013
31.12.2012
31.12.2012
08.03.2013
31.12.2012
31.12.2012
31.03.2013
28.02.2013
31.12.2012
31.12.2012
31.03.2013

Date
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
n/a
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Unclassified

Date
29.04.2013
25.04.2013
23.04.2013
22.04.2013
22.04.2013
18.04.2013
11.04.2013
09.04.2013
09.04.2013
09.04.2013

30.04.2013

Hecla Mining Co
Hecla Mining Company explores, develops, and mines precious metals, gold and
silver. The Company has operations in the United States and Mexico.

Price/Volume
8

18.0 M

16.0 M

14.0 M
12.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2012)
52-Week Low (18.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 21.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
HL US EQUITY YTD Change
HL US EQUITY YTD % CHANGE

12/2012
12/yy
6.92
2.95
1'293'417.00
3.24
-53.35%
9.83%
8.05%
285.2
924.03
17.50
0.0
0.0
190.98
750.58

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

8.0 M

6.0 M

4.0 M

2.0 M

0
a-12

31.12.2009
31.12.2010
312.5
418.8
4.39x
6.28x
132.3
211.3
10.38x
12.44x
67.8
49.0
34.33x
62.56x
Profitability

LTM-4Q
31.12.2011
477.6
2.59x
254.7
4.85x
151.2
12.16x

31.12.2012
321.1
4.64x
92.9
16.03x
15.0
83.29x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

92.91
42.79
13.33%
7.42%
1.08%
1.26%
1.44%
0.23%
44.7%
28.9%
13.3%
4.7%
2.98
2.20
1.27%
1.54%
16.96
6.48

Price/ Cash Flow

12/yy
477.6
13.24x
253.4
4.88x
151.2
12.16x

j-12

j-12

a-12

s-12

LTM
12/yy
321.1
16.60x
92.9
16.03x
15.0
83.29x

o-12

n-12

d-12

j-13

f-13

m-13

FY+1

.0 M
a-13

1.93
1.35
283.18
23.69
-23.37%
-44.26%
1.354
8
3.500
5'924'867
6'550'337
5'727'441
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
493.3
618.8
91.7
103.9
2.45x
1.81x
8.40x
7.75x
221.6
326.3
40.4
49.7
3.39x
2.30x
2.77x
2.33x
77.6
133.5
8.6
6.5
15.07x
8.64x
14.21x
10.84x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

04.04.2013
B
STABLE
38.28
-8.32
-1.87
0.19
1.5%
1.5%
0.23
0.33
21.58
56.49
82.31
-4.24

Sales/Revenue/Turnover

30.00

600.0

25.00

500.0

20.00

400.0

15.00

300.0

10.00

200.0

5.00

100.0

0.00
01.01.2010

m-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
204.7
3.08x
15.3
41.21x
(66.6)
-

10.0 M

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Hecla Mining Co
Holdings By:

All

Holder Name
VAN ECK ASSOCIATES C
STATE STREET
BLACKROCK
VANGUARD GROUP INC
NORTHERN TRUST CORPO
DIMENSIONAL FUND ADV
JENNISON ASSOCIATES
KESTREL INVESTMENT M
SUSQUEHANNA INTERNAT
CREDIT SUISSE AG
CS MCKEE LP
LRI-FUND MANAGEMENT
GLOBAL X MANAGEMENT
ROYCE AND ASSOCIATES
MORGAN STANLEY
DENVER INVESTMENT AD
AXA
BNP PARIBAS INV PART
QUANTEX AG
NEW JERSEY DIVISION

Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
NORTHERN TRUST CORPO
DIMENSIONAL FUND ADV
JENNISON ASSOCIATES
KESTREL INVESTMENT M
SUSQUEHANNA INTERNAT
CREDIT SUISSE AG
C S MCKEE LP
Multiple Portfolios
GLOBAL X MANAGEMENT
ROYCE & ASSOCIATES L
n/a
DENVER INVESTMENT AD
n/a
n/a
Multiple Portfolios
STATE OF NJ COMMON P

Firm Name

Analyst

Global Hunter Securities


JPMorgan
EVA Dimensions
BMO Capital Markets
Canaccord Genuity Corp
Deutsche Bank
Sterne, Agee & Leach
Scotia Capital

JEFF WRIGHT
JOHN BRIDGES
CRAIG STERLING
ANDREW KAIP
STEVEN BUTLER
JORGE M BERISTAIN
MICHAEL S DUDAS
TREVOR TURNBULL

Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
MF-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
MF-AGG
13F

Recommendation
buy
neutral
hold
market perform
buy
hold
neutral
restricted

Amt Held
19'672'831
16'490'464
15'874'824
15'111'549
5'094'157
4'531'959
4'041'712
3'997'250
3'744'569
2'966'054
2'882'600
2'800'000
2'771'542
2'623'100
2'493'254
2'443'226
2'418'493
2'250'000
2'035'400
1'900'000

% Out
6.9
5.78
5.57
5.3
1.79
1.59
1.42
1.4
1.31
1.04
1.01
0.98
0.97
0.92
0.87
0.86
0.85
0.79
0.71
0.67

Weighting

Change

5
3
3
3
5
3
3
#N/A N/A

M
M
U
M
M
U
M
M

Latest Chg
3'630'060
(1'261'865)
(139'843)
233'659
275'066
(340'534)
(98'000)
1'615'970
(525'202)
(359'600)
413'542
(671'814)
(2'027'715)
8'934
(193'270)
(150'000)
(330'000)
(2'100'000)

Target Price
6
6
#N/A N/A
5
6
4
#N/A N/A
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
29.04.2013
Investment Advisor
29.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
29.03.2013
Investment Advisor
31.12.2012 Pension Fund (ERISA)

Date
12 month
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided

Date
29.04.2013
19.04.2013
17.04.2013
15.04.2013
15.04.2013
11.04.2013
06.03.2013
05.03.2013

30.04.2013

Nevsun Resources Ltd


Nevsun Resources Ltd. is a gold producer and base metal developer. The Company
has a gold-copper-zinc mine in Eritrea.

Price/Volume
6

25.0 M

20.0 M

Latest Fiscal Year:


LTM as of:
52-Week High (07.11.2012)
52-Week Low (16.05.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out #N/A N/A
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
NSU US EQUITY YTD Change
NSU US EQUITY YTD % CHANGE

12/2012
12/yy
4.98
2.68
98'114.00
3.74
-24.90%
39.55%
47.83%
0.00
0.0
143.5
396.40
-

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

10.0 M

5.0 M

1
0
a-12

31.12.2009
31.12.2010
0.0
0.0
(4.9)
(12.2)
(4.3)
(13.3)
Profitability

LTM-4Q
31.12.2011
547.8
1.60x
429.2
2.04x
147.1
-

31.12.2012
566.0
1.05x
426.5
1.40x
145.3
426.46
397.41
70.21%
70.80%
17.62%
26.00%
36.05%
0.69%
89.9%
75.3%
70.2%
25.7%
6.56
5.92
0.00%
0.00%
23.41
1.46

12/yy
551.5
6.89x
429.3
2.04x
147.1
0.00x

j-12

j-12

a-12

s-12

LTM
12/yy
566.0
4.04x
426.5
1.40x
145.3
0.00x

o-12

n-12

d-12

j-13

f-13

m-13

FY+1

.0 M
a-13

1.04
1.17
5.55%
-12.62%
1.038
11
3.727
760'741
787'435
1'070'769
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
394.2
669.5
74.5
70.8
246.6
441.0
37.8
27.2
71.9
163.3
11.1
7.0
8.70x
3.92x
8.95x
7.03x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

683.43
544.86
-0.93
0.00
0.0%
0.0%
0.69
1.83
15.63
250.60
30.26
235.97

Sales/Revenue/Turnover

1.20

600.0

1.00

500.0

0.80

400.0

0.60

m-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
0.0
(6.1)
(5.7)
-

15.0 M

Valuation Analysis

300.0
200.0

0.40

100.0
0.20

0.0
0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Nevsun Resources Ltd


Holdings By:

All

Holder Name
VANGUARD GROUP INC
M&G INVESTMENT MANAG
BLACKROCK
FRANKLIN RESOURCES
VAN ECK ASSOCIATES C
ACADIAN ASSET MANAGE
SCHRODER INVESTMENT
WELLINGTON MANAGEMEN
CONNOR CLARK & LUNN
CANADA PENSION PLAN
PUBLIC SECTOR PENSIO
DAVIS CLIFFORD T
TD ASSET MANAGEMENT
CLARKE JOHN A
NORGES BANK
MCKINLEY CAPITAL MAN
AMERICAN CENTURY COM
RENAISSANCE TECHNOLO
MORGAN STANLEY
BATTERYMARCH FINANCI

Firm Name
TD Securities
Haywood Securities Inc.
Canaccord Genuity Corp
Cormark Securities Inc.
Paradigm Capital Inc
CIBC World Markets
GMP
RBC Capital Markets
PI Financial Corp.
EVA Dimensions

Portfolio Name
Multiple Portfolios
M&G INVESTMENT MANAG
n/a
n/a
n/a
ACADIAN ASSET MANAGE
SCHRODER INVESTMENT
WELLINGTON MANAGEMEN
CONNOR CLARK & LUNN
CANADA PENSION PLAN
PUBLIC SECTOR PENSIO
n/a
TD ASSET MANAGEMENT
n/a
NORGES BANK
MCKINLEY CAPITAL MAN
AMERICAN CENTURY COM
RENAISSANCE TECHNOLO
n/a
BATTERYMARCH FINANCI

Analyst
STEVEN J GREEN
STEFAN IOANNOU
RAHUL PAUL
CLIFF HALE-SANDERS
DAVID DAVIDSON
COSMOS CHIU
ANDREW MIKITCHOOK
PATRICK MORTON
ALEEM LADAK
CRAIG STERLING

Source
MF-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
SEDI
13F
SEDI
13F
13F
13F
13F
ULT-AGG
13F

Recommendation
hold
buy
hold
buy
buy
sector underperform
hold
sector perform
buy
buy

Amt Held
39'554'511
38'500'000
29'730'099
24'147'000
13'698'233
5'077'040
4'239'444
3'062'504
3'003'300
1'883'601
1'878'320
1'553'219
1'395'977
1'367'000
1'233'881
1'094'380
1'091'342
1'043'300
1'028'199
1'006'600

% Out
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Weighting

Change
3
5
3
5
5
1
3
3
5
5

M
M
M
M
M
M
M
M
M
M

Latest Chg
9'800
(1'770'900)
2'496'855
613'900
124'000
3'062'504
1'180'900
4'200
(50'100)
(80'700)
(146'716)
1'094'380
11'479
213'600
763'003
-

Target Price
4
5
4
5
8
4
4
5
6
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
26.04.2013
Investment Advisor
31.03.2013
Investment Advisor
29.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Pension Fund (ERISA)
31.12.2012
Investment Advisor
19.11.2012
n/a
31.12.2012
Investment Advisor
31.12.2012
n/a
31.12.2012
Government
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012 Hedge Fund Manager
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor

Date
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided

Date
23.04.2013
16.04.2013
15.04.2013
10.04.2013
01.04.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
17.01.2013

30.04.2013

Aurizon Mines Ltd


Aurizon Mines Ltd. is a gold mining company. The Company's operations and
exploration activities are located in the Abitibi region of north-western
Quebec, Canada. Aurizon operates and owns an interest in the Beaufor Mine,
the Sleeping Giant Mine, and the Casa Berardi property.

Price/Volume
6
5
4
3

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.05.2012)
52-Week Low (24.12.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
AZK US EQUITY YTD Change
AZK US EQUITY YTD % CHANGE

12/2012
12/yy
5.57
3.19
171'550.00
4.181
-24.87%
31.07%
41.18%
164.6
688.04
0.00
0.0
0.0
204.71
489.28

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1
0
a-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data

31.12.2009
31.12.2010
175.6
178.7
3.65x
5.82x
87.5
69.8
7.32x
14.90x
36.7
17.2
Profitability

LTM-4Q
31.12.2011
260.0
2.31x
124.9
4.81x
43.9
-

31.12.2012
223.6
1.61x
92.2
3.90x
31.8
92.23
54.50
24.38%
25.08%
7.33%
9.28%
9.42%
0.51%
41.0%
41.3%
24.4%
14.2%
7.30
6.49
0.00%
0.00%
28.73
9.10

12/yy
260.0
11.47x
124.9
4.81x
43.9
0.00x

LTM
12/yy
223.6
9.66x
92.2
3.90x
31.8
0.00x

FY+1

0.98
136.22
1.55
-22.72%
20.14%
0.979
5
3.000
628'997
722'442
886'202
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
206.2
266.3
40.2
46.6
94.0
139.0
5.21x
3.52x
27.9
51.1
3.2
3.4
24.95x
16.54x
30.78x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

107.74
19.32
-2.22
0.00
0.0%
0.0%
0.51
1.18
12.74
40.24
38.79
14.19

Sales/Revenue/Turnover

1.20

300.0

1.00

250.0

0.80

200.0

0.60

m-12

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
144.5
4.07x
53.5
10.98x
4.9
-

5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
a-13

150.0
100.0

0.40

50.0
0.20

0.0
0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Aurizon Mines Ltd


Holdings By:

All

Holder Name
ALAMOS GOLD INC
VAN ECK ASSOCIATES C
UNITED SERVICES AUTO
MONTRUSCO BOLTON INV
GCIC LTD/CANADA
SUN VALLEY GOLD LLC
RENAISSANCE TECHNOLO
NWQ INVESTMENT MANAG
WELLS FARGO
INVESCO LTD
CANADA PENSION PLAN
FMR LLC
TOUCHSTONE ADVISORS
PUBLIC SECTOR PENSIO
BLACKROCK
LB SWISS INVESTMENT
MORGAN STANLEY
JP MORGAN
GEOLOGIC RESOURCE PA
FIRST EAGLE INVESTME

Firm Name
Global Hunter Securities
BMO Capital Markets
National Bank Financial
Desjardins Securities
EVA Dimensions
Mackie Research Capital Corp.
Euro Pacific Capital Inc
Raymond James
CIBC World Markets
Loewen, Ondaatje, McCutcheon Ltd
Scotia Capital

Portfolio Name
n/a
n/a
UNITED SERVICES AUTO
MONTRUSCO BOLTON INV
GOODMAN & COMPANY IN
SUN VALLEY GOLD LLC
RENAISSANCE TECHNOLO
NWQ INVESTMENT MANAG
n/a
n/a
CANADA PENSION PLAN
n/a
Multiple Portfolios
PUBLIC SECTOR PENSIO
n/a
Multiple Portfolios
n/a
n/a
GEOLOGIC RESOURCE PA
FIRST EAGLE INVESTME

Analyst
JEFF WRIGHT
BRIAN QUAST
PAOLO LOSTRITTO
ADAM MELNYK
CRAIG STERLING
RYAN HANLEY
HEIKO IHLE
FORBES GEMMELL
COSMOS CHIU
MICHAEL G FOWLER
OVAIS HABIB

Source
13D
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
MF-AGG
13F
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
13F
13F

Recommendation
neutral
underperform
tender
tender
underweight
tender
buy
Under Review
restricted
buy
restricted

Amt Held
26'507'283
22'005'946
7'000'000
6'138'783
5'947'500
5'751'260
4'806'500
4'430'833
3'678'543
3'537'956
2'931'135
2'190'600
1'655'218
1'539'910
1'436'486
1'400'000
1'289'081
1'264'143
1'251'251
1'121'404

% Out
16.11
13.37
4.25
3.73
3.61
3.49
2.92
2.69
2.24
2.15
1.78
1.33
1.01
0.94
0.87
0.85
0.78
0.77
0.76
0.68

Weighting

Change

3
1
#N/A N/A
#N/A N/A
1
#N/A N/A
5
#N/A N/A
#N/A N/A
5
#N/A N/A

M
M
M
M
D
M
M
M
M
M
M

Latest Chg
408'275
(6'022'500)
4'054'435
452'400
1'029'681
(1'265'127)
136'509
101'700
(176'300)
1'655'218
3'442
1'097'036
1'264'143
(73'649)
(1'183'046)

Target Price
5
4
5
4
#N/A N/A
5
5
#N/A N/A
#N/A N/A
6
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
19.03.2013
29.04.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.03.2013
31.12.2012
31.12.2012
31.12.2012
28.03.2013
31.12.2012
26.04.2013
31.12.2012
31.03.2013
31.03.2013
31.12.2012
31.03.2013

Date
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided

Inst Type
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Pension Fund (ERISA)
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager

Date
29.04.2013
14.04.2013
05.04.2013
20.03.2013
15.03.2013
05.03.2013
04.03.2013
05.02.2013
25.01.2013
23.01.2013
21.01.2013

30.04.2013

Silver Standard Resources Inc


Silver Standard Resources Inc. is a silver exploration company focused on
acquiring and developing silver resources on a global basis. The Company
has projects in Argentina, Peru, Mexico, Canada, Chile, the United States and
Australia.

Price/Volume
18

4.0 M

16

3.5 M

14

3.0 M

12

2.5 M

10

Latest Fiscal Year:


LTM as of:
52-Week High (21.09.2012)
52-Week Low (18.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SSRI US EQUITY YTD Change
SSRI US EQUITY YTD % CHANGE

12/2012
12/yy
16.92
6.50
236'403.00
7.14
-58.04%
9.85%
5.85%
80.9
577.92
135.81
0.0
0.0
366.95
346.77

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.0 M

.5 M

0
a-12

31.12.2009
31.12.2010
5.4
112.3
307.12x
18.82x
(17.7)
5.3
400.55x
(13.2)
338.5
Profitability

m-12

LTM-4Q
31.12.2011
147.8
6.19x
39.4
23.24x
80.1
-

31.12.2012
241.1
4.03x
54.6
17.81x
54.8
54.59
9.75
4.04%
14.55%
4.23%
5.37%
0.19%
19.1%
22.6%
4.0%
22.7%
2.76
2.10
10.31%
12.84%
4.69
1.98

12/yy
147.8
43.58x
39.4
23.24x
80.1
0.00x

j-12

j-12

a-12

s-12

LTM
12/yy
241.1
15.70x
54.6
17.81x
54.8
0.00x

o-12

n-12

d-12

j-13

f-13

m-13

FY+1

.0 M
a-13

1.09
80.75
3.54
-50.49%
-52.05%
1.094
11
3.545
1'579'001
1'309'476
1'154'577
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
233.7
260.0
57.3
56.1
1.84x
2.29x
5.64x
6.99x
64.7
92.0
11.7
11.9
5.34x
3.76x
5.67x
4.79x
(2.7)
6.3
(2.2)
(0.7)
- 1785.00x
70.69x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

2.23
-0.30
-4.23
2.49
12.8%
11.4%
0.19
0.44
78.06
184.84
114.73
148.18

Sales/Revenue/Turnover

1.20

300.0

1.00

250.0

0.80

200.0

0.60

1.5 M

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
0.0
(17.9)
(5.6)
-

2.0 M

Valuation Analysis

150.0
100.0

0.40

50.0
0.20

0.0
0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Silver Standard Resources Inc


Holdings By:

All

Holder Name
ROYCE AND ASSOCIATES
VAN ECK ASSOCIATES C
WELLS FARGO
VINIK ASSET MANAGEME
AXA
NEWGATE CAPITAL MANA
TRADEWINDS GLOBAL IN
GLOBAL X MANAGEMENT
BNP PARIBAS INV PART
PUBLIC SECTOR PENSIO
DEUTSCHE BANK AG
LB SWISS INVESTMENT
UBS
LRI-FUND MANAGEMENT
NEUFLIZE OBC ASSET M
CANADA PENSION PLAN
SUSQUEHANNA INTERNAT
NORGES BANK
TD ASSET MANAGEMENT
CITIGROUP INCORPORAT

Firm Name
Global Hunter Securities
Scotia Capital
Credit Suisse
RBC Capital Markets
EVA Dimensions
BMO Capital Markets
Salman Partners
GMP
Cowen Securities LLC
Deutsche Bank
CIBC World Markets

Portfolio Name
ROYCE & ASSOCIATES L
n/a
n/a
VINIK ASSET MANAGEME
n/a
NEWGATE CAPITAL MANA
TRADEWINDS GLOBAL IN
GLOBAL X MANAGEMENT
n/a
PUBLIC SECTOR PENSIO
DEUTSCHE BANK AKTIEN
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
CANADA PENSION PLAN
SUSQUEHANNA INTERNAT
NORGES BANK
TD ASSET MANAGEMENT
CITIGROUP INCORPORAT

Analyst
JEFF WRIGHT
TREVOR TURNBULL
RALPH M PROFITI
DAN ROLLINS
CRAIG STERLING
ANDREW KAIP
ASH GUGLANI
CHELSEA HAMILTON
ADAM P GRAF
JORGE M BERISTAIN
ARNOLD VAN GRAAN

Source
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
13F
13F
13F
13F
13F

Recommendation
buy
sector perform
neutral
sector perform
hold
market perform
buy
buy
buy
sell
sector perform

Amt Held
6'782'680
5'574'565
3'564'858
1'781'407
1'508'237
1'283'256
1'094'787
1'085'240
915'000
767'770
760'453
720'000
715'613
681'000
618'576
523'412
517'492
498'001
484'644
432'690

% Out
8.38
6.89
4.4
2.2
1.86
1.59
1.35
1.34
1.13
0.95
0.94
0.89
0.88
0.84
0.76
0.65
0.64
0.62
0.6
0.53

Weighting

Change
5
3
3
3
3
3
5
5
5
1
3

M
M
M
M
U
M
M
M
M
M
M

Latest Chg
(1'486'526)
1'026'633
592'287
(195'800)
8'300
302'640
(157'540)
101'480
(75'000)
10'900
97'677
(180'000)
(37'922)
60'200
285'000
65'700
(78'964)
10'100
238'733

Target Price
17
9
17
10
#N/A N/A
12
21
27
27
9
12

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.03.2013
Investment Advisor
29.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012 Hedge Fund Manager
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.03.2013
Investment Advisor
30.12.2011
Investment Advisor
31.12.2012 Pension Fund (ERISA)
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor

Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided

Date
29.04.2013
23.04.2013
22.04.2013
19.04.2013
18.04.2013
15.04.2013
12.04.2013
12.04.2013
12.04.2013
11.04.2013
11.04.2013

30.04.2013

Seabridge Gold Inc


Seabridge Gold, Inc. acquires gold projects in North America. The Company
expands and verifies these resources, moves them to reserves to determine their
economic value, and either sells to or forms joint ventures with larger
companies for mine construction and production.

Price/Volume
25

4.5 M
4.0 M

20

3.5 M
3.0 M

15

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.09.2012)
52-Week Low (18.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SA US EQUITY YTD Change
SA US EQUITY YTD % CHANGE

12/2012
12/yy
20.34
9.63
96'232.00
10.73
-47.87%
11.42%
13.26%
45.6
488.82
0.00
0.0
0.0
52.04
441.03

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

2.0 M
1.5 M
1.0 M

.5 M
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
0.0
(5.6)
10.3
-

2.5 M

10

31.12.2009
31.12.2010
0.0
0.0
(5.0)
(5.7)
(4.7)
3.3
Profitability

LTM-4Q
31.12.2011
0.0
(19.8)
(20.1)
-

31.12.2012
0.0
(15.8)
(12.5)
-15.82
-15.83
-5.08%
-5.37%
0.00%
5.11
5.11
0.00%
0.00%
0.00
-

12/yy
0.0
#DIV/0!
(19.8)
0.00x
(20.1)
0.00x

LTM
12/yy
0.0
#DIV/0!
(8.7)
0.00x
(12.5)
0.00x

0.98
41.57
3.63
-35.98%
-40.29%
0.980
3
4.333
344'180
374'141
367'678

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

(15.0)
(16.0)
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

.0 M
a-13

-385.83
-1574.22
0.0%
0.0%
0.00
0.00
-

Sales/Revenue/Turnover

1.0
0.9

1.00

0.8
0.7

0.80
0.60
0.40

0.6
0.5
0.4
0.3
0.2

0.20

0.1
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Seabridge Gold Inc


Holdings By:

All

Holder Name
VAN ECK ASSOCIATES C
PAN ATLANTIC BANK
ROYCE AND ASSOCIATES
WEISS ASSET MANAGEME
FRONK RUDI P
ANTHONY JAMES S
FMR LLC
FCMI FINANCIAL CORP
BRISTOL INVESTMENT P
SUSQUEHANNA INTERNAT
FIDEURAM GESTIONS SA
FNDTN FOR STUDY OBJ
BLACKROCK
FOX LOUIS J
PORTOLA GROUP INCORP
THRELKELD WILLIAM E
BANFIELD A FREDERICK
NORGES BANK
DEUTSCHE BANK AG
VANGUARD GROUP INC

Firm Name
Cowen Securities LLC
Stonecap Securities Inc
Nomura

Portfolio Name
n/a
n/a
ROYCE & ASSOCIATES L
WEISS ASSET MANAGEME
n/a
n/a
n/a
n/a
BRISTOL INVESTMENT P
SUSQUEHANNA INTERNAT
Multiple Portfolios
n/a
n/a
n/a
PORTOLA GROUP INCORP
n/a
n/a
NORGES BANK
DEUTSCHE BANK AKTIEN
Multiple Portfolios

Analyst
ADAM P GRAF
CHRISTOS DOULIS
TYLER BRODA

Source
ULT-AGG
PROXY
13F
13F
SEDI
PROXY
ULT-AGG
PROXY
13F
13F
MF-AGG
SEDI
ULT-AGG
SEDI
13F
SEDI
PROXY
13F
13F
MF-AGG

Recommendation
buy
sector perform
buy

Amt Held
11'905'084
8'001'232
5'837'287
2'022'491
1'180'000
779'791
601'905
555'000
478'467
457'897
450'000
425'334
338'330
300'750
286'420
265'000
245'000
235'224
198'997
185'194

% Out
26.13
17.56
12.81
4.44
2.59
1.71
1.32
1.22
1.05
1.01
0.99
0.93
0.74
0.66
0.63
0.58
0.54
0.52
0.44
0.41

Weighting

Change
5
3
5

Latest Chg
3'512'313
(289'596)
2'022'491
10'000
(203'241)
129'117
(464'930)
(23'150)
(10'000)
(71'639)
2'534
6'435

Target Price

M
M
M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

65
22
24

File Dt
Inst Type
29.04.2013
Investment Advisor
10.05.2012
Bank
31.03.2013
Investment Advisor
31.12.2012 Hedge Fund Manager
16.11.2012
n/a
15.05.2012
n/a
31.03.2013
Investment Advisor
10.05.2012
Corporation
31.03.2013 Hedge Fund Manager
31.12.2012
Investment Advisor
02.04.2013
Investment Advisor
06.02.2012
Other
26.04.2013
Investment Advisor
06.12.2011
n/a
31.03.2013
Investment Advisor
30.08.2011
n/a
15.05.2012
n/a
31.12.2012
Government
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor

Date
Not Provided
12 month
Not Provided

Date
09.04.2013
08.03.2013
16.05.2012

30.04.2013

Tanzanian Royalty Exploration Corp


Tanzanian Royalty Exploration Corporation acquires, explores, and develops
mineral properties. The Company explores for gold.

Price/Volume
6

3.5 M

3.0 M
2.5 M

Latest Fiscal Year:


LTM as of:
52-Week High (21.09.2012)
52-Week Low (18.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
TRX US EQUITY YTD Change
TRX US EQUITY YTD % CHANGE

08/2012
02/yy
5.34
2.42
71'688.00
2.96
-45.13%
22.31%
20.89%
100.7
298.02
2.07
0.0
0.0
20.06
287.08

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

1.5 M

1.0 M

.5 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.08.2008
0.0
(2.9)
(3.7)
-

2.0 M

Valuation Analysis

31.08.2009
31.08.2010
0.0
0.0
(3.4)
(3.0)
(4.7)
(3.4)
Profitability

LTM-4Q
31.08.2011
0.0
(4.3)
(11.1)
-

31.08.2012
0.0
(5.1)
(8.9)
-5.06
-5.44
-3.52%
-4.13%
0.00%
8.84
8.68
3.28%
4.09%
0.00
-

02/yy
0.0
#DIV/0!
(4.6)
0.00x
(14.6)
0.00x

LTM
02/yy
0.0
#DIV/0!
(5.0)
0.00x
(2.2)
0.00x

1.25
92.75
9.41
-33.78%
-32.88%
1.253
0
595'728
484'983
466'234

FY+1

FY+2

FQ+1

FQ+2

08/13 Y

08/14 Y

05/13 Q3

08/13 Q4

S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

.0 M
a-13

-49.26
-133.96
-0.21
4.1%
3.9%
0.00
0.00
-

Sales/Revenue/Turnover

1.0
0.9

1.00

0.8
0.7

0.80
0.60
0.40

0.6
0.5
0.4
0.3
0.2

0.20

0.1
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Tanzanian Royalty Exploration Corp


Holdings By:

All

Holder Name
VAN ECK ASSOCIATES C
GEIER GROUP LLC
BPI FUNDOS GFIM SA/P
SINCLAIR JAMES E
BPI GLOBAL INVESTMEN
BLACKROCK
MORROW ROSALIND
VANGUARD GROUP INC
CANADA PENSION PLAN
HARVEY WILLIAM M
BMO FINANCIAL CORP
JONES HEWARD INVESTM
CITIGROUP INCORPORAT
PORTOLA GROUP INCORP
SUSQUEHANNA INTERNAT
DEUTSCHE BANK AG
LUIS VICTORIA
VAN TONGEREN STEVEN
ALTUS CAPITAL INC
BANK OF AMERICA CORP

Firm Name

Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
CANADA PENSION PLAN
n/a
BMO FINANCIAL CORP
Multiple Portfolios
CITIGROUP INCORPORAT
PORTOLA GROUP INCORP
SUSQUEHANNA INTERNAT
DEUTSCHE BANK AKTIEN
n/a
n/a
ALTUS CAPITAL INC
BANK OF AMERICA

Analyst

Source
ULT-AGG
13G
MF-AGG
SEDI
MF-AGG
ULT-AGG
SEDI
MF-AGG
13F
SEDI
13F
MF-AGG
13F
13F
13F
13F
20F
SEDI
13F
13F

Recommendation

Amt Held
13'522'725
4'879'743
4'088'532
1'885'543
673'902
515'272
429'429
419'292
367'112
340'090
334'811
318'244
287'556
212'810
167'687
145'569
144'045
124'119
104'500
97'451

% Out
13.43
4.85
4.06
1.87
0.67
0.51
0.43
0.42
0.36
0.34
0.33
0.32
0.29
0.21
0.17
0.14
0.14
0.12
0.1
0.1

Weighting

Change

Latest Chg
526'026
(4'801'048)
52'612
(1'000)
(37'877)
826
5'382
5'200
141'200
7'732
4'654
102'344
250
134'479
20'891
25'000
56'500
(17'701)

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
29.04.2013
Investment Advisor
10.11.2011
Other
31.12.2012
Investment Advisor
08.02.2013
n/a
28.09.2012
Investment Advisor
26.04.2013
Investment Advisor
11.03.2013
n/a
31.03.2013
Investment Advisor
31.12.2012 Pension Fund (ERISA)
12.04.2013
n/a
31.03.2013
Investment Advisor
29.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
n/a
18.04.2013
n/a
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor

Date

Date

30.04.2013

Golden Star Resources Ltd


Golden Star Resources Ltd. is a mid-tier gold mining company. The Company's
operating mines are situated along the Ashanti Gold Belt in Ghana, West Africa.

Price/Volume
3

14.0 M
12.0 M

10.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.10.2012)
52-Week Low (23.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GSS US EQUITY YTD Change
GSS US EQUITY YTD % CHANGE

12/1997
12/yy
2.11
0.88
285'371.00
1.05
-50.47%
19.32%
13.82%
259.1
272.06
117.48
0.0
(2.0)
78.88
308.65

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

8.0 M

6.0 M
4.0 M

2.0 M

0
a-12

31.12.2009
Profitability

31.12.2010
432.7
2.72x
107.6
10.93x
(11.2)
-

LTM-4Q
31.12.2011
471.0
0.98x
91.8
5.00x
(2.1)
-

31.12.2012
550.5
0.95x
124.7
4.18x
(9.5)
-

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

124.67
25.74
4.68%
1.20%
-1.31%
-2.17%
-4.61%
0.76%
9.6%
22.8%
4.7%
-1.7%
1.58
0.69
16.18%
27.10%
50.11
6.05

Price/ Cash Flow

12/yy
471.0
4.90x
91.8
5.00x
(2.1)
0.00x

j-12

j-12

a-12

s-12

LTM
12/yy
550.5
3.58x
125.8
4.14x
(9.5)
0.00x

o-12

n-12

d-12

j-13

f-13

m-13

FY+1

.0 M
a-13

0.00
1.08
257.68
11.99
-31.37%
-42.93%
1.076
10
2.800
1'844'036
1'951'951
1'863'731
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
540.0
584.5
131.8
129.0
0.69x
0.68x
2.43x
2.57x
116.2
186.8
25.9
28.9
2.66x
1.65x
2.74x
2.71x
11.5
51.3
1.5
2.1
6.52x
61.76x
14.00x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

12.27
3.56
0.31
0.93
27.1%
21.4%
0.76
1.06
7.30
60.50
69.08
-1.28

Sales/Revenue/Turnover

30.00

600.0

25.00

500.0

20.00

400.0

15.00

300.0

10.00

200.0

5.00

100.0

0.00
01.01.2010

m-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
257.4
1.43x
1.8
200.09x
(119.3)
-

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Golden Star Resources Ltd


Holdings By:

All

Holder Name
VAN ECK ASSOCIATES C
SENTRY SELECT CAPITA
HEARTLAND ADVISORS I
BLACKROCK
HILLSDALE INVESTMENT
STATE STREET
ACADIAN ASSET MANAGE
WELLINGTON MANAGEMEN
CANADA PENSION PLAN
PRINCIPAL FINANCIAL
NORTHERN TRUST CORPO
BATTERYMARCH FINANCI
TIAA CREF INVESTMENT
NORGES BANK
CITIGROUP INCORPORAT
MD MANAGEMENT LTD
NEW YORK STATE COMMO
SYSTEMATIC FINANCIAL
LEGG MASON CAPITAL M
GOLDMAN SACHS GROUP

Firm Name
Macquarie
Raymond James
Scotia Capital
Credit Suisse
BMO Capital Markets
Canaccord Genuity Corp
CIBC World Markets
National Bank Financial
EVA Dimensions

Portfolio Name
n/a
SENTRY SELECT CAPITA
HEARTLAND ADVISORS I
n/a
HILLSDALE INVESTMENT
n/a
ACADIAN ASSET MANAGE
WELLINGTON MANAGEMEN
CANADA PENSION PLAN
n/a
NORTHERN TRUST CORPO
BATTERYMARCH FINANCI
TIAA-CREF INVESTMENT
NORGES BANK
CITIGROUP INCORPORAT
Multiple Portfolios
NEW YORK STATE COMMO
SYSTEMATIC FINANCIAL
Multiple Portfolios
GOLDMAN SACHS GROUP

Analyst
PIERRE VAILLANCOURT
BRAD HUMPHREY
TREVOR TURNBULL
ANITA SONI
ANDREW BREICHMANAS
RAHUL PAUL
COSMOS CHIU
PAOLO LOSTRITTO
CRAIG STERLING

Source
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
MF-AGG
13F
13F
MF-AGG
13F

Recommendation
neutral
market perform
sector underperform
underperform
market perform
hold
sector perform
outperform
overweight

Amt Held
39'316'268
30'238'600
25'985'870
10'793'356
6'281'374
4'897'831
4'819'436
3'713'690
3'486'925
3'093'334
3'064'953
2'625'741
2'259'552
1'934'059
1'870'572
1'845'827
1'725'479
1'647'710
1'467'781
1'164'787

% Out
15.17
11.67
10.03
4.17
2.42
1.89
1.86
1.43
1.35
1.19
1.18
1.01
0.87
0.75
0.72
0.71
0.67
0.64
0.57
0.45

Weighting

Change
3
3
1
1
3
3
3
5
5

M
M
D
M
M
M
M
M
U

Latest Chg
(350'000)
(1'326'930)
723'887
1'230'943
12'016
(1'475'687)
3'703'206
2'002'700
1'200'671
(52'441)
125'700
1'129'776
1'267'792
139'300
206'700
277'080
(51'919)

Target Price
1
2
1
1
2
2
2
3
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
29.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
26.04.2013
Investment Advisor
31.12.2012 Hedge Fund Manager
29.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Pension Fund (ERISA)
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012 Pension Fund (ERISA)
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor

Date
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided

Date
25.04.2013
24.04.2013
23.04.2013
22.04.2013
15.04.2013
15.04.2013
11.04.2013
09.04.2013
04.04.2013

30.04.2013

Vista Gold Corp


Vista Gold Corp. is an international gold mining company. The Company is
focused on its core projects, the Concordia gold project located in Baja
California Sur, Mexico and the Mt. Todd gold project in Northern Territory,
Australia.

Price/Volume
5

6.0 M

5.0 M

4
3

4.0 M

12/2007
12/yy
4.09
1.47
30'793.00
1.62
-61.00%
10.20%
6.11%
81.6
132.13
0.00
0.0
0.0
88.40
43.74

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20
1.00

2.0 M

1.0 M

1
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
0.0
(6.5)
(10.0)
-

3.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2012)
52-Week Low (17.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
VGZ US EQUITY YTD Change
VGZ US EQUITY YTD % CHANGE

31.12.2009
31.12.2010
0.0
0.0
(6.1)
(17.7)
(1.9)
(20.0)
Profitability

LTM-4Q
31.12.2011
0.0
(28.1)
51.5
-

31.12.2012
0.0
(35.6)
(70.7)
-35.63
-36.22
-44.30%
-57.29%
0.00%
2.94
2.84
0.00%
0.00%
-

12/yy
0.0
#DIV/0!
(28.1)
0.00x
51.5
0.00x

LTM
12/yy
0.0
#DIV/0!
(34.5)
0.00x
(69.5)
0.00x

FY+1

.0 M
a-13

0.00
1.17
68.11
1.50
-46.36%
-40.00%
1.172
4
5.000
421'010
443'484
494'367
FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y
03/13 Q1 06/13 Q2
0.0
(20.4)
(19.1)
(5.8)
(5.8)
(20.1)
(13.7)
(6.3)
(6.3)
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

0.00
0.0%
0.0%
0.00
0.00
-

Sales/Revenue/Turnover

1.6
1.4
1.2

0.80
0.60

1.0
0.8
0.6

0.40
0.20

0.4
0.2
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Vista Gold Corp


Holdings By:

All

Holder Name
SUN VALLEY GOLD LLC
SUN VALLEY GOLD LLC
VAN ECK ASSOCIATES C
SPROTT INC
BLACKROCK
LOEWS CORPORATION
ANDREEFF EQUITY ADVI
STATE STREET
ROYCE AND ASSOCIATES
PERRITT CAPITAL MANA
CANADA PENSION PLAN
NORTHERN TRUST CORPO
PARKER FREDERICK H E
TIAA CREF INVESTMENT
SUSQUEHANNA INTERNAT
CITIGROUP INCORPORAT
BANK OF NEW YORK MEL
AQR CAPITAL MANAGEME
RICHINGS MICHAEL B
IFM - INDEPENDENT FU

Firm Name
Global Hunter Securities
National Bank Financial
Cowen Securities LLC
Roth Capital Partners
Stonegate Securities Inc

Portfolio Name
SUN VALLEY GOLD LLC
n/a
n/a
SPROTT INC
n/a
LOEWS CORPORATION
ANDREEFF EQUITY ADVI
n/a
ROYCE & ASSOCIATES L
PERRITT CAPITAL MANA
CANADA PENSION PLAN
NORTHERN TRUST CORPO
n/a
TIAA-CREF INVESTMENT
SUSQUEHANNA INTERNAT
CITIGROUP INCORPORAT
BANK OF NEW YORK MEL
AQR CAPITAL MANAGEME
n/a
Multiple Portfolios

Analyst
JEFF WRIGHT
PAOLO LOSTRITTO
ADAM P GRAF
BRIAN W POST
MARCO RODRIGUEZ

Source
13F
Research
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
Form 4
13F
13F
13F
13F
13F
Form 4
MF-AGG

Recommendation
buy
outperform
buy
buy
no rating system

Amt Held
12'084'310
12'084'310
11'374'527
6'145'260
2'577'504
1'758'748
1'586'026
888'193
871'929
822'000
732'415
709'055
556'325
283'993
271'783
248'473
201'025
193'800
188'121
180'750

% Out
14.82
14.82
13.95
7.53
3.16
2.16
1.94
1.09
1.07
1.01
0.9
0.87
0.68
0.35
0.33
0.3
0.25
0.24
0.23
0.22

Weighting

Change

5
5
5
5
#N/A N/A

M
M
M
M
M

Latest Chg
1'272'000
(430'462)
268'822
(20'971)
(20'701)
343'929
21'681
(24'847)
160'360
88'467
11'051
137'400
(33'250)

Target Price
5
4
13
7
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.12.2012
31.12.2012
29.04.2013
31.03.2013
26.04.2013
31.12.2012
31.12.2012
26.04.2013
31.03.2013
31.12.2012
31.12.2012
31.12.2012
05.09.2012
31.12.2012
31.12.2012
31.03.2013
31.03.2013
31.12.2012
08.01.2013
28.02.2013

Date
12 month
12 month
Not Provided
12 month
Not Provided

Inst Type
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Corporation
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Pension Fund (ERISA)
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
n/a
Investment Advisor

Date
29.04.2013
09.04.2013
09.04.2013
28.03.2013
19.03.2013

30.04.2013

Great Basin Gold Ltd


Great Basin Gold Limited explores and develops gold properties. The Company
prospects for gold in the Witwatersrand Basin in South Africa and the Carlin
Trend in Nevada.

Price/Volume
1

35.0 M

30.0 M

25.0 M

Latest Fiscal Year:


LTM as of:
52-Week High (15.06.2012)
52-Week Low (19.03.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.09.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GBGLF US EQUITY YTD Change
GBGLF US EQUITY YTD % CHANGE

12/2011
09/yy
0.78
0.01
674'582.00
0.0087
-98.96%
24.29%
0.32%
552.4
4.81
282.45
0.0
0.0
25.75
321.04

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

15.0 M

0
0

10.0 M

5.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

.0 M
a-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2007
0.0
(62.2)
(51.2)
-

20.0 M

Valuation Analysis

31.12.2008
31.12.2009
24.7
33.7
14.86x
19.15x
(104.9)
(50.6)
(84.9)
(48.4)
Profitability

LTM-4Q
31.12.2010
99.7
14.22x
(15.7)
(27.1)
-

31.12.2011
170.3
4.16x
18.3
38.63x
(17.7)
18.34
-0.57
-0.33%
-38.35%
-11.45%
-22.67%
0.18%
29.7%
-18.0%
-28.2%
-10.4%
0.78
0.50
33.22%
59.90%
18.55
5.26

09/yy
172.5
28.57x
24.5
43.55x
(48.2)
0.00x

LTM
09/yy
144.8
13.73x
(26.1)
0.00x
(91.7)
0.00x

0.95
-98.77%
0
2'153'574
2'322'724
3'891'575

FY+1

FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y

12/12 Q4

03/13 Q1

S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

0.75
-5.72
-12.49
59.9%
37.5%
0.18
0.20
19.73
69.54
202.52
39.53

Sales/Revenue/Turnover

180.0
160.0

1.00
0.80

140.0
120.0
100.0

0.60

80.0
60.0

0.40
0.20

40.0
20.0
0.0

0.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Great Basin Gold Ltd


Holdings By:

All

Holder Name
VAN ECK ASSOCIATES C
BLACKROCK
RUFFER LLP
TRANTER GOLD (BEE)
UNITED SERVICES AUTO
MACKENZIE FINANCIAL
CANADA PENSION PLAN
UOB ASSET MANAGEMENT
DIMENSIONAL FUND ADV
VANGUARD GROUP INC
BARCLAYS PLC
SCOTIA CAPITAL INC
FRANKLIN RESOURCES
IG INVESTMENT MANAGE
DIPPENAAR FERDINAND
GOLDMAN SACHS GROUP
ZURCHER KANTONALBANK
CREDIT SUISSE AG
MOSTERT JACOB DAWID
RENAISSANCE TECHNOLO

Firm Name

Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
UNITED SERVICES AUTO
Multiple Portfolios
CANADA PENSION PLAN
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
SCOTIA CAPITAL INC
n/a
IG INVESTMENT MANAGE
n/a
GOLDMAN SACHS GROUP
ZURCHER KANTONALBANK
CREDIT SUISSE AG
n/a
RENAISSANCE TECHNOLO

Analyst

Source
ULT-AGG
ULT-AGG
MF-AGG
Research
13F
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
13F
ULT-AGG
13F
SEDI
13F
13F
13F
SEDI
13F

Recommendation

Amt Held
40'178'947
23'107'390
22'797'000
20'932'183
18'400'000
9'258'842
4'342'634
3'530'000
2'801'617
2'686'303
1'988'058
1'946'721
1'785'700
1'173'800
1'126'800
1'107'918
1'017'100
990'156
731'273
674'505

% Out
7.27
4.18
4.13
3.79
3.33
1.68
0.79
0.64
0.51
0.49
0.36
0.35
0.32
0.21
0.2
0.2
0.18
0.18
0.13
0.12

Weighting

Change

Latest Chg
(17'025)
1'340'000
1'050
(286'003)
1'946'721
(17'785'700)
(768'400)
100'000
990'156
-

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
29.04.2013
Investment Advisor
31.01.2013
Investment Advisor
27.12.2012 Hedge Fund Manager
24.04.2012
n/a
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012 Pension Fund (ERISA)
30.06.2012
Investment Advisor
31.07.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
13.04.2012
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
16.04.2012
n/a
31.12.2012 Hedge Fund Manager

Date

Date

30.04.2013

Argonaut Gold Inc


Argonaut Gold, Inc. explores for gold. The Company owns the operating El
Castillo mine, the San Antonio development stage project and advanced stage
exploration properties including: La Fortuna and La Colorada.

Price/Volume
12

9.0 M
8.0 M

10

7.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.10.2012)
52-Week Low (17.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
AR CN EQUITY YTD Change
AR CN EQUITY YTD % CHANGE

12/2012
12/yy
11.08
5.24
86'616.00
6.34
-43.59%
20.99%
21.06%
148.9
943.93
0.00
0.0
0.0
191.89
743.85

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

(0.1)
-

31.12.2009
(0.5)
Profitability

31.12.2010
51.6
4.70x
15.3
15.83x
3.7
66.38x

4.0 M
3.0 M
2.0 M

2
0
a-12

1.0 M
m-12

LTM-4Q
31.12.2011
104.6
5.77x
55.9
10.78x
26.3
24.42x

31.12.2012
187.1
6.53x
107.3
11.39x
64.9
14.00x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

107.29
85.19
45.53%
45.69%
10.38%
11.44%
11.43%
0.30%
62.5%
57.3%
45.5%
34.7%
12.31
9.89
0.00%
0.00%
21.94
2.00

Price/ Cash Flow

12/yy
104.6
22.56x
55.9
10.78x
26.3
24.42x

j-12

j-12

a-12

s-12

LTM
12/yy
187.1
19.22x
107.3
11.39x
64.9
15.35x

o-12

n-12

d-12

j-13

f-13

m-13

FY+1

.0 M
a-13

0.00
1.17
144.44
12.93
-21.44%
-33.05%
1.166
11
4.273
1'367'424
1'169'566
1'244'304
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
221.5
295.5
42.8
41.0
3.33x
2.48x
17.03x
17.75x
110.4
151.0
19.2
15.8
6.76x
4.93x
8.61x
8.14x
65.4
93.8
12.6
9.5
15.72x
11.32x
14.97x
13.56x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

296.39
159.48
-1.79
0.00
0.0%
0.0%
0.30
0.41
16.68
182.86
31.36
178.40

Sales/Revenue/Turnover

4'000.00

200.0

3'500.00

180.0
160.0

3'000.00

140.0

2'500.00

120.0

2'000.00

100.0
80.0

1'500.00

60.0

1'000.00

40.0

500.00

20.0

0.00
01.01.2010

5.0 M

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008

6.0 M

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Argonaut Gold Inc


Holdings By:

All

Holder Name
VAN ECK ASSOCIATES C
IG INVESTMENT MANAGE
LIBRA ADVISORS LLC
OPPENHEIMERFUNDS INC
SENTRY SELECT CAPITA
MONTRUSCO BOLTON INV
GCIC LTD/CANADA
FMR LLC
ALTAMIRA MANAGEMENT
FIERA CAPITAL CORPOR
MACKENZIE FINANCIAL
KENNEDY BRIAN JOHN
DOUGHERTY PETER C
BLACKROCK
NORTHWEST MUTUAL FUN
GLOBAL STRATEGY FINA
SMITH EDGAR A
CARMIGNAC GESTION
LOMBARD ODIER DARIER
TOCQUEVILLE ASSET MA

Firm Name
CIBC World Markets
Macquarie
Canaccord Genuity Corp
Stonecap Securities Inc
RBC Capital Markets
BMO Capital Markets
GMP
Cowen Securities LLC
Mackie Research Capital Corp.
Scotia Capital
Mine2Capital Inc
MLV & Co

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
TOCQUEVILLE ASSET MA

Analyst
CHITIMUKULU MUSONDA
MICHAEL SIPERCO
RAHUL PAUL
CHRISTOS DOULIS
SAM CRITTENDEN
ANDREW KAIP
ANDREW MIKITCHOOK
ADAM P GRAF
BARRY D ALLAN
OVAIS HABIB
ALKA SINGH
RICHARD TROTMAN

Source
ULT-AGG
Co File
SEDI
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
SEDI
ULT-AGG
MF-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG
13F

Recommendation
sector perform
outperform
buy
outperform
outperform
outperform
buy
hold
buy
sector outperform
sell
suspended coverage

Amt Held
15'290'043
6'707'533
5'768'001
5'602'697
3'138'600
2'898'359
2'517'350
2'489'862
2'178'036
1'883'374
1'530'917
1'472'476
1'337'779
1'327'890
1'143'256
1'133'457
1'120'359
1'050'881
1'028'750
994'950

% Out
10.27
4.51
3.87
3.76
2.11
1.95
1.69
1.67
1.46
1.26
1.03
0.99
0.9
0.89
0.77
0.76
0.75
0.71
0.69
0.67

Weighting

Change

3
5
5
5
5
5
5
3
5
5
1
#N/A N/A

N
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
2'255'841
(117'000)
(64'299)
2'517'350
422'500
484'288
196'782
(8'500)
5'488
54'885
3'102
(60'470)
(54'000)
39'286
(99'119)
331'100

Target Price
8
9
12
11
11
12
15
#N/A N/A
12
14
8
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
29.04.2013
Investment Advisor
30.09.2011
Investment Advisor
02.03.2012 Hedge Fund Manager
28.02.2013
Investment Advisor
30.06.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Unclassified
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
06.02.2013
n/a
06.02.2013
n/a
26.04.2013
Investment Advisor
28.02.2013
Investment Advisor
28.09.2012
Investment Advisor
14.02.2011
n/a
29.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013 Hedge Fund Manager

Date
18 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided

Date
29.04.2013
25.04.2013
22.04.2013
22.04.2013
19.04.2013
16.04.2013
16.04.2013
09.04.2013
27.03.2013
26.03.2013
26.02.2013
16.07.2012

30.04.2013

Torex Gold Resources Inc


Torex Gold Resources Inc. is a mining company dedicated to the exploration and
development of precious metal resources with a focus on gold. The Company's
Morelos Project is an advanced stage gold exploration property located in the
state of Guerrero, southwest of Mexico City.

Price/Volume
3

35.0 M
30.0 M

25.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2012)
52-Week Low (15.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
TXG CN EQUITY YTD Change
TXG CN EQUITY YTD % CHANGE

12/2012
10/yy
2.29
1.19
302'147.00
1.32
-42.36%
10.92%
14.55%
606.5
800.54
0.00
0.0
0.0
423.29
377.25

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20
1.00

20.0 M

15.0 M
10.0 M

5.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.10.2008
0.0
(0.3)
(0.3)
-

31.10.2009
31.10.2010
0.0
0.0
(1.1)
(18.0)
(1.0)
(16.4)
Profitability

LTM-4Q
31.10.2011
0.0
(34.1)
(33.9)
-

31.10.2012
0.0
(60.4)
(61.2)
-60.39
-60.89
-13.72%
-13.96%
0.00%
50.56
50.21
0.00%
0.00%
0.00
-

10/yy
0.0
#DIV/0!
(34.1)
0.00x
(33.9)
0.00x

LTM
10/yy
0.0
#DIV/0!
(60.4)
0.00x
(61.2)
0.00x

FY+1

.0 M
a-13

0.00
1.04
604.06
3.06
-23.26%
-40.00%
1.038
9
4.667
4'366'015
3'867'720
3'469'028
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
0.0
0.0
0.0
0.0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
(61.7)
(60.9)
(15.2)
(15.2)
(57.6)
(64.1)
(12.7)
(13.0)
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

0.00
0.0%
0.0%
0.00
0.00
-

Sales/Revenue/Turnover

0.0
0.0
0.0

0.80

0.0
0.60

0.0

0.40

0.0
0.0

0.20

0.0
0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Torex Gold Resources Inc


Holdings By:

All

Holder Name
TYRUS CAPITAL S.A.M.
VAN ECK ASSOCIATES C
TOCQUEVILLE ASSET MA
GCIC LTD/CANADA
FMR LLC
FRANKLIN RESOURCES
ROYAL BANK OF CANADA
INVESCO LTD
CARMIGNAC GESTION
RUFFER LLP
BLACKROCK
IA CLARINGTON INVEST
SPROTT INC
AMERICAN CENTURY COM
WELLS FARGO
FIRST CANADIAN MUTUA
GLOBAL STRATEGY FINA
LB SWISS INVESTMENT
BRISTOL INVESTMENT P
FALCON FUND MANAGEME

Firm Name
Stifel
Macquarie
Industrial Alliance Securities
TD Securities
BMO Capital Markets
GMP
Clarus Securities
RBC Capital Markets
Scotia Capital

Portfolio Name
n/a
n/a
TOCQUEVILLE ASSET MA
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
BRISTOL INVESTMENT P
Multiple Portfolios

Analyst
MICHAEL A SCOON
PIERRE VAILLANCOURT
MERRILL MCHENRY
DANIEL EARLE
ANDREW BREICHMANAS
GEORGE V ALBINO
JAMIE SPRATT
DAN ROLLINS
TREVOR TURNBULL

Source
Co File
ULT-AGG
13F
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG

Recommendation
buy
outperform
buy
hold
speculative outperform
buy
buy
outperform
sector outperform

Amt Held
86'300'000
61'342'470
34'109'990
25'141'050
22'706'997
21'734'500
18'057'177
11'268'788
6'062'900
5'808'000
5'274'116
5'250'000
5'133'800
5'129'653
5'036'452
4'640'031
3'217'000
2'949'500
2'809'056
2'784'900

% Out
14.23
10.11
5.62
4.15
3.74
3.58
2.98
1.86
1
0.96
0.87
0.87
0.85
0.85
0.83
0.77
0.53
0.49
0.46
0.46

Weighting

Change
5
5
5
3
4
5
5
5
5

Latest Chg
1'000'000
15'866'564
(42'200)
14'561'050
2'147'411
6'714'500
1'659'100
1'434'766
(1'969'100)
(931'500)
12'628
5'250'000
150'000
431'600
2'500'000
(245'778)
-

Target Price

M
M
M
M
M
M
N
M
M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.01.2013
29.04.2013
31.03.2013
31.01.2013
31.03.2013
31.01.2013
28.02.2013
29.04.2013
29.03.2013
27.12.2012
26.04.2013
31.12.2012
31.12.2012
31.12.2012
28.02.2013
29.04.2013
28.09.2012
28.02.2013
31.03.2013
28.02.2013

Date
3
3
2
2
3
3
3
3
3

Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month

Inst Type
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor

Date
26.04.2013
25.04.2013
25.04.2013
23.04.2013
15.04.2013
15.04.2013
07.03.2013
07.01.2013
31.10.2012

30.04.2013

LionGold Corp Ltd


LionGold Corp is an investment holding company focusing on gold mining, mine
development and exploration globally.

Price/Volume
1
1
1
1

Valuation Analysis

Latest Fiscal Year:


LTM as of:
52-Week High (26.07.2012)
52-Week Low (23.05.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.04.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
LIGO SP EQUITY YTD Change
LIGO SP EQUITY YTD % CHANGE

03/2012
12/yy
1.30
0.96
15'119'000.00
1.145
-11.92%
19.27%
54.41%
921.9
1'055.62
31.11
0.0
(3.0)
31.66
1'017.00

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

0
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
72.0
0.64x
0.4
114.85x
(4.7)
-

LTM-4Q

31.03.2009
31.03.2010
79.8
70.4
0.56x
3.80x
(3.7)
3.1
84.96x
(5.0)
2.9
92.86x
Profitability

31.03.2011
83.9
6.95x
4.0
144.70x
0.9
740.91x

31.03.2012
98.0
7.95x
(5.3)
(27.8)
-

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

-5.31
-6.26
-6.39%
-31.95%
-13.46%
-23.76%
0.55%
10.5%
1.5%
-1.4%
-28.4%
2.52
1.58
33.89%
93.42%
4.14
7.99

Price/ Cash Flow

50.0 M
45.0 M
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
.0 M
a-13

12/yy
77.1
24.11x
(9.1)
0.00x
(15.1)
0.00x

LTM
12/yy
111.8
33.63x
(18.2)
0.00x
(18.5)
0.00x

FY+1

0.00
0.61
736.17
11.17%
4.57%
0.614
2
3.000
21'711'600
17'259'070
18'798'610
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
111.0
143.0
4.9
10.1
190.83x
88.08x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

-1.79
-2.01
-15.19
25.31
93.4%
50.7%
0.55
7.06
88.47
45.83
145.53
2.67

Sales/Revenue/Turnover

800.00

120.0

700.00

100.0

600.00

80.0

500.00
400.00

60.0

300.00

40.0

200.00

20.0
100.00
0.00
03.04.2009

0.0
03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

03.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

LionGold Corp Ltd


Holdings By:

All

Holder Name
ASIASONS INVESTMENT
VAN ECK ASSOCIATES C
MACQUARIE GROUP
VENATON HOLDINGS LIM
FORTE SERVICES LIMIT
NOMURA
CREDIT SUISSE AG
BIN ABDUL DAI MD WIR
DMG & PARTNERS SECUR
VANGUARD GROUP INC
DIMENSIONAL FUND ADV
NG YICK HING NICHOLA
BLACKROCK
JOHN HANCOCK INVESTM
STATE STREET
CHARLES SCHWAB INVES
SCANLAN GARY FRANCIS
INVESCO LTD
HARTFORD INVESTMENT
GLOBAL X MANAGEMENT

Firm Name
EVA Dimensions
SIAS Research Pte Ltd

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios

Analyst
CRAIG STERLING
JINSHU LIU

Source
EXCH
ULT-AGG
ULT-AGG
EXCH
EXCH
ULT-AGG
EXCH
EXCH
Co File
MF-AGG
MF-AGG
EXCH
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
EXCH
ULT-AGG
MF-AGG
MF-AGG

Recommendation
sell
overweight

Amt Held
77'500'000
59'245'000
48'666'000
42'100'000
40'000'000
39'154'410
29'800'996
16'425'000
7'600'000
4'232'691
2'721'000
2'000'000
1'829'000
566'000
420'000
303'000
135'005
120'000
39'622
35'809

% Out
8.41
6.43
5.28
4.57
4.34
4.25
3.23
1.78
0.82
0.46
0.3
0.22
0.2
0.06
0.05
0.03
0.01
0.01
0
0

Weighting

Change
1
5

M
M

Latest Chg
4'746'000
3'500'000
(2'001'000)
692'000
47'000
2'000'000
(110'000)
-

Target Price
#N/A N/A
1

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
28.03.2013
29.04.2013
28.03.2013
06.11.2012
06.11.2012
09.04.2013
04.12.2012
06.11.2012
29.06.2012
31.03.2013
31.07.2012
14.02.2013
26.04.2013
28.02.2013
29.04.2013
29.04.2013
08.10.2012
29.04.2013
31.03.2013
26.04.2013

Date
Not Provided
12 month

Inst Type
Holding Company
Investment Advisor
Investment Advisor
Holding Company
Other
Unclassified
Investment Advisor
n/a
Unclassified
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor

Date
17.01.2013
10.07.2012

30.04.2013

China Gold International Resources Corp Ltd


China Gold International Resources Corp Ltd. is a mining company focused on the
exploration and development of gold projects in inner Mongolia and copper
projects in Tibet Autonomous Region of China.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.05.2012)
52-Week Low (31.07.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
CGG CN EQUITY YTD Change
CGG CN EQUITY YTD % CHANGE

12/2012
12/yy
4.74
2.30
24'315.00
2.76
-41.77%
20.00%
20.90%
396.4
1'093.95
212.93
0.0
8.1
181.74
1'123.84

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
29.4
3.54x
(0.1)
14.6
36.15x

5
5
4
4
3
3
2
2
1
1
0
a-12

31.12.2009
31.12.2010
81.0
133.2
7.07x
15.60x
25.0
69.3
22.93x
29.97x
(9.3)
26.2
39.69x
Profitability

LTM-4Q
31.12.2011
311.3
2.82x
140.5
6.24x
79.4
13.23x

31.12.2012
332.4
4.21x
138.7
10.08x
70.9
19.15x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

138.66
99.49
29.93%
29.99%
4.00%
5.37%
5.34%
0.19%
37.6%
41.7%
29.9%
21.3%
1.57
1.26
11.79%
15.66%
26.30
6.33

Price/ Cash Flow

12/yy
311.3
17.98x
140.5
6.24x
79.4
13.23x

LTM
12/yy
332.4
18.21x
138.7
10.08x
70.9
19.14x

FY+1

.0 M
a-13

0.00
1.35
240.39
1.71
-38.53%
-19.06%
1.347
7
3.857
347'838
365'571
329'176
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
354.5
636.3
3.64x
2.02x
153.5
244.5
7.40x
4.60x
65.3
95.3
17.29x
14.63x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

11.05
-6.09
0.22
1.54
15.7%
13.5%
0.19
0.24
13.92
57.83
121.78
-50.04

Sales/Revenue/Turnover

160.00

350.0

140.00

300.0

120.00

250.0

100.00

200.0

80.00

150.0

60.00

100.0

40.00

50.0

20.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

China Gold International Resources Corp Ltd


Holdings By:

All

Holder Name
CHINA NATIONAL GOLD
VAN ECK ASSOCIATES C
BLACKROCK
FRANKLIN RESOURCES
VANGUARD GROUP INC
DIMENSIONAL FUND ADV
JONES HEWARD INVESTM
HE YINGBIN
TD ASSET MANAGEMENT
SWISSCANTO FONDSLEIT
MARLBOROUGH FUND MAN
STATE STREET
DAIWA SB INVESTMENT
ROYAL BANK OF CANADA
OPPENHEIM KAPITALANL
INDEXIQ ADVISORS LLC
CIBC GLOBAL ASSET MA
DIMENSIONAL FUND ADV
BESSEMER GROUP INCOR
SUN LIFE FINANCIAL I

Firm Name
Argonaut Securities Pty Ltd
Guotai Junan
Credit Suisse
EVA Dimensions
BOCOM International Holdings
Citic Securities Co., Ltd
CCB International Securities Ltd
GuoSen Securities Co Ltd

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a

Analyst
CHRIS JIANG
KEVIN GUO
OWEN LIANG
CRAIG STERLING
BENJAMIN PEI
SONG XIAOQING
KIN CHUNG LI
CHENGMING GAO

Source
SEDI
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG

Recommendation
buy
neutral
neutral
underweight
long-term buy
overweight
outperform
buy

Amt Held
155'794'830
19'544'034
1'926'970
1'685'900
842'343
835'296
167'874
160'000
151'700
150'000
146'950
124'448
100'000
97'155
90'000
78'294
74'886
67'440
59'705
56'133

% Out
39.31
4.93
0.49
0.43
0.21
0.21
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.01

Weighting

Change
5
3
3
1
5
5
5
5

U
D
M
U
M
N
M
M

Latest Chg
184'200
(88'164)
5'051
(100'000)
(14'500)
40'000
53'000
(1'515)
11'974
684

Target Price
4
3
3
#N/A N/A
4
4
4
5

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
30.09.2011
29.04.2013
26.04.2013
31.01.2013
31.03.2013
31.07.2012
29.04.2013
09.01.2013
31.12.2012
28.02.2013
01.10.2012
29.04.2013
11.01.2013
31.12.2012
31.01.2013
29.04.2013
31.12.2012
31.01.2013
31.01.2013
28.02.2013

Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month

Inst Type
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
24.04.2013
22.04.2013
09.04.2013
02.04.2013
28.03.2013
14.01.2013
12.09.2012
02.02.2012

30.04.2013

Perseus Mining Ltd


Perseus Mining Limited is a mineral exploration Company. The Company explores
for gold in West Africa and Central Asia regions.

Price/Volume
4

9.0 M

8.0 M
7.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.10.2012)
52-Week Low (15.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 01.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
PRU CN EQUITY YTD Change
PRU CN EQUITY YTD % CHANGE

06/2012
12/yy
3.07
1.26
182'628.00
1.42
-53.75%
12.70%
13.26%
458.0
650.31
60.26
0.0
(0.6)
105.50
586.53

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20
1.00

(5.5)
(4.8)
-

5.0 M

4.0 M
3.0 M

2.0 M

1.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


30.06.2008

6.0 M

30.06.2009
(3.3)
(4.8)
Profitability

30.06.2010
0.0
(10.1)
(9.7)
-

LTM-4Q
30.06.2011
0.0
(32.0)
(48.2)
-

30.06.2012
144.7
7.53x
55.3
19.72x
47.2
55.28
45.11
31.18%
41.62%
12.17%
17.73%
32.6%
1.55
1.13
11.39%
16.72%
-

12/yy
0.0
#DIV/0!
(8.7)
0.00x
4.4
0.00x

LTM
12/yy
291.8
14.83x
127.3
7.27x
62.5
0.00x

FY+1

.0 M
a-13

1.45
449.49
0.43
-47.01%
-35.45%
1.448
23
4.348
1'714'036
1'613'489
1'525'926
FY+2

FQ+1

FQ+2

06/13 Y
06/14 Y
03/13 Q3 06/13 Q4
314.9
403.4
96.1
96.1
1.86x
1.52x
128.5
172.4
4.60x
3.40x
61.2
88.9
26.0
26.0
10.30x
6.73x
7.43x
5.90x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

28.41
26.49
-0.31
0.00
16.7%
14.3%
-

Sales/Revenue/Turnover

160.0
140.0
120.0

0.80
0.60

100.0
80.0
60.0

0.40
0.20

40.0
20.0
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Perseus Mining Ltd


Holdings By:

All

Holder Name
DUNDEE CORP
THE BANK OF NOVA SCO
VAN ECK ASSOCIATES C
GCIC LTD/CANADA
WELLINGTON MANAGEMEN
MACKENZIE FINANCIAL
JP MORGAN
SENTRY SELECT CAPITA
FMR LLC
FIRST CANADIAN MUTUA
IVY MANAGEMENT INCOR
SPROTT INC
UNITED SERVICES AUTO
MONTRUSCO BOLTON INV
SCOTIA ASSET MANAGEM
GLOBAL STRATEGY FINA
WELLS FARGO
LB SWISS INVESTMENT
CALDERWOOD MARK ANDR
BLACKROCK

Firm Name
Credit Suisse
Clarus Securities
Macquarie
Goldman Sachs
Morgan Stanley
Canaccord Genuity Corp
Cormark Securities Inc.
Argonaut Securities Pty Ltd
BMO Capital Markets
RBC Capital Markets
JPMorgan
CIBC World Markets
CIMB
GMP
Commonwealth Bank
Dundee Securities Corp
Nomura
EVA Dimensions
Bell Potter
Evans & Partners Pty Ltd

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a

Analyst
MICHAEL SLIFIRSKI
NANA SANGMUAH
PIERRE VAILLANCOURT
PAUL HISSEY
BRENDAN FITZPATRICK
REG SPENCER
MIKE KOZAK
PATRICK CHANG
ANDREW BREICHMANAS
STEUART MCINTYRE
JOSEPH KIM
COSMOS CHIU
JAMES STEWART
LEVI SPRY
ANDREW KNUCKEY
JOSH WOLFSON
DAVID RADCLYFFE
CRAIG STERLING
STEPHEN THOMAS
CATHY MOISES

Source
EXCH
EXCH
ULT-AGG
MF-AGG
EXCH
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
EXCH
ULT-AGG

Recommendation
outperform
buy
outperform
neutral/attractive
Overwt/In-Line
buy
market perform
buy
outperform
sector perform
overweight
sector perform
outperform
buy
neutral
buy
suspended coverage
overweight
hold
Positive

Amt Held
50'889'000
44'475'800
43'695'232
38'629'803
24'286'071
13'439'700
10'980'300
10'294'000
8'160'134
6'787'860
6'159'171
5'531'332
5'421'800
5'295'993
4'921'700
4'610'900
4'180'243
4'000'000
3'600'000
3'142'710

% Out
11.11
9.71
9.54
8.44
5.3
2.93
2.4
2.25
1.78
1.48
1.34
1.21
1.18
1.16
1.07
1.01
0.91
0.87
0.79
0.69

Weighting

Change

5
5
5
3
5
5
3
5
5
3
5
3
5
5
3
5
#N/A N/A
5
3
4

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
U

Latest Chg
(5'997'500)
(5'324'430)
(44'197)
930'000
520'000
3'159'171
392'732
83'550
1'760
3'759

Target Price
2
3
2
2
2
2
3
2
3
2
2
3
3
3
2
3
#N/A N/A
#N/A N/A
3
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
12.10.2011
Holding Company
22.04.2013
Investment Advisor
29.04.2013
Investment Advisor
31.01.2013
Investment Advisor
05.03.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
30.06.2012
Investment Advisor
31.03.2013
Investment Advisor
29.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
30.11.2012
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
28.09.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
n/a
26.04.2013
Investment Advisor

Date
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided

Date
29.04.2013
29.04.2013
25.04.2013
24.04.2013
22.04.2013
22.04.2013
22.04.2013
22.04.2013
19.04.2013
19.04.2013
19.04.2013
19.04.2013
19.04.2013
19.04.2013
16.04.2013
12.04.2013
12.04.2013
05.04.2013
16.01.2013
03.01.2013

30.04.2013

Sandstorm Gold Ltd


Sandstorm Gold Ltd. acquires gold purchase agreements with companies that have
advanced stage development projects or operating mines. The Company makes an
upfront cash payment to its partners and receives the right to purchase a
percentage of the gold produced, for the life of the mine, at a fixed price per
ounce.

Price/Volume
4.5 M

14

4.0 M

12

3.5 M
3.0 M

10

2.5 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.10.2012)
52-Week Low (17.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SSL CN EQUITY YTD Change
SSL CN EQUITY YTD % CHANGE

12/2012
12/yy
14.99
6.47
50'412.00
7.72
-47.90%
19.32%
18.54%
88.7
684.75
0.00
0.0
0.0
127.36
551.49

(0.1)
-

2.0 M

1.5 M

1.0 M

.5 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

16

LTM-4Q

31.03.2009
31.12.2010
0.0
3.1
72.23x
(0.2)
(0.4)
(2.8)
80.46x
Profitability

31.12.2011
30.0
12.63x
19.1
19.80x
12.5
39.35x

31.12.2012
55.9
15.79x
36.6
24.12x
21.9
47.00x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

36.63
21.91
39.17%
45.00%
8.87%
8.98%
0.23%
78.7%
65.5%
39.2%
39.2%
27.97
24.35
0.00%
0.00%
274.90
-

Price/ Cash Flow

12/yy
30.0
45.91x
19.1
19.80x
12.5
39.35x

LTM
12/yy
55.9
54.42x
36.6
24.12x
21.9
47.00x

FY+1

.0 M
a-13

0.00
1.23
81.21
3.24
-14.22%
-33.96%
1.234
9
4.000
405'009
411'501
452'377
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
76.2
99.0
16.0
40.52x
57.5
83.3
9.61x
6.62x
34.2
47.0
27.37x
17.68x
24.07x
19.65x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

-3.48
0.00
0.0%
0.0%
0.23
0.36
1.33
23.45
-

Sales/Revenue/Turnover

700.00

60.0

600.00

50.0

500.00

40.0

400.00

30.0
300.00

20.0
200.00

10.0

100.00
0.00
03.04.2009

0.0
03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

03.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Sandstorm Gold Ltd


Holdings By:

All

Holder Name
VAN ECK ASSOCIATES C
SENTRY SELECT CAPITA
LIBRA ADVISORS LLC
ARIAS RESOURCE CAPIT
WELLS FARGO
T ROWE PRICE ASSOCIA
ROYAL BANK OF CANADA
CIBC GLOBAL ASSET MA
AMERICAN CENTURY COM
IA CLARINGTON INVEST
OPPENHEIMERFUNDS INC
CARMIGNAC GESTION
BMO FINANCIAL CORP
WATSON NOLAN ALLAN
MONTRUSCO BOLTON INV
GBC ASSET MANAGEMENT
FIRST CANADIAN MUTUA
DE WITT DAVID E
AWRAM DAVID I
GREYSTONE MANAGED IN

Firm Name
TD Securities
Cormark Securities Inc.
RBC Capital Markets
Canaccord Genuity Corp
National Bank Financial
Casimir Capital
Paradigm Capital Inc
EVA Dimensions
Euro Pacific Capital Inc

Portfolio Name
n/a
SENTRY SELECT CAPITA
n/a
n/a
n/a
T ROWE PRICE ASSOCIA
n/a
CIBC GLOBAL ASSET MA
Multiple Portfolios
Multiple Portfolios
OPPENHEIMER FUNDS IN
Multiple Portfolios
BMO FINANCIAL CORP
n/a
MONTRUSCO BOLTON INV
Multiple Portfolios
Multiple Portfolios
n/a
n/a
GREYSTONE MANAGED IN

Analyst
DANIEL EARLE
RICHARD GRAY
DAN ROLLINS
NICHOLAS CAMPBELL
SHANE NAGLE
ERIC WINMILL
DON MACLEAN
CRAIG STERLING
HEIKO IHLE

Source
ULT-AGG
13F
SEDI
SEDI
ULT-AGG
13F
ULT-AGG
13F
MF-AGG
MF-AGG
13F
MF-AGG
13F
SEDI
13F
MF-AGG
MF-AGG
SEDI
SEDI
13F

Recommendation
hold
buy
outperform
speculative buy
outperform
strong buy
buy
underweight
neutral

Amt Held
6'344'691
5'899'720
4'928'760
4'840'000
3'119'705
2'634'762
1'453'580
1'150'440
1'085'659
1'065'600
1'042'300
1'009'660
1'005'674
930'000
856'750
777'820
767'280
767'000
759'100
688'100

% Out
7.15
6.65
5.56
5.46
3.52
2.97
1.64
1.3
1.22
1.2
1.18
1.14
1.13
1.05
0.97
0.88
0.87
0.86
0.86
0.78

Weighting

Change
3
5
5
4
5
5
5
1
3

M
M
M
M
M
M
M
U
M

Latest Chg
(28'572)
50'000
83'953
(86'410)
(9'516)
(101'600)
133'753
(314'400)
620'000
(163'340)
(92'716)
856'750
(22'700)
(3'400)
688'100

Target Price
9
14
10
11
13
15
16
#N/A N/A
13

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
29.04.2013
Investment Advisor
31.12.2012
Investment Advisor
03.08.2011 Hedge Fund Manager
25.02.2010
Private Equity
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Bank
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
29.03.2013
Investment Advisor
31.03.2013
Investment Advisor
19.06.2012
n/a
31.12.2012
Investment Advisor
31.12.2011
Investment Advisor
30.11.2012
Investment Advisor
10.05.2012
n/a
04.01.2013
n/a
31.12.2012
Investment Advisor

Date
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month

Date
23.04.2013
22.04.2013
19.04.2013
17.04.2013
09.04.2013
09.04.2013
01.04.2013
21.02.2013
29.01.2013

30.04.2013

OceanaGold Corp
OceanaGold Corporation is a gold mining and exploration company. The Company
currently owns interests in projects in New Zealand and the Philippines.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.10.2012)
52-Week Low (23.05.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
OGC CN EQUITY YTD Change
OGC CN EQUITY YTD % CHANGE

12/2012
03/yy
3.70
1.70
102'614.00
2.14
-42.70%
25.88%
22.00%
293.5
628.13
266.87
0.0
0.0
96.50
793.07

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

8.0 M

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
217.2
0.77x
63.7
2.62x
(54.7)
-

31.12.2009
31.12.2010
237.1
305.6
1.89x
3.30x
106.6
141.1
4.20x
7.15x
54.5
44.4
5.68x
18.76x
Profitability

LTM-4Q
31.12.2011
395.6
1.61x
164.3
3.88x
44.2
13.02x

31.12.2012
385.4
2.62x
144.5
7.00x
20.7
35.81x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

144.50
53.12
13.78%
8.37%
2.24%
3.80%
4.57%
0.42%
17.7%
37.5%
13.8%
5.4%
0.93
0.56
25.87%
43.76%
34.08
5.63

Price/ Cash Flow

03/yy
393.4
7.19x
145.7
5.58x
25.5
26.83x

LTM
03/yy
392.5
7.06x
119.7
0.00x
31.6
25.85x

FY+1

.0 M
a-13

0.00
2.10
287.46
0.82
-6.14%
-24.91%
2.101
5
5.000
840'291
1'000'844
1'152'360
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
593.3
654.3
137.0
156.0
1.17x
0.90x
5.44x
4.69x
249.0
258.0
50.5
65.9
3.19x
3.07x
3.55x
3.55x
78.1
96.1
10.7
21.6
8.69x
6.24x
8.16x
7.70x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

5.98
-6.04
1.18
1.85
43.8%
30.4%
0.42
0.59
10.71
64.88
58.44
17.15

Sales/Revenue/Turnover

35.00

450.0

30.00

400.0
350.0

25.00

300.0

20.00

250.0

15.00

200.0
150.0

10.00

100.0

5.00
0.00
01.01.2010

50.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

OceanaGold Corp
Holdings By:

All

Holder Name
BAKER STEEL CAPITAL
AMP CAPITAL INVESTOR
VAN ECK ASSOCIATES C
UNITED SERVICES AUTO
DIMENSIONAL FUND ADV
ROYAL BANK OF CANADA
OPPENHEIMERFUNDS INC
FMR LLC
NEW ZEALAND CENTRAL
BLACKROCK
INVESCO LTD
VANGUARD GROUP INC
BOND STREET CUSTODIA
YANDAL INVESTMENTS P
INTERNATIONAL MINING
ASKEW JAMES EDWARD
SFB INVESTMENTS PTY
DEUTSCHE BANK AG
DEN DUYTS CORP & ASS
SPROTT INC

Firm Name
GMP
BMO Capital Markets
Macquarie
Cormark Securities Inc.
Forsyth Barr

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios

Analyst
ANDREW MIKITCHOOK
BRIAN QUAST
MICHAEL SIPERCO
MIKE KOZAK
ANDREW HARVEY-GREEN

Source
PROXY
EXCH
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
PROXY
ULT-AGG
ULT-AGG
MF-AGG
PROXY
PROXY
SEDI
EXCH
PROXY
MF-AGG
PROXY
MF-AGG

Recommendation
buy
outperform
outperform
buy
buy

Amt Held
20'669'000
14'660'107
13'382'819
8'700'000
5'237'726
3'565'116
3'560'000
3'252'300
2'703'536
2'642'407
1'899'573
1'392'118
1'284'229
1'123'653
1'097'008
1'087'008
1'000'000
964'068
922'855
900'000

% Out
7.04
4.99
4.56
2.96
1.78
1.21
1.21
1.11
0.92
0.9
0.65
0.47
0.44
0.38
0.37
0.37
0.34
0.33
0.31
0.31

Weighting

Change
5
5
5
5
5

Latest Chg
(1'119'773)
(2'300'000)
(4'700)
43'200
6'133
(547'087)
44'200
10'000
48'360
890'327
-

Target Price

M
M
M
M
M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
11.05.2012
Investment Advisor
21.01.2013
Other
29.04.2013
Investment Advisor
30.11.2012
Investment Advisor
31.07.2012
Investment Advisor
28.02.2013
Bank
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
11.05.2012
Government
26.04.2013
Investment Advisor
29.04.2013
Investment Advisor
31.03.2013
Investment Advisor
11.05.2012
Other
11.05.2012
Investment Advisor
30.12.2012
Other
07.02.2012
n/a
11.05.2012
Other
28.02.2013
Investment Advisor
11.05.2012
Investment Advisor
31.12.2012 Hedge Fund Manager

Date
3
3
3
3
3

12 month
Not Provided
12 month
12 month
12 month

Date
30.04.2013
29.04.2013
25.04.2013
22.04.2013
17.02.2013

30.04.2013

Medusa Mining Ltd


Medusa Mining Limited is a gold exploration and mining Company. The Company
has exploration projects located in Western Australia and the Philippines along
with mining leases in Tasmania.

Price/Volume
7

4.5 M

4.0 M
3.5 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.10.2012)
52-Week Low (16.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
MML AU EQUITY YTD Change
MML AU EQUITY YTD % CHANGE

06/2012
01/yy
6.70
2.68
1'449'061.00
3.27
-51.19%
22.01%
15.67%
188.9
617.72
0.00
0.0
0.0
12.47
630.53

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

2.5 M

2.0 M
1.5 M

1.0 M

.5 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


30.06.2008
15.8
9.93x
4.6
34.16x
(1.2)
-

3.0 M

30.06.2009
30.06.2010
42.6
93.9
5.99x
6.25x
30.4
73.0
8.41x
8.04x
28.5
65.8
8.88x
8.74x
Profitability

30.06.2011
148.7
8.51x
120.2
10.54x
110.4
12.02x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

30.06.2012
80.8
11.40x
57.6
16.00x
49.2
18.94x
57.59
47.69
59.02%
59.50%
16.13%
16.84%
0.28%
74.3%
69.4%
56.7%
60.9%
5.30
0.79
0.00%
0.00%
1.88
2.41

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

0.61
1.04
169.35
2.90
-43.03%
-39.78%
1.038
10
4.400
1'627'513
1'507'872
1'402'497
FY+2

06/13 Y
06/14 Y
120.1
277.1
5.22x
1.90x
83.2
207.7
7.58x
3.04x
71.6
190.0
7.87x
3.47x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

.0 M
a-13

FQ+1

FQ+2

-0.14
0.00
0.0%
0.0%
0.28
0.37
194.30
152.17
136.57
-

Sales/Revenue/Turnover

35.00

160.0

30.00

140.0
120.0

25.00

100.0
20.00

80.0
15.00

60.0

10.00

40.0

5.00

20.0

0.00
03.07.2009

0.0
03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Medusa Mining Ltd


Holdings By:

All

Holder Name
M&G INVESTMENT MANAG
VANGUARD GROUP INC
VAN ECK ASSOCIATES C
FMR LLC
UCA FUNDS MANAGEMENT
DAVIS GEOFFREY JOHN
BLACKROCK
FORTY TRADERS LTD
GOODFELLOW WILLIAM D
CEDARDALE HOLDINGS P
FIRST EAGLE INVESTME
OPPENHEIMERFUNDS INC
YANDAL INVESTMENTS P
INVESTEC ASSET MANAG
BANQUE DE LUXEMBOURG
AFDAL SAMUEL G
OLD MUTUAL
DANIEL ROY PHILIP
UCA AG
BARING ASSET MANAGEM

Firm Name
RBC Capital Markets
Deutsche Bank
Goldman Sachs
Morgan Stanley
Ord Minnett
Blackswan Equities Ltd
Cantor Fitzgerald
EVA Dimensions

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios

Analyst
STEUART MCINTYRE
CHRIS TERRY
PAUL HISSEY
BRENDAN FITZPATRICK
DAVID BRENNAN
RHYS BRADLEY
ASA BRIDLE
CRAIG STERLING

Source
EXCH
EXCH
ULT-AGG
ULT-AGG
MF-AGG
Co File
ULT-AGG
Co File
Co File
Co File
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
Co File
ULT-AGG
Co File
Co File
MF-AGG

Recommendation
sector perform
buy
buy/attractive
Overwt/In-Line
buy
buy
buy
sell

Amt Held
20'602'900
19'455'000
15'309'037
14'850'063
4'183'483
4'052'750
3'928'721
3'660'631
3'210'425
3'187'673
2'613'520
2'000'000
2'000'000
1'750'000
1'600'000
1'450'000
1'448'400
1'425'000
1'300'000
1'166'975

% Out
10.91
10.3
8.1
7.86
2.21
2.15
2.08
1.94
1.7
1.69
1.38
1.06
1.06
0.93
0.85
0.77
0.77
0.75
0.69
0.62

Weighting

Change
3
5
5
5
5
5
5
1

M
M
M
M
M
N
M
M

Latest Chg
(1'760'000)
(2'045'000)
1'902'381
(2'760'620)
887'915
(989)
(31'235)
(46'992)

Target Price
5
5
4
6
6
7
#N/A N/A
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
18.04.2013
Investment Advisor
22.04.2013
Investment Advisor
29.04.2013
Investment Advisor
19.04.2013
Investment Advisor
31.03.2013
Investment Advisor
29.08.2012
n/a
26.04.2013
Investment Advisor
17.09.2012
Unclassified
17.09.2012
n/a
17.09.2012
Unclassified
30.09.2012 Hedge Fund Manager
28.02.2013
Investment Advisor
17.09.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
30.06.2012
n/a
28.02.2013
Unclassified
30.06.2012
n/a
17.09.2012
Investment Advisor
31.12.2012
Investment Advisor

Date
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided

Date
30.04.2013
29.04.2013
24.04.2013
22.04.2013
18.04.2013
01.03.2013
27.02.2013
17.01.2013

30.04.2013

Dundee Precious Metals Inc


Dundee Precious Metals Inc. acquires, explores, and develops gold mining
properties. The Company owns interests in mineral properties in Armenia,
Bulgaria, Canada, and Serbia.

Price/Volume
12

7.0 M

10

6.0 M
5.0 M

Latest Fiscal Year:


LTM as of:
52-Week High (21.09.2012)
52-Week Low (17.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
DPM CN EQUITY YTD Change
DPM CN EQUITY YTD % CHANGE

12/2012
12/yy
9.94
5.45
76'489.00
6.22
-37.83%
14.13%
17.82%
125.7
781.69
81.77
0.0
7.0
123.36
747.11

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

3.0 M

2.0 M

2
0
a-12

1.0 M
m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
105.1
0.65x
(36.2)
(79.2)
-

4.0 M

Valuation Analysis

31.12.2009
31.12.2010
137.6
202.0
2.15x
5.56x
16.4
18.00x
5.1
22.9
44.88x
49.37x
Profitability

LTM-4Q
31.12.2011
338.5
2.84x
86.1
13.48x

31.12.2012
384.7
2.68x
54.4
21.72x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

76.66
19.93%
12.91%
5.73%
7.51%
4.04%
0.41%
40.8%
19.9%
14.1%
3.10
2.36
8.41%
10.94%
7.65
4.62

Price/ Cash Flow

12/yy
336.3
11.75x
35.1
0.00x
85.8
13.52x

LTM
12/yy
385.5
10.23x
16.6
0.00x
54.5
21.68x

FY+1

.0 M
a-13

1.41
94.20
23.91
-19.12%
-26.56%
1.406
9
4.889
479'778
448'281
597'735
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
477.4
552.6
104.0
103.0
1.47x
1.28x
212.8
288.0
3.55x
2.59x
126.8
156.4
24.6
24.8
8.08x
7.54x
7.26x
7.30x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

10.9%
9.8%
0.41
0.70
47.87
79.30
70.69
56.62

Sales/Revenue/Turnover

30.00

450.0
400.0

25.00

350.0
300.0

20.00

250.0
15.00

200.0
150.0

10.00

100.0
5.00
0.00
01.01.2010

50.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

-50.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Dundee Precious Metals Inc


Holdings By:

All

Holder Name
DUNDEE CORP
US GLOBAL INVESTORS
VAN ECK ASSOCIATES C
UNITED SERVICES AUTO
OPPENHEIMERFUNDS INC
TD ASSET MANAGEMENT
ROYAL BANK OF CANADA
IG INVESTMENT MANAGE
IA CLARINGTON INVEST
FIERA CAPITAL CORPOR
FIRST EAGLE INVESTME
NATCAN INVESTMENT MA
SPROTT INC
BRISTOL INVESTMENT P
DIMENSIONAL FUND ADV
MACKENZIE FINANCIAL
GLOBAL STRATEGY FINA
AMERICAN CENTURY COM
AGF INVESTMENTS INC
VANGUARD GROUP INC

Firm Name
Stifel
Scotia Capital
RBC Capital Markets
Cormark Securities Inc.
BMO Capital Markets
Dundee Securities Corp
EVA Dimensions
CIBC World Markets
GMP
Paradigm Capital Inc

Portfolio Name
#N/A N/A
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
BRISTOL INVESTMENT P
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
MICHAEL A SCOON
LEILY OMOUMI
SAM CRITTENDEN
MIKE KOZAK
JOHN P HAYES
JOSH WOLFSON
CRAIG STERLING
LEON ESTERHUIZEN
GEORGE V ALBINO
DON MACLEAN

Source
SEDI
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
buy
sector outperform
outperform
top pick
speculative outperform
not rated
overweight
sector outperform
buy
buy

Amt Held
30'629'607
8'442'571
7'720'627
5'331'900
4'734'500
4'514'449
3'999'265
3'634'800
3'394'800
2'655'547
2'369'196
1'598'155
1'423'900
1'163'346
947'401
771'700
761'500
667'600
571'632
561'141

% Out
24.37
6.72
6.14
4.24
3.77
3.59
3.18
2.89
2.7
2.11
1.89
1.27
1.13
0.93
0.75
0.61
0.61
0.53
0.45
0.45

Weighting

Change

5
5
5
5
4
#N/A N/A
5
5
5
5

M
M
M
M
M
M
U
M
M
N

Latest Chg
35'000
(34'836)
4'124'249
(378'400)
(2'100)
1'314'000
(52'200)
(50'000)
4'773
10'000
43'784
(19'200)
(96'700)
227'172
6'300

Target Price
9
11
10
14
10
#N/A N/A
#N/A N/A
11
15
13

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
26.04.2013
Holding Company
28.02.2013
Investment Advisor
29.04.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Bank
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
30.09.2012 Hedge Fund Manager
28.02.2013
Investment Advisor
31.12.2012 Hedge Fund Manager
31.03.2013 Hedge Fund Manager
31.07.2012
Investment Advisor
31.01.2013
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.03.2013
Investment Advisor

Date
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month

Date
26.04.2013
23.04.2013
22.04.2013
22.04.2013
19.04.2013
19.04.2013
16.04.2013
11.04.2013
04.03.2013
03.12.2012

30.04.2013

Rio Alto Mining Ltd


Rio Alto Mining Limited is a mineral exploration company. The Company currently
is focusing on the development of La Arena gold / copper project, located in
north central Peru.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.11.2012)
52-Week Low (17.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
RIO CN EQUITY YTD Change
RIO CN EQUITY YTD % CHANGE

12/2012
12/yy
6.00
3.37
38'852.00
3.71
-37.33%
10.09%
12.55%
175.9
652.54
3.26
0.0
0.0
38.61
617.18

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

(1.0)
(1.0)
-

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.05.2007

31.05.2008
31.05.2009
0.0
0.0
(2.3)
(1.5)
(1.9)
(1.5)
Profitability

LTM-4Q
31.05.2010
0.0
(3.9)
(12.6)
-

31.05.2011
0.0
(8.0)
(8.0)
-

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

173.12
151.44
47.85%
48.82%
38.61%
59.31%
1.22%
62.4%
54.7%
47.9%
31.7%
1.61
0.74
0.92%
1.43%
21.59
11.45

Price/ Cash Flow

05/yy
0.0
#DIV/0!
(5.1)
0.00x
(4.0)
0.00x

LTM
12/yy
317.2
9.56x
173.5
4.94x
100.7
9.23x

FY+1

.0 M
a-13

0.00
1.08
160.58
4.39
-11.88%
-27.11%
1.076
10
4.200
1'310'458
726'045
739'869
FY+2

FQ+1

FQ+2

12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
313.0
342.6
186.5
163.0
3.32x
3.79x
98.3
7.06x
6.77x
9.87x
8.96x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

-0.20
0.02
1.4%
1.4%
1.22
1.91
26.87
50.64
114.13
-36.68

Sales/Revenue/Turnover

16.00

350.0

14.00

300.0

12.00

250.0

10.00

200.0

8.00

150.0

6.00

100.0

4.00

50.0

2.00
0.00
05.06.2009

0.0
05.12.2009

05.06.2010

05.12.2010

05.06.2011

05.12.2011

05.06.2012

05.12.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Rio Alto Mining Ltd


Holdings By:

All

Holder Name
SENTRY SELECT CAPITA
JP MORGAN
VAN ECK ASSOCIATES C
IG INVESTMENT MANAGE
ROYAL BANK OF CANADA
BLACKROCK
AUSCAN ASSETS LIMITE
NORWICH ROGER
HAWKSHAW ANTHONY GRA
BMO FINANCIAL CORP
OPPENHEIMERFUNDS INC
TD ASSET MANAGEMENT
INTACT INVESTMENT MA
US GLOBAL INVESTORS
SOLDI JAIME
VANGUARD GROUP INC
WELLS FARGO
ZEITLER KLAUS M
MD MANAGEMENT LTD
CIBC GLOBAL ASSET MA

Firm Name
Clarus Securities
Kallpa Securities SAB
Stonecap Securities Inc
CIBC World Markets
Desjardins Securities
GMP
BMO Capital Markets
Scotia Capital
Euro Pacific Capital Inc
EVA Dimensions

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
BMO FINANCIAL CORP
Multiple Portfolios
Multiple Portfolios
INTACT INVESTEMENT M
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios

Analyst
MIKE BANDROWSKI
HUMBERTO LEON
CHRISTOS DOULIS
MATTHEW GIBSON
ADAM MELNYK
GEORGE V ALBINO
BRIAN QUAST
MARK TURNER
HEIKO IHLE
CRAIG STERLING

Source
13G
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
SEDI
SEDI
SEDI
13F
MF-AGG
MF-AGG
13F
MF-AGG
SEDI
MF-AGG
ULT-AGG
SEDI
MF-AGG
MF-AGG

Recommendation
buy
overweight
sector perform
sector outperform
hold
buy
market perform
sector perform
buy
overweight

Amt Held
28'000'700
14'940'000
12'816'519
7'989'300
7'082'953
6'635'369
4'969'651
4'734'195
3'000'000
2'360'802
1'720'000
1'248'400
1'076'700
1'051'000
1'028'288
759'587
755'020
750'000
675'600
597'190

% Out
15.92
8.49
7.29
4.54
4.03
3.77
2.83
2.69
1.71
1.34
0.98
0.71
0.61
0.6
0.58
0.43
0.43
0.43
0.38
0.34

Weighting

Change
5
5
3
5
3
5
3
3
5
5

M
M
M
M
M
M
M
M
M
M

Latest Chg
8'960'000
(57'732)
102'600
3'918'649
50'000
265'000
2'360'802
500'000
978'500
1'076'700
201'000
126'000
39'604
591'190

Target Price
7
5
4
7
5
8
6
5
7
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.12.2012
31.03.2013
29.04.2013
31.01.2013
31.12.2012
26.04.2013
07.12.2012
25.11.2011
19.10.2011
31.03.2013
28.02.2013
31.12.2012
31.03.2013
31.12.2012
02.01.2013
31.12.2012
28.02.2013
22.11.2011
28.02.2013
31.12.2012

Date
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Other
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor

Date
29.04.2013
29.04.2013
22.04.2013
17.04.2013
17.04.2013
17.04.2013
16.04.2013
08.04.2013
08.04.2013
17.01.2013

30.04.2013

Aurizon Mines Ltd


Aurizon Mines Ltd. is a gold mining company. The Company's operations and
exploration activities are located in the Abitibi region of north-western
Quebec, Canada. Aurizon operates and owns an interest in the Beaufor Mine,
the Sleeping Giant Mine, and the Casa Berardi property.

Price/Volume
6
5
4
3

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.05.2012)
52-Week Low (24.12.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
AZK US EQUITY YTD Change
AZK US EQUITY YTD % CHANGE

12/2012
12/yy
5.57
3.19
171'550.00
4.181
-24.87%
31.07%
41.18%
164.6
688.04
0.00
0.0
0.0
204.71
489.28

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1
0
a-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data

31.12.2009
31.12.2010
175.6
178.7
3.65x
5.82x
87.5
69.8
7.32x
14.90x
36.7
17.2
Profitability

LTM-4Q
31.12.2011
260.0
2.31x
124.9
4.81x
43.9
-

31.12.2012
223.6
1.61x
92.2
3.90x
31.8
92.23
54.50
24.38%
25.08%
7.33%
9.28%
9.42%
0.51%
41.0%
41.3%
24.4%
14.2%
7.30
6.49
0.00%
0.00%
28.73
9.10

12/yy
260.0
11.47x
124.9
4.81x
43.9
0.00x

LTM
12/yy
223.6
9.66x
92.2
3.90x
31.8
0.00x

FY+1

0.98
136.22
1.55
-22.72%
20.14%
0.979
5
3.000
628'997
722'442
886'202
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
206.2
266.3
40.2
46.6
94.0
139.0
5.21x
3.52x
27.9
51.1
3.2
3.4
24.95x
16.54x
30.78x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

107.74
19.32
-2.22
0.00
0.0%
0.0%
0.51
1.18
12.74
40.24
38.79
14.19

Sales/Revenue/Turnover

1.20

300.0

1.00

250.0

0.80

200.0

0.60

m-12

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
144.5
4.07x
53.5
10.98x
4.9
-

5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
a-13

150.0
100.0

0.40

50.0
0.20

0.0
0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Aurizon Mines Ltd


Holdings By:

All

Holder Name
ALAMOS GOLD INC
VAN ECK ASSOCIATES C
UNITED SERVICES AUTO
MONTRUSCO BOLTON INV
GCIC LTD/CANADA
SUN VALLEY GOLD LLC
RENAISSANCE TECHNOLO
NWQ INVESTMENT MANAG
WELLS FARGO
INVESCO LTD
CANADA PENSION PLAN
FMR LLC
TOUCHSTONE ADVISORS
PUBLIC SECTOR PENSIO
BLACKROCK
LB SWISS INVESTMENT
MORGAN STANLEY
JP MORGAN
GEOLOGIC RESOURCE PA
FIRST EAGLE INVESTME

Firm Name
Global Hunter Securities
BMO Capital Markets
National Bank Financial
Desjardins Securities
EVA Dimensions
Mackie Research Capital Corp.
Euro Pacific Capital Inc
Raymond James
CIBC World Markets
Loewen, Ondaatje, McCutcheon Ltd
Scotia Capital

Portfolio Name
n/a
n/a
UNITED SERVICES AUTO
MONTRUSCO BOLTON INV
GOODMAN & COMPANY IN
SUN VALLEY GOLD LLC
RENAISSANCE TECHNOLO
NWQ INVESTMENT MANAG
n/a
n/a
CANADA PENSION PLAN
n/a
Multiple Portfolios
PUBLIC SECTOR PENSIO
n/a
Multiple Portfolios
n/a
n/a
GEOLOGIC RESOURCE PA
FIRST EAGLE INVESTME

Analyst
JEFF WRIGHT
BRIAN QUAST
PAOLO LOSTRITTO
ADAM MELNYK
CRAIG STERLING
RYAN HANLEY
HEIKO IHLE
FORBES GEMMELL
COSMOS CHIU
MICHAEL G FOWLER
OVAIS HABIB

Source
13D
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
MF-AGG
13F
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
13F
13F

Recommendation
neutral
underperform
tender
tender
underweight
tender
buy
Under Review
restricted
buy
restricted

Amt Held
26'507'283
22'005'946
7'000'000
6'138'783
5'947'500
5'751'260
4'806'500
4'430'833
3'678'543
3'537'956
2'931'135
2'190'600
1'655'218
1'539'910
1'436'486
1'400'000
1'289'081
1'264'143
1'251'251
1'121'404

% Out
16.11
13.37
4.25
3.73
3.61
3.49
2.92
2.69
2.24
2.15
1.78
1.33
1.01
0.94
0.87
0.85
0.78
0.77
0.76
0.68

Weighting

Change

3
1
#N/A N/A
#N/A N/A
1
#N/A N/A
5
#N/A N/A
#N/A N/A
5
#N/A N/A

M
M
M
M
D
M
M
M
M
M
M

Latest Chg
408'275
(6'022'500)
4'054'435
452'400
1'029'681
(1'265'127)
136'509
101'700
(176'300)
1'655'218
3'442
1'097'036
1'264'143
(73'649)
(1'183'046)

Target Price
5
4
5
4
#N/A N/A
5
5
#N/A N/A
#N/A N/A
6
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
19.03.2013
29.04.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.03.2013
31.12.2012
31.12.2012
31.12.2012
28.03.2013
31.12.2012
26.04.2013
31.12.2012
31.03.2013
31.03.2013
31.12.2012
31.03.2013

Date
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided

Inst Type
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Pension Fund (ERISA)
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager

Date
29.04.2013
14.04.2013
05.04.2013
20.03.2013
15.03.2013
05.03.2013
04.03.2013
05.02.2013
25.01.2013
23.01.2013
21.01.2013

30.04.2013

Endeavour Silver Corp


Endeavour Silver Corp. is a small-cap silver mining company focused on the
growth of its silver production, reserves and resources in Mexico.

Price/Volume
12

3.5 M

10

3.0 M
2.5 M

Latest Fiscal Year:


LTM as of:
52-Week High (21.09.2012)
52-Week Low (17.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
EXK US EQUITY YTD Change
EXK US EQUITY YTD % CHANGE

12/2012
12/yy
10.73
4.31
275'626.00
5.08
-53.68%
17.87%
12.62%
99.7
506.42
9.00
0.0
0.0
27.14
488.28

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

0
a-12

31.12.2009
31.12.2010
50.8
86.5
3.98x
5.80x
11.3
30.7
17.91x
16.36x
(1.9)
(20.4)
Profitability

.5 M
m-12

LTM-4Q
31.12.2011
128.0
5.79x
64.8
11.43x
18.8
-

31.12.2012
208.1
3.68x
89.8
8.53x
42.1
89.81
59.85
28.76%
28.88%
11.59%
15.60%
15.47%
0.57%
41.6%
43.2%
28.8%
20.2%
2.07
1.00
1.88%
2.65%
14.91
3.24

12/yy
128.0
21.01x
64.8
11.43x
18.8
0.00x

j-12

j-12

a-12

s-12

LTM
12/yy
208.1
14.48x
89.8
8.53x
42.1
0.00x

o-12

n-12

d-12

j-13

f-13

m-13

FY+1

.0 M
a-13

1.24
98.17
1.16
-45.20%
-35.61%
1.236
8
4.750
1'406'889
1'432'906
1'431'181
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
249.0
290.7
104.2
149.8
25.2
28.8
4.70x
3.27x
4.20x
46.3
74.4
10.43x
8.06x
17.82x
14.94x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

185.55
48.70
-0.20
0.10
2.6%
2.6%
0.57
0.96
24.55
112.96
62.45
75.06

Sales/Revenue/Turnover

250.0

1.00

200.0

0.60

1.0 M

1.20

0.80

1.5 M

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
39.3
1.18x
(4.5)
(18.0)
-

2.0 M

Valuation Analysis

150.0
100.0

0.40

50.0
0.20

0.0
0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Endeavour Silver Corp


Holdings By:

All

Holder Name
VAN ECK ASSOCIATES C
BLACKROCK
RENAISSANCE TECHNOLO
NEUBERGER BERMAN LLC
ROYCE AND ASSOCIATES
POLAR SECURITIES INC
GLOBAL X MANAGEMENT
AGF INVESTMENTS INC
COOKE BRADFORD JAMES
CANADA PENSION PLAN
PORTOLA GROUP INCORP
LB SWISS INVESTMENT
DEUTSCHE BANK AG
PUBLIC SECTOR PENSIO
BROOKFIELD ASSET MGM
CONNOR CLARK & LUNN
GLOBAL STRATEGY FINA
NORGES BANK
VANGUARD GROUP INC
TD ASSET MANAGEMENT

Firm Name
BMO Capital Markets
Raymond James
Haywood Securities Inc.
EVA Dimensions
CIBC World Markets
Salman Partners
GMP
Euro Pacific Capital Inc

Portfolio Name
n/a
n/a
RENAISSANCE TECHNOLO
NEUBERGER BERMAN GRO
ROYCE & ASSOCIATES L
POLAR SECURITIES INC
GLOBAL X MANAGEMENT
AGF INVESTMENTS INC
n/a
CANADA PENSION PLAN
PORTOLA GROUP INCORP
Multiple Portfolios
DEUTSCHE BANK AKTIEN
PUBLIC SECTOR PENSIO
BROOKFIELD ASSET MAN
CONNOR CLARK & LUNN
Multiple Portfolios
NORGES BANK
Multiple Portfolios
TD ASSET MANAGEMENT

Analyst
ANDREW KAIP
CHRIS THOMPSON
BENJAMIN ASUNCION
CRAIG STERLING
LEON ESTERHUIZEN
ASH GUGLANI
CHELSEA HAMILTON
HEIKO IHLE

Source
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
SEDI
13F
13F
MF-AGG
13F
13F
13F
13F
MF-AGG
13F
MF-AGG
13F

Recommendation
market perform
outperform
buy
overweight
sector outperform
buy
buy
buy

Amt Held
6'953'989
4'503'915
3'759'799
2'894'100
1'502'600
1'373'500
1'159'615
1'110'237
1'085'337
1'042'960
922'750
900'000
830'979
811'200
761'586
756'563
579'250
547'823
499'972
491'800

% Out
6.98
4.52
3.77
2.9
1.51
1.38
1.16
1.11
1.09
1.05
0.93
0.9
0.83
0.81
0.76
0.76
0.58
0.55
0.5
0.49

Weighting

Change
3
5
5
5
5
5
5
5

M
M
M
U
N
M
M
M

Latest Chg
72'847
(646'415)
(53'515)
2'894'100
95'000
1'373'500
115'522
(16'700)
(200'000)
200'400
(71'300)
400'000
(576'400)
761'586
(981'867)
4'210
51'503
(57'000)

Target Price
6
9
8
#N/A N/A
9
10
10
9

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
29.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012 Hedge Fund Manager
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012 Hedge Fund Manager
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
22.04.2013
n/a
31.12.2012 Pension Fund (ERISA)
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor

Date
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month

Date
29.04.2013
24.04.2013
16.04.2013
16.04.2013
11.04.2013
08.04.2013
08.04.2013
08.04.2013

30.04.2013

Continental Gold Ltd


Continental Gold Ltd. is an advanced-stage exploration company. The Company has
a portfolio of gold projects located in established mineral belts in Colombia,
South America. Continental Gold's priorities include advanced exploration and
definition drilling programs at its Buritica gold project and phase-one drilling
at its Berlin project.

Price/Volume
12

6.0 M

Price/ Cash Flow

1.20

4.0 M
3.0 M

12/2012
12/yy
10.03
3.78
45'493.00
4.81
-51.84%
27.25%
17.60%
126.3
607.31
0.00
0.0
0.0
83.89
499.19

2.0 M
2

1.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

5.0 M

Latest Fiscal Year:


LTM as of:
52-Week High (12.11.2012)
52-Week Low (18.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
CNL CN EQUITY YTD Change
CNL CN EQUITY YTD % CHANGE

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

7.0 M

Valuation Analysis

31.12.2008
0.0
(0.6)
(0.6)
-

8.0 M

10

31.12.2009
31.12.2010
0.0
0.0
(4.2)
(10.7)
(4.1)
(119.1)
Profitability

LTM-4Q
31.12.2011
0.0
(11.8)
18.2
38.93x

31.12.2012

12/yy
0.0
#DIV/0!
(8.8)
0.00x
18.2
38.93x

(7.9)
-11.77
-12.17
-4.13%
-4.55%
0.00%
8.87
8.87
0.00%
0.00%
0.00
-

LTM
12/yy
0.0
#DIV/0!
(7.8)
0.00x
(7.9)
0.00x

FY+1

.0 M
a-13

0.00
1.20
103.06
0.29
-34.74%
-45.65%
1.203
7
4.000
667'687
695'908
625'022
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
14.0
14.0
(9.6)
(9.6)
(9.6)
(12.8)
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

-141.81
-569.05
0.00
0.0%
0.0%
0.00
0.00
-

Sales/Revenue/Turnover

1.0
0.9

1.00

0.8
0.7

0.80
0.60
0.40

0.6
0.5
0.4
0.3
0.2

0.20

0.1
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Continental Gold Ltd


Holdings By:

All

Holder Name
GCIC LTD/CANADA
WELLINGTON MANAGEMEN
VAN ECK ASSOCIATES C
BULLET HOLDING CORP
COASTAL FINANCING CO
ROYAL BANK OF CANADA
REINDEER CAPITAL LTD
SPROTT INC
IG INVESTMENT MANAGE
EXPERT FUNDING CORP
HARTFORD INVESTMENT
FMR LLC
CARMIGNAC GESTION
IA CLARINGTON INVEST
FRANKLIN RESOURCES
SUSSMAN ARI B
VANGUARD GROUP INC
FIRST CANADIAN MUTUA
PENTAGON PROPERTIES
QUANTEX AG

Firm Name
Clarus Securities
Stifel
Dundee Securities Corp
TD Securities
Raymond James
GMP
RBC Capital Markets
Interbolsa SA

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios

Analyst
JAMIE SPRATT
CRAIG P STANLEY
JOE FAZZINI
DANIEL EARLE
GARY J BASCHUK
GEORGE V ALBINO
DAN ROLLINS
GABRIEL BAYONA

Source
Co File
Co File
ULT-AGG
SEDI
SEDI
ULT-AGG
SEDI
MF-AGG
MF-AGG
SEDI
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
SEDI
MF-AGG
MF-AGG
SEDI
MF-AGG

Recommendation
speculative buy
hold
buy
speculative buy
Under Review
buy
sector perform
speculative buy

Amt Held
17'893'800
16'205'564
8'183'107
8'024'456
5'786'124
4'840'118
3'668'490
2'582'500
2'471'400
2'316'327
2'293'942
2'216'400
2'141'942
1'523'400
1'334'000
1'149'151
1'074'746
1'073'739
1'025'000
900'000

% Out
14.17
12.84
6.48
6.36
4.58
3.83
2.91
2.05
1.96
1.83
1.82
1.76
1.7
1.21
1.06
0.91
0.85
0.85
0.81
0.71

Weighting

Change

4
3
5
4
#N/A N/A
5
3
4

M
M
M
M
M
M
M
M

Latest Chg
116'400
1'985'981
(36'816)
(200'000)
(250'000)
109'700
(250'000)
485'700
(35'000)
353'535
(771'400)
(188'058)
1'523'400
254'000
10'606
660'800
58'800
500'000
90'000

Target Price
14
#N/A N/A
9
10
#N/A N/A
15
11
13

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
29.04.2013
Investment Advisor
05.10.2012
Holding Company
21.12.2012
Other
28.02.2013
Bank
21.12.2012
Other
31.12.2012 Hedge Fund Manager
31.01.2013
Investment Advisor
02.11.2012
Corporation
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
29.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
21.08.2012
n/a
31.03.2013
Investment Advisor
29.04.2013
Investment Advisor
23.04.2012
Other
29.03.2013
Investment Advisor

Date
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided

Date
29.04.2013
26.04.2013
24.04.2013
23.04.2013
18.04.2013
11.04.2013
07.01.2013
01.10.2012

30.04.2013

Rubicon Minerals Corp


Rubicon Minerals Corporation is a mineral exploration company. The Company
explores for gold deposits in the Red Lake gold camp of Canada, as well as
Nevada and Alaska.

Price/Volume
4

25.0 M

20.0 M

3
3

Latest Fiscal Year:


LTM as of:
52-Week High (17.09.2012)
52-Week Low (18.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
RMX CN EQUITY YTD Change
RMX CN EQUITY YTD % CHANGE

12/2012
12/yy
3.80
1.44
93'923.00
1.74
-54.74%
20.83%
13.98%
288.5
501.94
0.44
0.0
0.0
171.99
330.38

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

5.0 M

1
0
a-12

31.12.2009
31.12.2010
0.0
0.0
(4.6)
(25.4)
(0.6)
(25.5)
Profitability

m-12

LTM-4Q
31.12.2011
0.0
(21.6)
(21.4)
-

31.12.2012
0.0
(11.6)
(10.4)
-11.56
-11.63
-2.73%
-2.85%
0.00%
10.32
10.29
0.09%
0.10%
0.00
-

12/yy
0.0
#DIV/0!
(21.6)
0.00x
(21.4)
0.00x

j-12

j-12

a-12

s-12

LTM
12/yy
0.0
#DIV/0!
(11.6)
0.00x
(10.4)
0.00x

o-12

n-12

d-12

j-13

f-13

m-13

.0 M
a-13

0.00
1.22
274.32
2.83
-42.19%
-31.76%
1.223
4
4.250
1'103'986
909'220
966'341

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

8.29x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

1750.00x
-0.04
0.1%
0.1%
0.00
0.00
-

Sales/Revenue/Turnover

1.20

0.1

1.00

0.1

0.80

0.1

0.60

10.0 M

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
0.0
(3.4)
(2.4)
-

15.0 M

Valuation Analysis

0.1
0.0

0.40

0.0
0.20

0.0
0.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Rubicon Minerals Corp


Holdings By:

All

Holder Name
WELLINGTON MANAGEMEN
IG INVESTMENT MANAGE
AGNICO-EAGLE MINES L
GREYWOLF CAPITAL MAN
SUN VALLEY GOLD LLC
TD ASSET MANAGEMENT
FMR LLC
INVESCO LTD
PUBLIC SECTOR PENSIO
BLACKROCK
CANADA PENSION PLAN
BRIDGER MANAGEMENT L
CAPITAL TACTICS ADVI
NORGES BANK
ROYAL BANK OF CANADA
ADAMSON DAVID W
VANGUARD GROUP INC
LOEWS CORPORATION
D E SHAW & COMPANY I
SHARE SICAV

Firm Name
TD Securities
BMO Capital Markets
GMP
Mackie Research Capital Corp.

Portfolio Name
WELLINGTON MANAGEMEN
IG INVESTMENT MANAGE
n/a
GREYWOLF CAPITAL MAN
SUN VALLEY GOLD LLC
TD ASSET MANAGEMENT
n/a
n/a
PUBLIC SECTOR PENSIO
n/a
CANADA PENSION PLAN
BRIDGER MANAGEMENT L
CAPITAL TACTICS ADVI
NORGES BANK
n/a
n/a
Multiple Portfolios
LOEWS CORPORATION
D E SHAW & CO
Multiple Portfolios

Analyst
DANIEL EARLE
ANDREW KAIP
GEORGE V ALBINO
BARRY D ALLAN

Source
13F
13F
13D
13F
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
SEDI
MF-AGG
13F
13F
MF-AGG

Recommendation
speculative buy
market perform
buy
buy

Amt Held
22'735'867
13'783'100
10'671'827
9'125'000
7'263'300
4'838'017
3'656'352
3'244'428
2'695'400
2'508'962
2'412'466
2'170'000
2'028'610
1'560'601
1'537'646
1'535'189
1'503'175
1'401'817
1'392'537
1'244'300

% Out
7.88
4.78
3.7
3.16
2.52
1.68
1.27
1.12
0.93
0.87
0.84
0.75
0.7
0.54
0.53
0.53
0.52
0.49
0.48
0.43

Weighting

Change
4
3
5
5

Latest Chg
12'173'845
423'700
(11'000'000)
4'155'700
639'100
705'000
138'068
6'008
122'900
627'918
(247'212)
(3'356'720)
107'000
41'600
(127'000)
22'000

Target Price

M
M
M
M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.12.2012
31.12.2012
01.06.2012
31.12.2012
31.12.2012
31.12.2012
31.03.2013
31.12.2012
31.12.2012
26.04.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
04.02.2013
31.03.2013
31.12.2012
31.12.2012
31.12.2012

Date
4
3
8
6

12 month
Not Provided
12 month
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Corporation
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Pension Fund (ERISA)
Hedge Fund Manager
Hedge Fund Manager
Government
Bank
n/a
Investment Advisor
Corporation
Hedge Fund Manager
Investment Advisor

Date
23.04.2013
15.04.2013
18.03.2013
29.01.2013

30.04.2013

Silvercorp Metals Inc


Silvercorp Metals Inc. acquires, explores, and develops mineral properties in
China. The Company is developing its Ying Silver project located in the
People's Republic of China.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.05.2012)
52-Week Low (17.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SVM US EQUITY YTD Change
SVM US EQUITY YTD % CHANGE

03/2012
12/yy
7.10
2.55
264'151.00
2.825
-60.14%
10.78%
6.37%
170.8
482.46
0.00
0.0
77.0
154.51
428.14

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

4.0 M

3.5 M

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0
a-12

31.03.2009
31.03.2010
83.5
107.2
3.67x
9.86x
40.4
66.4
7.59x
15.92x
(16.0)
38.5
Profitability

LTM-4Q
31.03.2011
167.3
14.29x
110.3
21.68x
67.7
-

31.03.2012
238.0
4.61x
155.3
7.06x
73.8
155.30
141.60
59.50%
61.72%
5.24%
7.01%
9.37%
0.33%
74.3%
53.1%
45.1%
31.0%
4.48
4.16
0.00%
0.00%
32.88
9.50

12/yy
236.1
25.98x
158.2
6.33x
76.2
0.00x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

LTM
12/yy
192.8
19.96x
102.5
8.01x
30.6
0.00x

FY+1

.0 M
a-13

1.01
164.96
4.43
-58.42%
-44.49%
1.014
4
4.500
1'559'688
1'573'657
1'433'444
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
201.7
256.0
2.42x
93.2
141.0
4.58x
3.02x
29.5
53.8
10.35x
7.06x
8.56x
6.81x
S&P Issuer Ratings
1652.13
900.45
-1.27
0.00
0.0%
0.0%
0.33
0.54
11.13
38.51
156.53
-60.19

Sales/Revenue/Turnover

250.0

1.00

200.0

0.60

j-12

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

1.20

0.80

m-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
108.4
10.33x
76.7
14.60x
59.9
-

150.0
100.0

0.40

50.0
0.20

0.0
0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Silvercorp Metals Inc


Holdings By:

All

Holder Name
VAN ECK ASSOCIATES C
ROYCE AND ASSOCIATES
RENAISSANCE TECHNOLO
FENG RUI
AXA
GLOBAL X MANAGEMENT
SENTRY SELECT CAPITA
PUBLIC SECTOR PENSIO
CANADA PENSION PLAN
IG INVESTMENT MANAGE
TD ASSET MANAGEMENT
IA CLARINGTON INVEST
NORGES BANK
VANGUARD GROUP INC
LOMBARD ODIER DARIER
UBS
GAO JIANGUO
SUSQUEHANNA INTERNAT
GOLDMAN SACHS GROUP
DEUTSCHE BANK AG

Firm Name
Raymond James
Salman Partners
BMO Capital Markets
EVA Dimensions
Knight

Portfolio Name
n/a
ROYCE & ASSOCIATES L
RENAISSANCE TECHNOLO
n/a
n/a
GLOBAL X MANAGEMENT
SENTRY SELECT CAPITA
PUBLIC SECTOR PENSIO
CANADA PENSION PLAN
IG INVESTMENT MANAGE
TD ASSET MANAGEMENT
Multiple Portfolios
NORGES BANK
Multiple Portfolios
Multiple Portfolios
n/a
n/a
SUSQUEHANNA INTERNAT
GOLDMAN SACHS GROUP
DEUTSCHE BANK AKTIEN

Analyst
BRAD HUMPHREY
ASH GUGLANI
ANDREW KAIP
CRAIG STERLING
TEAM COVERAGE

Source
ULT-AGG
13F
13F
SEDI
ULT-AGG
13F
13F
13F
13F
13F
13F
MF-AGG
13F
MF-AGG
MF-AGG
ULT-AGG
SEDI
13F
13F
13F

Recommendation
outperform
buy
market perform
overweight
strong buy

Amt Held
17'488'211
4'484'200
4'205'000
4'169'500
2'259'386
2'210'787
1'697'900
1'599'960
1'393'690
1'333'300
1'105'313
1'083'600
976'053
916'580
888'000
819'019
803'713
781'858
694'729
681'544

% Out
10.24
2.63
2.46
2.44
1.32
1.29
0.99
0.94
0.82
0.78
0.65
0.63
0.57
0.54
0.52
0.48
0.47
0.46
0.41
0.4

Weighting

Change
5
5
3
5
5

M
M
M
U
M

Latest Chg
438'002
(1'325'850)
237'300
30'000
211'112
28'800
(240'000)
25'000
141'100
(301'811)
43'100
(517'588)
2'990
(30'382)
46'447
(125'875)

Target Price
7
7
5
#N/A N/A
13

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
29.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012 Hedge Fund Manager
22.01.2013
n/a
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Pension Fund (ERISA)
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013
Unclassified
16.09.2011
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor

Date
12 month
12 month
Not Provided
Not Provided
12 month

Date
24.04.2013
17.04.2013
15.04.2013
09.04.2013
20.09.2011

30.04.2013

Evolution Mining Ltd


Evolution Mining Ltd is a gold exploration company with operations in Western
Australia. The Company owns the gold mines - Cracow, Edna May, Mt Rawdon and
Pajingo - and the Mt Carlton development project.

Price/Volume
3

18.0 M
16.0 M

14.0 M
12.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.10.2012)
52-Week Low (24.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
EVN AU EQUITY YTD Change
EVN AU EQUITY YTD % CHANGE

06/2012
01/yy
2.14
0.83
3'943'563.00
0.975
-54.44%
17.47%
11.83%
708.1
690.39
35.85
0.0
0.0
141.78
725.47

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

(2.3)
(2.3)
-

8.0 M
6.0 M
4.0 M

2.0 M
0
a-12

30.06.2009
(3.3)
(3.3)
Profitability

30.06.2010
22.3
13.04x
2.9
99.74x
5.5
41.35x

30.06.2011
121.9
2.11x
29.7
8.65x
(2.3)
-

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

30.06.2012
469.5
2.00x
190.4
4.92x
37.3
20.77x
190.41
95.24
20.29%
14.16%
7.60%
9.11%
9.13%
0.50%
28.1%
33.6%
21.2%
7.9%
1.60
1.17
2.82%
3.39%
23.51
9.08

Price/ Cash Flow

j-12

j-12

LTM-4Q

LTM

01/yy

01/yy
-

a-12

s-12

o-12

n-12

d-12

j-13

f-13

.0 M
a-13

m-13

FY+1
-

0.00
1.26
463.14
17.60
-44.29%
-42.98%
1.258
14
4.214
4'124'030
3'904'653
3'350'898
FY+2

06/13 Y
06/14 Y
619.8
713.4
1.29x
0.97x
237.5
301.0
3.05x
2.41x
60.0
92.7
11.08x
7.39x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

FQ+1

FQ+2

27.52
-3.81
0.16
0.39
3.4%
3.3%
0.50
0.63
15.57
40.32
62.99
6.10

Sales/Revenue/Turnover

80.00

500.0

70.00

450.0
400.0

60.00

350.0

50.00

300.0

40.00

250.0
200.0

30.00

150.0

20.00

100.0

10.00

50.0

0.00
03.07.2009

m-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


30.06.2008

10.0 M

0.0
03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Evolution Mining Ltd


Holdings By:

All

Holder Name
NEWCREST MINING LTD
ALLAN GRAY AUSTRALIA
VAN ECK ASSOCIATES C
BLACKROCK
RUFFER LLP
BANK OF AMERICA CORP
KLEIN JACOB
OPPENHEIMERFUNDS INC
LB SWISS INVESTMENT
FRANKLIN RESOURCES
JJ HOLDINGS (VIC) PT
FMR LLC
TOCQUEVILLE ASSET MA
VANGUARD GROUP INC
VANGUARD INVESTMENTS
SHARE SICAV
DIMENSIONAL FUND ADV
NESTOR INVESTMENT MA
POLLOCK MURRAY G
MALONEY PETER JOSEPH

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
TOCQUEVILLE ASSET MA
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a

Firm Name

Analyst

Investec
Macquarie
Goldman Sachs
RBC Capital Markets
JPMorgan
BBY Limited
Deutsche Bank
Credit Suisse
Paterson Securities
Nomura
EVA Dimensions
RBS Morgans
Ord Minnett
Evans & Partners Pty Ltd
Bell Potter
Hartleys

TIM GERRARD
MITCH RYAN
PAUL HISSEY
GEOFF BREEN
JOSEPH KIM
KURT WORDEN
CHRIS TERRY
MICHAEL SLIFIRSKI
MATTHEW TRIVETT
DAVID RADCLYFFE
CRAIG STERLING
JAMES WILSON
DAVID BRENNAN
CATHY MOISES
CHRIS WHITEHEAD
PETER GRAY

Source
Co File
EXCH
ULT-AGG
ULT-AGG
MF-AGG
EXCH
EXCH
MF-AGG
MF-AGG
ULT-AGG
Co File
ULT-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
EXCH

Recommendation
buy
outperform
neutral/attractive
outperform
neutral
strong buy
buy
outperform
hold
suspended coverage
buy
outperform
buy
negative
buy
buy

Amt Held
231'082'631
59'634'970
43'595'715
19'553'364
11'341'660
8'827'967
5'800'000
5'000'000
4'500'000
4'050'000
3'552'009
3'139'480
2'493'191
2'452'309
2'377'918
2'111'002
2'007'608
1'863'899
1'839'492
1'379'579

% Out
32.63
8.42
6.16
2.76
1.6
1.25
0.82
0.71
0.64
0.57
0.5
0.44
0.35
0.35
0.34
0.3
0.28
0.26
0.26
0.19

Weighting

Change

5
5
3
5
3
5
5
5
3
#N/A N/A
5
5
5
2
5
5

M
M
M
M
M
M
M
U
M
M
U
N
M
D
M
M

Latest Chg
8'000'579
(2'500)
(414'122)
50'000
67'263
(20'500)
53'649
(18'512)
(155'000)
3'180
75'000
-

Target Price
1
1
1
1
1
1
1
1
1
#N/A N/A
#N/A N/A
2
#N/A N/A
#N/A N/A
2
2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
17.09.2012
Corporation
17.04.2013
Investment Advisor
29.04.2013
Investment Advisor
26.04.2013
Investment Advisor
27.12.2012 Hedge Fund Manager
30.03.2011
Investment Advisor
05.02.2013
n/a
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
30.08.2012
Other
31.03.2013
Investment Advisor
31.03.2013 Hedge Fund Manager
31.03.2013
Investment Advisor
30.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.07.2012
Investment Advisor
28.02.2013
Investment Advisor
18.10.2011
n/a
18.10.2011
n/a

Date
12 month
12 month
12 month
12 month
9 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided

Date
26.04.2013
26.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
23.04.2013
23.04.2013
23.04.2013
12.04.2013
20.02.2013
27.11.2012
01.11.2012
26.10.2012
06.03.2012
02.02.2012

30.04.2013

China Precious Metal Resources Holdings Co Ltd


China Precious Metal Resources Holdings Co Ltd.through its subsidiary, mines for
precious metals.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.11.2012)
52-Week Low (16.07.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
1194 HK EQUITY YTD Change
1194 HK EQUITY YTD % CHANGE

12/2012
01/yy
1.62
1.08
1'600'000.00
1.33
-17.90%
23.15%
42.59%
4'350.7
5'786.47
1'841.42
0.0
0.0
100.19
7'527.69

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

180.0 M

160.0 M

140.0 M

120.0 M

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

.0 M
a-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
139.5
1.97x
(51.4)
(52.2)
-

31.12.2009
31.12.2010
19.4
168.2
167.09x
37.32x
5.1
116.1
639.25x
54.07x
(29.2)
21.9
72.08x
Profitability

31.12.2011
1'119.3
5.56x
824.5
7.55x
417.4
12.00x

31.12.2012
1'626.0
5.03x
1'119.6
7.31x
445.1
12.13x
1'119.57
850.89
52.33%
40.73%
5.76%
9.71%
8.93%
0.21%
63.9%
68.9%
52.3%
27.4%
0.42
0.23
19.79%
32.85%
12.48
9.33

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

0.00
0.62
3'550.71
-3.62%
-10.14%
0.621
3
5.000
6'301'540
10'726'670
7'774'551
FY+2

12/13 Y
12/14 Y
2'077.0
2'473.7
1'441.0
1'833.0
5.22x
4.11x
636.0
796.0
8.58x
7.27x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

FQ+1

FQ+2

4.03
1.44
1.56
1.64
32.9%
24.7%
0.21
1.11
29.33
39.24
5.63
62.95

Sales/Revenue/Turnover

5'000.0
4'500.0

1.00

4'000.0
3'500.0

0.80
0.60
0.40

3'000.0
2'500.0
2'000.0
1'500.0
1'000.0

0.20

500.0
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

China Precious Metal Resources Holdings Co Ltd


Holdings By:

All

Holder Name
MUNSUN GL MINING INV
YIM YANG CHANG
ASWELL GROUP LTD
VAN ECK ASSOCIATES C
BANK OF NEW YORK MEL
PREMIUM WISE INC
DIMENSIONAL FUND ADV
SIMPLE BEST LTD
VANGUARD GROUP INC
ZHANG SHU GUANG
XIAOBING DAI
BLACKROCK
CHAM LAM
CHAM LAM
CLAYMORE ADVISORS LL
STATE STREET
DIMENSIONAL FUND ADV
XIMIN MEI
OPPENHEIM KAPITALANL
KIN SANG CHAN

Firm Name
Argonaut Securities Pty Ltd
BOCOM International Holdings
EVA Dimensions

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a

Analyst
CHRIS JIANG
BENJAMIN PEI
CRAIG STERLING

Source
EXCH
EXCH
EXCH
ULT-AGG
EXCH
EXCH
MF-AGG
EXCH
MF-AGG
EXCH
EXCH
ULT-AGG
EXCH
Short
MF-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
Co File

Recommendation

Amt Held
% Out
438'766'000 10.08
307'206'000
7.06
257'196'670
5.91
223'024'000
5.13
217'908'000
5.01
187'636'382
4.31
21'864'000
0.5
16'682'000
0.38
14'414'000
0.33
10'300'000
0.24
10'000'000
0.23
9'200'000
0.21
7'400'000
0.17
(6'000'000) -0.14
4'968'000
0.11
3'528'000
0.08
2'826'000
0.06
2'000'000
0.05
1'920'000
0.04
800'000
0.02

Weighting
buy
buy
buy

Change
5
5
5

M
M
U

Latest Chg
7'190'000
24'900'000
(1'008'000)
(679'470'000)
(50'000'000)
1'034'000
1'120'000
(1'000'000)
-

Target Price
2
2
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
25.02.2013
26.10.2012
16.10.2012
29.04.2013
22.01.2013
08.11.2012
31.07.2012
07.10.2011
31.12.2012
18.04.2012
10.04.2013
26.04.2013
16.10.2012
16.10.2012
29.04.2013
29.04.2013
31.01.2013
31.12.2011
31.01.2013
31.12.2011

Date
Not Provided
Not Provided
Not Provided

Inst Type
Investment Advisor
n/a
Other
Investment Advisor
Investment Advisor
Holding Company
Investment Advisor
Other
Investment Advisor
n/a
n/a
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
n/a

Date
19.04.2013
02.04.2013
17.01.2013

30.04.2013

Seabridge Gold Inc


Seabridge Gold, Inc. acquires gold projects in North America. The Company
expands and verifies these resources, moves them to reserves to determine their
economic value, and either sells to or forms joint ventures with larger
companies for mine construction and production.

Price/Volume
25

4.5 M
4.0 M

20

3.5 M
3.0 M

15

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.09.2012)
52-Week Low (18.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SA US EQUITY YTD Change
SA US EQUITY YTD % CHANGE

12/2012
12/yy
20.34
9.63
96'232.00
10.73
-47.87%
11.42%
13.26%
45.6
488.82
0.00
0.0
0.0
52.04
441.03

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

2.0 M
1.5 M
1.0 M

.5 M
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
0.0
(5.6)
10.3
-

2.5 M

10

31.12.2009
31.12.2010
0.0
0.0
(5.0)
(5.7)
(4.7)
3.3
Profitability

LTM-4Q
31.12.2011
0.0
(19.8)
(20.1)
-

31.12.2012
0.0
(15.8)
(12.5)
-15.82
-15.83
-5.08%
-5.37%
0.00%
5.11
5.11
0.00%
0.00%
0.00
-

12/yy
0.0
#DIV/0!
(19.8)
0.00x
(20.1)
0.00x

LTM
12/yy
0.0
#DIV/0!
(8.7)
0.00x
(12.5)
0.00x

0.98
41.57
3.63
-35.98%
-40.29%
0.980
3
4.333
344'180
374'141
367'678

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

(15.0)
(16.0)
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

.0 M
a-13

-385.83
-1574.22
0.0%
0.0%
0.00
0.00
-

Sales/Revenue/Turnover

1.0
0.9

1.00

0.8
0.7

0.80
0.60
0.40

0.6
0.5
0.4
0.3
0.2

0.20

0.1
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Seabridge Gold Inc


Holdings By:

All

Holder Name
VAN ECK ASSOCIATES C
PAN ATLANTIC BANK
ROYCE AND ASSOCIATES
WEISS ASSET MANAGEME
FRONK RUDI P
ANTHONY JAMES S
FMR LLC
FCMI FINANCIAL CORP
BRISTOL INVESTMENT P
SUSQUEHANNA INTERNAT
FIDEURAM GESTIONS SA
FNDTN FOR STUDY OBJ
BLACKROCK
FOX LOUIS J
PORTOLA GROUP INCORP
THRELKELD WILLIAM E
BANFIELD A FREDERICK
NORGES BANK
DEUTSCHE BANK AG
VANGUARD GROUP INC

Firm Name
Cowen Securities LLC
Stonecap Securities Inc
Nomura

Portfolio Name
n/a
n/a
ROYCE & ASSOCIATES L
WEISS ASSET MANAGEME
n/a
n/a
n/a
n/a
BRISTOL INVESTMENT P
SUSQUEHANNA INTERNAT
Multiple Portfolios
n/a
n/a
n/a
PORTOLA GROUP INCORP
n/a
n/a
NORGES BANK
DEUTSCHE BANK AKTIEN
Multiple Portfolios

Analyst
ADAM P GRAF
CHRISTOS DOULIS
TYLER BRODA

Source
ULT-AGG
PROXY
13F
13F
SEDI
PROXY
ULT-AGG
PROXY
13F
13F
MF-AGG
SEDI
ULT-AGG
SEDI
13F
SEDI
PROXY
13F
13F
MF-AGG

Recommendation
buy
sector perform
buy

Amt Held
11'905'084
8'001'232
5'837'287
2'022'491
1'180'000
779'791
601'905
555'000
478'467
457'897
450'000
425'334
338'330
300'750
286'420
265'000
245'000
235'224
198'997
185'194

% Out
26.13
17.56
12.81
4.44
2.59
1.71
1.32
1.22
1.05
1.01
0.99
0.93
0.74
0.66
0.63
0.58
0.54
0.52
0.44
0.41

Weighting

Change
5
3
5

Latest Chg
3'512'313
(289'596)
2'022'491
10'000
(203'241)
129'117
(464'930)
(23'150)
(10'000)
(71'639)
2'534
6'435

Target Price

M
M
M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

65
22
24

File Dt
Inst Type
29.04.2013
Investment Advisor
10.05.2012
Bank
31.03.2013
Investment Advisor
31.12.2012 Hedge Fund Manager
16.11.2012
n/a
15.05.2012
n/a
31.03.2013
Investment Advisor
10.05.2012
Corporation
31.03.2013 Hedge Fund Manager
31.12.2012
Investment Advisor
02.04.2013
Investment Advisor
06.02.2012
Other
26.04.2013
Investment Advisor
06.12.2011
n/a
31.03.2013
Investment Advisor
30.08.2011
n/a
15.05.2012
n/a
31.12.2012
Government
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor

Date
Not Provided
12 month
Not Provided

Date
09.04.2013
08.03.2013
16.05.2012

30.04.2013

Beadell Resources Ltd


Beadell Resources Limited is a gold development company. The Company's
primary asset is the Tucano gold project, located in Brazil. Beadell also has
an extensive portfolio of gold exploration tenements throughout Australia
and Brazil, including the prospective Tropicana East Project located adjacent
to the Tropicana gold deposit

Price/Volume

12/2012
01/yy
1.14
0.52
12'021'836.00
0.705
-37.89%
35.58%
26.02%
786.5
554.47
132.84
0.0
0.0
5.38
681.93

31.12.2009
(3.9)
(3.9)
Profitability

31.12.2010
2.9
28.44x
(7.5)
(8.3)
-

31.12.2011
0.0
(35.3)
(34.8)
-

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

20.0 M
15.0 M

10.0 M

5.0 M

0
a-12

m-12

j-12

j-12

LTM-4Q

LTM

01/yy

01/yy

31.12.2012
0.9
976.94x
(14.0)
(43.0)
-13.98
-14.11
-1612.69%
-4944.23%
-22.34%
-100.81%
0.00%
-1612.7%
-4913.5%
0.44
0.05
53.81%
407.55%
-

Price/ Cash Flow

a-12

s-12

o-12

n-12

d-12

j-13

f-13

.0 M
a-13

m-13

FY+1
-

0.00
1.29
667.98
26.84
1.44%
-28.06%
1.294
14
4.643
12'837'220
8'171'680
7'529'525
FY+2

12/13 Y
12/14 Y
315.6
335.9
1.70x
1.18x
161.3
184.6
4.23x
3.69x
130.4
144.0
4.83x
4.10x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

FQ+1

FQ+2

-5.55
-16.00
407.5%
80.3%
0.00
0.01
-

Sales/Revenue/Turnover

70.00

3.5

60.00

3.0

50.00

2.5

40.00

2.0

30.00

1.5

20.00

1.0

10.00

0.5

0.00
03.07.2009

25.0 M

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


(5.9)
(5.3)
-

30.0 M

Latest Fiscal Year:


LTM as of:
52-Week High (07.12.2012)
52-Week Low (15.05.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 22.04.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BDR AU EQUITY YTD Change
BDR AU EQUITY YTD % CHANGE

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

35.0 M

1
1

Valuation Analysis

31.12.2008

0.0
03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Beadell Resources Ltd


Holdings By:

All

Holder Name
COLUMBIA WANGER ASSE
VAN ECK ASSOCIATES C
COUPLAND CARDIFF ASS
L1 CAPITAL PTY LTD
BOWLER PETER
FRANKLIN RESOURCES
BLACKROCK
OZ MINERALS INVESTME
AMP LIFE LTD
UNISUPER
FMR LLC
BRAIDWOOD INVESTMENT
LEIBOWITZ ANTHONY HO
BARRETT GREGORY MICH
ACORN CAPITAL LTD
HOOKIPA PTY LTD
WATKINS ROBERT
TWYNAM AGRICULTURAL
SUNSUPER FUND
AMERIPRISE FINANCIAL

Firm Name
Macquarie
Argonaut Securities Pty Ltd
Octa Phillip Securities Ltd
Hartleys
Ord Minnett
GMP
Shaw Stockbroking
Casimir Capital
EVA Dimensions
Blackswan Equities Ltd
RBS Morgans
Evans & Partners Pty Ltd
Bell Potter

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a

Source
EXCH
ULT-AGG
Co File
EXCH
EXCH
ULT-AGG
ULT-AGG
Co File
Co File
EXCH
ULT-AGG
Co File
EXCH
Co File
EXCH
Co File
EXCH
Co File
EXCH
EXCH

Analyst
MITCH RYAN
PATRICK CHANG
ANDREW SHEARER
TRENT BARNETT
DAVID BRENNAN
LEVI SPRY
VINCENT PISANI
ERIC ALLISON
CRAIG STERLING
RHYS BRADLEY
JAMES WILSON
CATHY MOISES
CHRIS WHITEHEAD

Recommendation
outperform
buy
buy
buy
buy
buy
buy
overweight
sell
buy
outperform
Positive
buy

Amt Held
61'627'671
57'959'639
37'132'343
23'660'753
21'043'333
19'652'465
17'101'565
12'800'000
12'331'993
12'137'228
11'653'618
9'100'001
8'586'457
8'351'651
7'556'401
7'254'650
6'150'001
5'975'000
4'733'422
4'672'306

% Out
7.84
7.37
4.72
3.01
2.68
2.5
2.17
1.63
1.57
1.54
1.48
1.16
1.09
1.06
0.96
0.92
0.78
0.76
0.6
0.59

Weighting

Change
5
5
5
5
5
5
5
5
1
5
5
4
5

M
N
M
M
M
M
M
M
M
N
N
N
M

Latest Chg
386'033
12'464'715
(21'000'000)
(4'000'000)
70'000
65'047
1'685'000
263'091
544'551

Target Price
1
1
1
1
1
1
1
2
#N/A N/A
1
1
#N/A N/A
1

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
18.04.2013
Investment Advisor
29.04.2013
Investment Advisor
18.02.2013 Hedge Fund Manager
22.11.2012
Investment Advisor
30.11.2012
n/a
31.01.2013
Investment Advisor
26.04.2013
Investment Advisor
31.03.2012
Unclassified
31.03.2012
Investment Advisor
05.12.2011
Other
31.03.2013
Investment Advisor
31.03.2012
Unclassified
30.11.2012
n/a
31.12.2011
n/a
05.12.2011
Investment Advisor
31.03.2012
Unclassified
14.11.2012
n/a
31.12.2012
Other
05.12.2011
Other
18.04.2013
Investment Advisor

Date
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month

Date
26.04.2013
26.04.2013
24.04.2013
23.04.2013
17.04.2013
28.03.2013
28.03.2013
16.01.2013
15.01.2013
21.12.2012
27.11.2012
24.10.2012
05.03.2012

30.04.2013

Resolute Mining Ltd


Resolute Mining Limited explores for, produces and develops gold in Ghana, Mali
Queensland and Tanzania. The Company's gold exploration projects include
Obotan, Syama, Ravenswood and Golden Pride.

Price/Volume
3
2
2

Valuation Analysis

Latest Fiscal Year:


LTM as of:
52-Week High (05.10.2012)
52-Week Low (16.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
RSG AU EQUITY YTD Change
RSG AU EQUITY YTD % CHANGE

06/2012
01/yy
2.08
0.85
1'962'360.00
0.955
-54.09%
13.02%
12.96%
643.1
614.15
11.02
0.0
(33.3)
48.78
553.03

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


30.06.2008
231.5
2.48x
20.9
27.45x
(56.7)
-

30.06.2009
30.06.2010
299.7
334.9
1.12x
1.49x
57.3
80.3
5.85x
6.23x
30.7
(37.2)
6.17x
Profitability

30.06.2011
445.1
1.36x
110.0
5.49x
59.7
8.72x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

30.06.2012
576.7
1.37x
254.4
3.10x
105.1
7.25x
254.40
180.99
31.38%
21.58%
21.89%
25.34%
27.39%
0.90%
35.8%
42.1%
31.0%
18.2%
3.40
0.76
1.66%
1.91%
28.85
2.69

Price/ Cash Flow

20.0 M
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
a-13

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

5.24
1.27
314.96
2.49
-41.66%
-41.77%
1.269
13
3.769
3'244'231
3'201'467
4'246'114
FY+2

FQ+1

FQ+2

06/13 Y
06/14 Y
12/11 Q2 03/12 Q3
656.9
600.2
0.74x
0.78x
276.0
239.0
2.00x
2.31x
144.4
105.1
4.17x
5.52x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

24.36
22.02
-0.13
0.06
1.9%
2.0%
0.90
3.38
12.69
136.26
32.96
85.74

Sales/Revenue/Turnover

25.00

700.0
600.0

20.00

500.0
15.00

400.0
300.0

10.00

200.0
5.00

0.00
03.07.2009

100.0
0.0
03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Resolute Mining Ltd


Holdings By:

All

Holder Name
ICM LTD
UTILICO INVESTMENTS
M&G INVESTMENT MANAG
VANGUARD GROUP INC
BANK OF AMERICA CORP
VAN ECK ASSOCIATES C
VINVA INVESTMENT MGM
CF RUFFER BAKER STEE
RUFFER LLP
PERMANENT INVESTMENT
DIMENSIONAL FUND ADV
GENUS DYNAMIC GOLD F
JP MORGAN
BAKER STEEL CAPITAL
ECLECTIC INVEST TRUS
VANGUARD INVESTMENTS
SULLIVAN PETER ROSS
FMR LLC
GRANTHAM MAYO VAN OT
BLACKROCK

Firm Name
Canaccord Genuity Corp
Morgan Stanley
GMP
Bell Potter
Argonaut Securities Pty Ltd
BMO Capital Markets
Veritas Securities
EVA Dimensions
Westhouse Securities
Helmsec Global Capital Limited
Deutsche Bank

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a

Analyst
REG SPENCER
BRENDAN FITZPATRICK
LEVI SPRY
STEPHEN THOMAS
PATRICK CHANG
DAVID HAUGHTON
MATTHEW BAILLIE
CRAIG STERLING
ROB BROKE
GAVIN VAN DER WATH
CHRIS TERRY

Source
EXCH
EXCH
EXCH
EXCH
EXCH
ULT-AGG
EXCH
EXCH
MF-AGG
EXCH
MF-AGG
EXCH
ULT-AGG
EXCH
EXCH
MF-AGG
EXCH
ULT-AGG
MF-AGG
ULT-AGG

Recommendation
sell
Equalwt/In-Line
buy
buy
buy
market perform
buy
buy
add
speculative buy
not rated

Amt Held
192'072'476
126'929'227
64'000'000
57'000'000
39'392'367
33'691'540
32'497'591
19'097'479
12'576'000
5'010'643
4'891'038
4'811'000
4'776'489
4'300'000
3'500'000
3'455'670
3'007'448
2'988'261
1'485'807
1'401'611

% Out
29.87
19.74
9.95
8.86
6.13
5.24
5.05
2.97
1.96
0.78
0.76
0.75
0.74
0.67
0.54
0.54
0.47
0.46
0.23
0.22

Weighting

Change

1
3
5
5
5
3
5
5
4
4
#N/A N/A

M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(5'037'500)
1'500'000
(5'700'000)
5'034'971
(9'442'393)
(3'846'391)
(4'989'357)
(77'000)
1'500'000
807'280
(500'000)
108'451
-

Target Price
1
1
2
2
2
2
2
#N/A N/A
2
2
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
20.11.2012
Other
12.07.2012
Investment Advisor
08.02.2013
Investment Advisor
05.10.2012
Investment Advisor
10.05.2012
Investment Advisor
29.04.2013
Investment Advisor
31.01.2013
Investment Advisor
04.04.2012
n/a
27.12.2012 Hedge Fund Manager
12.07.2012
Other
31.07.2012
Investment Advisor
23.02.2012
n/a
28.02.2013
Investment Advisor
04.04.2012
Investment Advisor
12.07.2012
Investment Advisor
30.09.2012
Investment Advisor
02.01.2013
n/a
31.03.2013
Investment Advisor
31.05.2012
Investment Advisor
26.04.2013
Investment Advisor

Date
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided

Date
30.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
15.04.2013
25.01.2013
17.01.2013
08.11.2012
31.07.2012
22.02.2012

30.04.2013

Endeavour Mining Corp


Endeavour Mining Corp. is a growth focused West African gold producer. The
Company's operations include three operating mines in Ghana, Mali, and Burkina
Faso, and a fourth mine in Cote d'Ivoire that is currently in construction.
Endeavour also has a large West African land position with active exploration
programs.

Price/Volume
3

8.0 M
7.0 M

6.0 M
5.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.10.2012)
52-Week Low (18.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
EDV CN EQUITY YTD Change
EDV CN EQUITY YTD % CHANGE

12/2012
12/yy
2.56
0.83
181'570.00
1.03
-58.59%
24.10%
13.29%
412.5
424.86
201.83
0.0
75.0
113.67
587.99

30.06.2008
109.2
57.1
3.99x

4.0 M

3.0 M
2.0 M

1.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

9.0 M

30.06.2009
30.06.2010
(219.3)
167.1
(237.2)
130.7
(241.8)
125.3
1.70x
Profitability

LTM-4Q
31.12.2011
145.6
3.93x
43.3
13.22x
(23.5)
-

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
346.1
2.81x
136.2
7.14x
(8.6)
136.25
62.12
17.95%
10.05%
-0.61%
-0.97%
-0.90%
0.25%
27.4%
39.4%
18.0%
-2.5%
2.48
1.17
11.50%
19.00%
16.54
4.08

Price/ Cash Flow

12/yy
146.0
5.51x
42.7
13.22x
(26.5)
0.00x

LTM
12/yy
347.1
7.47x
136.6
7.12x
(8.3)
1993.13x

FY+1

.0 M
a-13

0.00
1.02
406.80
0.67
-49.26%
-50.24%
1.019
5
4.800
1'504'341
2'040'048
1'902'082
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
501.0
637.8
110.0
118.0
206.7
246.0
2.87x
2.39x
101.8
127.0
6.67x
5.02x
7.92x
6.23x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

25.82
2.76
0.65
1.48
19.0%
15.1%
0.25
0.33
22.12
89.61
90.61
21.22

Sales/Revenue/Turnover

90.00

400.0

80.00

300.0

70.00
60.00

200.0

50.00

100.0

40.00

0.0

30.00
20.00

-100.0

10.00

-200.0

0.00
03.07.2009

03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-300.0

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Endeavour Mining Corp


Holdings By:

All

Holder Name
VAN ECK ASSOCIATES C
SENTRY SELECT CAPITA
FMR LLC
RUFFER LLP
OPPENHEIMERFUNDS INC
ROYCE AND ASSOCIATES
JP MORGAN
ASHDELL LTD
DIMENSIONAL FUND ADV
BLACKROCK
VANGUARD GROUP INC
JONES HEWARD INVESTM
WELLS FARGO
CONNELLY MARK
LB SWISS INVESTMENT
SPROTT INC
WOODYER NEIL
LAING DAVID C
SMITH & WILLIAMSON H
BOWLBY DOUGLAS J

Firm Name
Raymond James
Canaccord Genuity Corp
CIBC World Markets
GMP
Goldman Sachs
BMO Capital Markets

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a

Analyst
BRAD HUMPHREY
NICHOLAS CAMPBELL
LEON ESTERHUIZEN
ANDREW MIKITCHOOK
EUGENE KING
ANDREW BREICHMANAS

Source
ULT-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
13G
ULT-AGG
PROXY
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
SEDI
MF-AGG
MF-AGG
SEDI
SEDI
ULT-AGG
SEDI

Recommendation
outperform
speculative buy
sector outperform
buy
Buy/Neutral
not rated

Amt Held
33'005'638
20'147'799
14'061'830
9'321'000
6'778'475
4'850'000
4'757'617
2'800'000
2'587'277
2'248'448
1'790'523
1'303'796
983'104
855'000
700'000
541'001
447'127
388'618
323'601
266'357

% Out
8
4.88
3.41
2.26
1.64
1.18
1.15
0.68
0.63
0.55
0.43
0.32
0.24
0.21
0.17
0.13
0.11
0.09
0.08
0.06

Weighting

Change

5
4
5
5
5
#N/A N/A

M
M
M
M
M
M

Latest Chg
(148'896)
(7'178'000)
526'000
(500'000)
3'374
1'074'288
185'160
(171'161)
50'000
60'000
37'287

Target Price
3
3
2
3
2
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
29.04.2013
Investment Advisor
31.10.2012
Investment Advisor
31.03.2013
Investment Advisor
27.12.2012 Hedge Fund Manager
28.02.2013
Investment Advisor
31.12.2011
Investment Advisor
31.12.2012
Investment Advisor
10.09.2012
Other
31.07.2012
Investment Advisor
26.04.2013
Investment Advisor
31.03.2013
Investment Advisor
29.04.2013
Investment Advisor
28.02.2013
Investment Advisor
12.12.2011
n/a
28.02.2013
Investment Advisor
31.12.2012 Hedge Fund Manager
19.04.2013
n/a
16.04.2013
n/a
28.02.2013
Investment Advisor
30.01.2013
n/a

Date
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided

Date
24.04.2013
24.04.2013
11.04.2013
01.04.2013
15.03.2013
24.01.2013

30.04.2013

Fortuna Silver Mines Inc


Fortuna Silver Mines Inc. is a growth oriented, silver and base metal producer
focused on mining opportunities in Latin America. The Company's primary assets
are the San Jose silver-gold mine in Mexico and the Caylloma silver-lead-zinc
mine in Peru. Fortuna Silver Mines is selectively pursuing additional
acquisition opportunities in the Americas.

Price/Volume
6

6.0 M
5.0 M

Latest Fiscal Year:


LTM as of:
52-Week High (21.09.2012)
52-Week Low (17.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
FVI CN EQUITY YTD Change
FVI CN EQUITY YTD % CHANGE

12/2012
12/yy
5.85
2.67
105'370.00
3.13
-47.18%
17.23%
17.30%
125.3
392.13
326.70

4.0 M
3.0 M

2.0 M
1

1.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

7.0 M

Valuation Analysis

31.12.2008
24.8
1.39x
0.1
401.05x
(0.9)
-

8.0 M

31.12.2009
31.12.2010
51.4
74.1
3.01x
6.78x
21.3
34.1
7.25x
14.71x
0.6
16.0
99.42x
34.34x
Profitability

LTM-4Q
31.12.2011
110.0
5.78x
48.8
13.01x
19.5
32.35x

31.12.2012
161.0
70.7
31.5
15.45x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

70.72
49.34
30.64%
28.09%
10.70%
12.77%
12.75%
0.55%
43.9%
43.9%
30.6%
19.5%
6.97
7.48

Price/ Cash Flow

12/yy
110.0
20.85x
48.8
13.01x
19.5
32.35x

LTM
12/yy
161.0
12.10x
70.7
6.51x
31.5
15.45x

FY+1

.0 M
a-13

0.00
1.46
124.51
2.84
-24.21%
-24.58%
1.462
10
4.100
500'342
467'754
474'240
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
175.2
202.0
39.4
38.1
80.5
102.2
16.7
20.0
4.05x
3.20x
3.75x
36.9
45.6
6.3
4.2
12.70x
10.24x
11.89x
10.76x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

125.83
46.04
-0.88
0.04
0.55
0.83
52.51
48.91
39.64
-

Sales/Revenue/Turnover

35.00

180.0

30.00

160.0
140.0

25.00

120.0

20.00

100.0

15.00

80.0
60.0

10.00

40.0

5.00
0.00
01.01.2010

20.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Fortuna Silver Mines Inc


Holdings By:

All

Holder Name
SENTRY SELECT CAPITA
SPROTT INC
MASON HILL ADVISORS
MONTRUSCO BOLTON INV
BLACKROCK
TD ASSET MANAGEMENT
PUBLIC SECTOR PENSIO
AGF INVESTMENTS INC
GLOBAL STRATEGY FINA
INTACT INVESTMENT MA
CQS CAYMAN LP
MACKENZIE FINANCIAL
ROYAL BANK OF CANADA
FEDERATED INVESTORS
QUANTEX AG
VANGUARD GROUP INC
NORTHWEST MUTUAL FUN
CANADA PENSION PLAN
MD MANAGEMENT LTD
VEHRS THOMAS I

Firm Name
Global Hunter Securities
Raymond James
BMO Capital Markets
Cormark Securities Inc.
Haywood Securities Inc.
Canaccord Genuity Corp
Euro Pacific Capital Inc
EVA Dimensions
CIBC World Markets
Scotia Capital

Portfolio Name
SENTRY SELECT CAPITA
SPROTT INC
MASON HILL ADVISORS
MONTRUSCO BOLTON INV
n/a
TD ASSET MANAGEMENT
PUBLIC SECTOR PENSIO
AGF INVESTMENTS INC
Multiple Portfolios
INTACT INVESTEMENT M
CQS CAYMAN LP
MACKENZIE FINANCIAL
n/a
FEDERATED INVESTORS
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
CANADA PENSION PLAN
Multiple Portfolios
n/a

Analyst
JEFF WRIGHT
CHRIS THOMPSON
ANDREW KAIP
GRAEME JENNINGS
BENJAMIN ASUNCION
NICHOLAS CAMPBELL
HEIKO IHLE
CRAIG STERLING
LEON ESTERHUIZEN
TREVOR TURNBULL

Source
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
MF-AGG
13F
13F
13F
ULT-AGG
13F
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
SEDI

Recommendation
buy
market perform
market perform
market perform
buy
speculative buy
buy
buy
sector outperform
sector perform

Amt Held
10'524'500
8'370'809
7'932'400
2'507'190
2'187'340
1'397'800
1'174'200
1'169'500
1'137'189
997'900
850'000
711'800
683'198
600'000
600'000
571'980
505'241
498'091
462'200
425'000

% Out
8.4
6.68
6.33
2
1.75
1.12
0.94
0.93
0.91
0.8
0.68
0.57
0.55
0.48
0.48
0.46
0.4
0.4
0.37
0.34

Weighting

Change
5
3
3
3
5
4
5
5
5
3

M
M
M
M
M
M
M
U
N
M

Latest Chg
465'900
(356'649)
(543'900)
(162'200)
180'272
(10'100)
(239'800)
(289'500)
(470'000)
138'400
(294'511)
4'700
56'738
33'300
225'000

Target Price
5
4
5
4
5
6
4
#N/A N/A
6
4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.12.2012
Investment Advisor
31.03.2013 Hedge Fund Manager
31.12.2012 Hedge Fund Manager
31.12.2012
Investment Advisor
26.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
28.09.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Bank
31.03.2013
Investment Advisor
29.03.2013
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012 Pension Fund (ERISA)
28.02.2013
Investment Advisor
29.11.2011
n/a

Date
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month

Date
29.04.2013
24.04.2013
22.04.2013
22.04.2013
22.04.2013
18.04.2013
17.04.2013
16.04.2013
11.04.2013
21.03.2013

30.04.2013

McEwen Mining Inc


McEwen Mining Inc. is a high growth, low cost mid-tier gold producer in the
Americas.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.11.2012)
52-Week Low (18.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 22.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
MUX US EQUITY YTD Change
MUX US EQUITY YTD % CHANGE

12/2012
12/yy
4.72
1.67
860'435.00
2.1601
-54.41%
29.35%
16.74%
215.3
627.28
0.00
0.0
0.0
70.92
556.35

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20
1.00

18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
0.0
(19.7)
(131.1)
-

5
5
4
4
3
3
2
2
1
1
0
a-12

31.12.2009
31.12.2010
0.0
0.0
(17.3)
(29.0)
(27.7)
(33.1)
Profitability

LTM-4Q
31.12.2011
0.0
(59.6)
(61.9)
-

31.12.2012
6.0
178.15x
(92.3)
(66.7)
-92.34
-93.37
-1565.02%
-1573.89%
-9.12%
-12.02%
0.04%
10.5%
-266.8%
-270.6%
-1117.2%
3.65
2.82
0.00%
0.00%
-

12/yy
0.0
#DIV/0!
(59.6)
0.00x
(61.9)
0.00x

LTM
12/yy
26.8
156.88x
(71.5)
0.00x
(66.7)
0.00x

FY+1

.0 M
a-13

0.00
1.48
141.17
27.54
-40.30%
-43.60%
1.481
4
4.000
3'756'986
3'467'154
3'162'507
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
150.0
217.0
32.6
34.8
83.0
137.0
6.70x
4.06x
70.9
114.0
14.7
16.1
22.74x
12.71x
9.39x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

0.00
0.0%
0.0%
0.04
0.05
-

Sales/Revenue/Turnover

7.0
6.0
5.0

0.80

4.0
0.60

3.0

0.40

2.0
1.0

0.20

0.0
0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

McEwen Mining Inc


Holdings By:

All

Holder Name
MCEWEN ROBERT R
BLACKROCK
VAN ECK ASSOCIATES C
STATE STREET
ROYCE AND ASSOCIATES
VANGUARD GROUP INC
JENNISON ASSOCIATES
NORTHERN TRUST CORPO
DIMENSIONAL FUND ADV
STALEY CAPITAL ADVIS
OPPENHEIMERFUNDS INC
GLOBAL X MANAGEMENT
MANUFACTURERS LIFE I
HORIZON KINETICS
SPROTT INC
BPI FUNDOS GFIM SA/P
WELLS FARGO
BANK OF NEW YORK MEL
TIAA CREF INVESTMENT
RAYMOND JAMES & ASSO

Firm Name
Stifel
EVA Dimensions
Cowen Securities LLC
Fraser Mackenzie Limited

Portfolio Name
n/a
n/a
n/a
n/a
ROYCE & ASSOCIATES L
VANGUARD GROUP INC
JENNISON ASSOCIATES
NORTHERN TRUST CORPO
DIMENSIONAL FUND ADV
STALEY CAPITAL ADVIS
OPPENHEIMER FUNDS IN
GLOBAL X MANAGEMENT
MANUFACTURERS LIFE I
n/a
SPROTT INC
Multiple Portfolios
n/a
BANK OF NEW YORK MEL
TIAA-CREF INVESTMENT
RAYMOND JAMES & ASSO

Analyst
CRAIG P STANLEY
CRAIG STERLING
ADAM P GRAF
ALEKSANDRA BUKACHEVA

Source
Form 4
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
MF-AGG
ULT-AGG
13F
13F
13F

Recommendation
buy
underweight
buy
buy

Amt Held
73'428'564
13'335'621
12'713'212
11'459'381
10'796'918
8'798'586
6'826'384
3'037'440
2'849'695
2'446'937
2'246'531
2'192'648
2'116'076
1'853'323
1'735'340
1'662'931
1'478'932
1'166'475
1'077'675
912'507

% Out
34.1
6.19
5.9
5.32
5.01
4.09
3.17
1.41
1.32
1.14
1.04
1.02
0.98
0.86
0.81
0.77
0.69
0.54
0.5
0.42

Weighting

Change
5
1
5
5

M
U
M
M

Latest Chg
380'310
(2'618'973)
(90'000)
(3'843'036)
755'211
353'723
1'584'177
366'137
486'048
564'871
195'158
23'185
(1'000'000)
313'982
153'696
73'405
63'377
132'810

Target Price
3
#N/A N/A
8
5

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
18.04.2013
n/a
31.03.2013
Investment Advisor
29.04.2013
Investment Advisor
29.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Insurance Company
31.12.2012
Investment Advisor
31.03.2013 Hedge Fund Manager
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor

Date
Not Provided
Not Provided
12 month
Not Provided

Date
26.04.2013
18.04.2013
12.04.2013
02.01.2013

30.04.2013

MAG Silver Corp


MAG Silver Corp acquires and explores mineral properties with a focus on
high-grade silver and gold. The Company, through its subsidiary, holds options
to earn an interest in properties located in Mexico.

Price/Volume
14

.8 M

12

.7 M
.6 M

10

.5 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.11.2012)
52-Week Low (17.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
MAG CN EQUITY YTD Change
MAG CN EQUITY YTD % CHANGE

12/2012
12/yy
13.32
6.57
19'500.00
7.8
-41.89%
18.72%
22.52%
60.1
469.01
0.00
0.0
0.0
41.05
427.96

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

(6.7)
(5.9)
-

.3 M

.2 M

.1 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008

.4 M

31.12.2009
31.12.2010
0.0
0.0
(9.4)
(12.9)
(13.5)
(12.6)
Profitability

LTM-4Q
31.12.2011
0.0
(9.5)
(8.3)
-

31.12.2012
0.0
(13.4)
(12.3)
-13.45
-13.49
-10.53%
-10.72%
0.00%
31.79
31.65
0.00%
0.00%
0.00
-

12/yy
0.0
#DIV/0!
(9.5)
0.00x
(8.3)
0.00x

LTM
12/yy
0.0
#DIV/0!
(13.5)
0.00x
(12.3)
0.00x

0.00
1.71
48.03
0.21
-20.81%
-23.30%
1.709
4
4.500
139'821
179'561
180'432

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

(3.4)
(3.4)
(4.4)
(9.2)
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

.0 M
a-13

(0.9)
(0.9)
-

(0.9)
(0.9)
0.00
0.0%
0.0%
0.00
0.00
-

Sales/Revenue/Turnover

1.0
0.9

1.00

0.8
0.7

0.80
0.60
0.40

0.6
0.5
0.4
0.3
0.2

0.20

0.1
0.0

0.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

MAG Silver Corp


Holdings By:

All

Holder Name
FRESNILLO PLC
MASON HILL ADVISORS
TOCQUEVILLE ASSET MA
VAN ECK ASSOCIATES C
SPROTT INC
FRANKLIN RESOURCES
T ROWE PRICE ASSOCIA
CANADA PENSION PLAN
BLACKROCK
SUN VALLEY GOLD LLC
CARMAX ENTERPRISES
GLOBAL X MANAGEMENT
US GLOBAL INVESTORS
ANDREEFF EQUITY ADVI
FALCON FUND MANAGEME
WELLS FARGO
CARLSON ERIC H
RAFFLES ASSOCIATES L
AGF INVESTMENTS INC
PRUDENTIAL FINANCIAL

Firm Name
Macquarie
Raymond James
BMO Capital Markets
Canaccord Genuity Corp

Portfolio Name
n/a
MASON HILL ADVISORS
TOCQUEVILLE ASSET MA
n/a
SPROTT INC
n/a
T ROWE PRICE ASSOCIA
CANADA PENSION PLAN
n/a
SUN VALLEY GOLD LLC
n/a
GLOBAL X MANAGEMENT
US GLOBAL INVESTORS
ANDREEFF EQUITY ADVI
Multiple Portfolios
n/a
n/a
RAFFLES ASSOCIATES L
AGF INVESTMENTS INC
n/a

Analyst
MICHAEL GRAY
DAVID SADOWSKI
JOHN P HAYES
NICHOLAS CAMPBELL

Source
PROXY
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
Co File
13F
13F
13F
MF-AGG
ULT-AGG
SEDI
13F
13F
ULT-AGG

Recommendation
outperform
outperform
speculative outperform
speculative buy

Amt Held
9'746'193
5'227'561
4'329'250
3'894'653
2'755'754
1'626'550
1'372'900
1'116'298
994'030
986'206
946'300
799'080
760'000
520'582
432'000
402'144
379'200
372'900
370'978
340'400

% Out
16.21
8.69
7.2
6.48
4.58
2.71
2.28
1.86
1.65
1.64
1.57
1.33
1.26
0.87
0.72
0.67
0.63
0.62
0.62
0.57

Weighting

Change
5
5
4
4

M
M
M
M

Latest Chg
(227'749)
1'805'500
(17'544)
2'755'754
(544'950)
1'372'900
52'900
(408'125)
264'085
10'000
68'991
50'000
105'600
176'100

Target Price
14
14
#N/A N/A
15

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
07.09.2012
31.12.2012
31.03.2013
29.04.2013
31.03.2013
31.03.2013
31.12.2012
31.12.2012
26.04.2013
31.12.2012
31.12.2010
31.12.2012
31.12.2012
31.12.2012
28.02.2013
28.02.2013
03.08.2012
31.12.2012
31.03.2013
28.03.2013

Date
12 month
12 month
Not Provided
12 month

Inst Type
Unclassified
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Pension Fund (ERISA)
Investment Advisor
Hedge Fund Manager
Corporation
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
n/a
Hedge Fund Manager
Investment Advisor
Investment Advisor

Date
25.04.2013
24.04.2013
15.04.2013
11.04.2013

30.04.2013

Primero Mining Corp


Primero Mining Corporation is a gold and silver producer. The Company focuses
on building a precious metals portfolio in the Americas.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (24.10.2012)
52-Week Low (28.06.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
P
CN EQUITY YTD Change
P
CN EQUITY YTD % CHANGE

12/2012
12/yy
7.89
2.43
108'784.00
5.87
-25.48%
141.56%
64.10%
97.2
570.60
40.00
0.0
0.0
139.24
466.43

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

9.0 M

8.0 M

7.0 M

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
0.0
(0.6)
(0.7)
-

31.12.2009
31.12.2010
0.0
60.3
8.68x
(0.6)
12.8
40.81x
(0.7)
(31.5)
Profitability

LTM-4Q
31.12.2011
156.5
1.80x
72.8
3.86x
49.6
5.81x

31.12.2012
182.9
2.88x
77.4
6.79x
49.6
11.91x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

77.44
49.39
27.00%
24.42%
7.74%
9.35%
0.29%
58.7%
42.3%
27.0%
27.1%
3.07
2.66
5.97%
7.00%
39.27
7.36

Price/ Cash Flow

12/yy
156.5
8.77x
72.8
3.86x
49.6
5.51x

LTM
12/yy
182.9
7.32x
77.4
6.79x
49.6
12.37x

FY+1

.0 M
a-13

0.00
1.43
64.80
5.67
115.81%
-8.28%
1.433
11
4.636
406'916
339'797
403'272
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
213.5
279.7
44.1
63.1
2.17x
1.70x
10.65x
7.28x
106.5
168.3
17.6
36.5
4.39x
2.77x
4.60x
4.10x
50.2
90.1
6.8
20.5
15.84x
8.71x
14.88x
12.59x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

26.82
13.06
-1.28
0.52
7.0%
6.5%
0.29
0.37
9.32
49.71
145.84
-86.81

Sales/Revenue/Turnover

7.00

200.0
180.0

6.00

160.0

5.00

140.0
120.0

4.00

100.0
80.0

3.00

60.0

2.00

40.0
1.00
0.00
01.01.2010

20.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Primero Mining Corp


Holdings By:

All

Holder Name
GOLDCORP INC
TOCQUEVILLE ASSET MA
FRANKLIN RESOURCES
BLACKROCK
CONNOR CLARK & LUNN
VAN ECK ASSOCIATES C
ROYAL BANK OF CANADA
FMR LLC
O'SHAUGHNESSY ASSET
ACADIAN ASSET MANAGE
SPROTT INC
FALCON FUND MANAGEME
SUN VALLEY GOLD LLC
SENTRY SELECT CAPITA
HILLSDALE INVESTMENT
RENAISSANCE TECHNOLO
SPARK INVESTMENT MAN
MD MANAGEMENT LTD
CONWAY JOSEPH F
BATTERYMARCH FINANCI

Firm Name
CIBC World Markets
Macquarie
BMO Capital Markets
Cormark Securities Inc.
RBC Capital Markets
Cantor Fitzgerald
Canaccord Genuity Corp
EVA Dimensions
TD Securities
Mackie Research Capital Corp.
Scotia Capital
GMP

Portfolio Name
n/a
TOCQUEVILLE ASSET MA
n/a
n/a
CONNOR CLARK & LUNN
n/a
n/a
n/a
O'SHAUGHNESSY ASSET
ACADIAN ASSET MANAGE
SPROTT INC
Multiple Portfolios
SUN VALLEY GOLD LLC
SENTRY SELECT CAPITA
HILLSDALE INVESTMENT
RENAISSANCE TECHNOLO
SPARK INVESTMENT MAN
Multiple Portfolios
n/a
BATTERYMARCH FINANCI

Analyst
CHITIMUKULU MUSONDA
MICHAEL GRAY
BRIAN QUAST
RICHARD GRAY
DAN ROLLINS
ROB CHANG
STEVEN BUTLER
CRAIG STERLING
STEVEN J GREEN
BARRY D ALLAN
OVAIS HABIB
CHELSEA HAMILTON

Source
SEDI
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
MF-AGG
13F
13F
13F
13F
13F
MF-AGG
SEDI
13F

Recommendation
sector outperform
outperform
outperform
buy
sector perform
buy
buy
hold
restricted
buy
sector outperform
buy

Amt Held
31'151'200
7'443'290
7'016'800
6'354'449
5'468'375
5'273'071
4'418'229
2'139'700
1'787'295
1'707'777
1'452'000
1'116'000
1'076'900
1'028'500
1'024'100
673'900
582'800
576'500
563'300
488'600

% Out
32.05
7.66
7.22
6.54
5.63
5.42
4.55
2.2
1.84
1.76
1.49
1.15
1.11
1.06
1.05
0.69
0.6
0.59
0.58
0.5

Weighting

Change

5
5
5
5
3
5
5
3
#N/A N/A
5
5
5

N
M
M
M
M
M
M
U
M
M
M
M

Latest Chg
(8'422'460)
(34'700)
68'800
(36)
(1'803'625)
(23'748)
2'393'237
1'635'400
1'270'148
(1'155'890)
(128'000)
(1'418'700)
1'028'500
(323'500)
241'500
70'000
(22'900)
50'000
488'600

Target Price
9
7
9
9
6
8
11
#N/A N/A
#N/A N/A
10
9
10

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
12.10.2012
31.03.2013
31.03.2013
31.03.2013
31.12.2012
29.04.2013
28.02.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
04.07.2012
31.12.2012

Date
18 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month

Inst Type
Corporation
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
n/a
Investment Advisor

Date
29.04.2013
26.04.2013
22.04.2013
22.04.2013
19.04.2013
18.04.2013
15.04.2013
15.04.2013
04.04.2013
27.03.2013
26.03.2013
26.03.2013

30.04.2013

Kingsgate Consolidated Ltd


Kingsgate Consolidated Limited is a gold mining and exploration company with
operations focused in Thailand at the Chatree gold project. The Company also
explores for silver and other metals.

Price/Volume
7

4.5 M

4.0 M
3.5 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.05.2012)
52-Week Low (30.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 12.04.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
KCN AU EQUITY YTD Change
KCN AU EQUITY YTD % CHANGE

06/2012
01/yy
6.33
2.09
1'586'782.00
2.16
-65.88%
3.35%
0.49%
152.2
328.73
157.54
0.0
0.0
90.62
460.40

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

2.5 M

2.0 M
1.5 M

1.0 M

.5 M

0
a-12

30.06.2009
30.06.2010
113.0
176.1
5.46x
5.16x
(38.1)
84.7
10.74x
32.5
66.3
19.20x
12.59x
Profitability

30.06.2011
172.4
6.69x
66.8
17.26x
21.1
42.78x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

30.06.2012
357.4
2.24x
164.9
4.86x
75.2
9.24x
164.86
97.31
27.23%
25.54%
4.93%
6.76%
6.48%
0.37%
33.2%
23.9%
21.0%
2.03
0.98
15.03%
20.31%
18.50
-

Price/ Cash Flow

j-12

j-12

LTM-4Q

LTM

01/yy

01/yy
-

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

FY+1
-

.0 M
a-13

6.94
1.33
146.95
12.09
-63.95%
-50.25%
1.329
12
2.583
1'526'533
1'126'347
1'205'522
FY+2

06/13 Y
06/14 Y
347.9
399.9
1.29x
1.11x
125.6
160.9
3.67x
2.86x
41.6
60.2
7.32x
6.05x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

FQ+1

FQ+2

10.36
-0.38
20.3%
16.9%
0.37
0.47
19.78
42.36

Sales/Revenue/Turnover

50.00

400.0

45.00

350.0

40.00

300.0

35.00

250.0

30.00
25.00

200.0

20.00

150.0

15.00

100.0

10.00

50.0

5.00
0.00
03.07.2009

m-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


30.06.2008
74.3
6.01x
19.6
22.77x
36.2
10.12x

3.0 M

0.0
03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Kingsgate Consolidated Ltd


Holdings By:

All

Holder Name
BLACKROCK
ALLIANZ ASSET MANAGE
VAN ECK ASSOCIATES C
FMR LLC
UNITED SERVICES AUTO
RUFFER LLP
FIRST EAGLE INVESTME
SMYTH-KIRK ROSS DONA
VANGUARD INVESTMENTS
DIMENSIONAL FUND ADV
THOMAS GAVIN
PRUDENTIAL FINANCIAL
ARINYA INVESTMENTS P
VANGUARD GROUP INC
AXA ROSENBERG INTL
ERSTE SPARINVEST KAG
FRANKLIN RESOURCES
SCHRODER INVESTMENT
PACIFIC INCOME ADVIS
HSBC TRINKAUS INVEST

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Firm Name

Analyst

BBY Limited
Goldman Sachs
RBC Capital Markets
Macquarie
BMO Capital Markets
E.L. & C. Baillieu
EVA Dimensions
Veritas Securities
Evans & Partners Pty Ltd
Deutsche Bank
Bell Potter

KURT WORDEN
PAUL HISSEY
STEUART MCINTYRE
MITCH RYAN
DAVID HAUGHTON
SOPHIE SPARTALIS
CRAIG STERLING
MATTHEW BAILLIE
CATHY MOISES
CHRIS TERRY
PETER CHAPMAN

Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
EXCH
ULT-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
strong buy
sell/attractive
underperform
neutral
market perform
hold
hold
buy
negative
not rated
Under Review

Amt Held
13'449'300
11'529'822
10'654'665
8'578'820
5'500'000
4'693'651
4'118'481
3'706'582
1'065'821
979'875
946'403
922'692
879'689
698'198
662'402
540'000
360'716
349'189
281'011
225'000

% Out
8.84
7.58
7
5.64
3.61
3.08
2.71
2.44
0.7
0.64
0.62
0.61
0.58
0.46
0.44
0.35
0.24
0.23
0.18
0.15

Weighting

Change

5
1
1
3
3
3
3
5
2
#N/A N/A
#N/A N/A

M
M
D
M
M
M
D
M
D
M
M

Latest Chg
(450'000)
2'130'110
(369'358)
310'561
16'822
11'731
10'853
523'974
(1'154'049)
312'360
-

Target Price
3
2
2
3
5
4
#N/A N/A
6
#N/A N/A
#N/A N/A
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
26.04.2013
Investment Advisor
12.03.2013
Investment Advisor
29.04.2013
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
27.12.2012 Hedge Fund Manager
30.09.2012 Hedge Fund Manager
03.04.2013
n/a
30.09.2012
Investment Advisor
31.07.2012
Investment Advisor
23.11.2012
n/a
28.03.2013
Investment Advisor
03.04.2013
Other
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
28.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.03.2013
Investment Advisor
31.07.2012
Investment Advisor

Date
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided

Date
30.04.2013
29.04.2013
29.04.2013
29.04.2013
15.04.2013
15.03.2013
04.03.2013
31.01.2013
02.11.2012
22.02.2012
02.11.2011

30.04.2013

Timmins Gold Corp


Timmins Gold Corporation operates as a gold exploration and production company.
The Company owns and operates a Mexican based mine where they develop, explore
and produce gold.

Price/Volume
4

3.5 M

3.0 M

2.5 M

Latest Fiscal Year:


LTM as of:
52-Week High (13.11.2012)
52-Week Low (23.05.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
TMM CN EQUITY YTD Change
TMM CN EQUITY YTD % CHANGE

12/2012
12/yy
3.48
1.49
53'100.00
2.44
-29.89%
63.76%
50.75%
144.1
351.57
17.55
0.0
0.0
24.06
345.05

31.03.2008
0.0
(4.2)
(5.3)
-

1.5 M

2
1

1.0 M

.5 M

0
a-12

LTM-4Q

31.03.2009
31.03.2010
0.0
0.0
(3.5)
(6.7)
(3.4)
(8.6)
Profitability

31.03.2011
84.4
4.15x
43.5
8.05x
11.5
27.89x

31.12.2012
156.1
2.73x
68.5
6.22x
36.1
12.02x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

68.51
60.58
38.80%
36.58%
21.53%
32.20%
29.65%
0.93%
49.1%
43.9%
38.8%
23.1%
1.97
0.97
8.12%
11.93%
21.11
3.33

Price/ Cash Flow

03/yy
84.4
14.70x
43.5
8.05x
11.5
27.89x

j-12

j-12

a-12

s-12

LTM
12/yy
155.7
8.93x
68.3
6.24x
35.9
12.04x

o-12

n-12

d-12

j-13

f-13

m-13

FY+1

.0 M
a-13

0.00
1.09
137.45
0.28
0.83%
-18.39%
1.087
14
4.571
797'194
712'188
623'339
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
212.1
232.3
45.2
40.3
1.43x
1.03x
7.53x
8.25x
98.8
104.5
18.7
12.7
3.48x
3.30x
4.90x
5.02x
52.0
56.0
10.9
6.3
7.62x
7.51x
6.65x
6.46x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

27.48
13.71
-0.10
0.26
11.9%
10.7%
0.93
1.38
30.37
192.30
70.83
151.43

Sales/Revenue/Turnover

500.00

180.0

450.00

160.0

400.00

140.0

350.00

120.0

300.00

100.0

250.00

80.0

200.00

60.0

150.00

40.0

100.00

20.0

50.00
0.00
03.04.2009

m-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

2.0 M

Valuation Analysis

0.0
03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

03.04.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Timmins Gold Corp


Holdings By:

All

Holder Name
SENTRY SELECT CAPITA
VAN ECK ASSOCIATES C
ROYAL BANK OF CANADA
OPPENHEIMERFUNDS INC
CONNOR CLARK & LUNN
SPROTT INC
CIBC GLOBAL ASSET MA
RUFFER LLP
BRAGAGNOLO BRUCE
ROYCE AND ASSOCIATES
BONILLAS ZEPEDA F A
GCIC LTD/CANADA
INTACT INVESTMENT MA
CANADA PENSION PLAN
HILLSDALE INVESTMENT
CQS CAYMAN LP
MD MANAGEMENT LTD
BLACKROCK
US GLOBAL INVESTORS
BMO FINANCIAL CORP

Firm Name
Macquarie
TD Securities
PI Financial Corp.
Cormark Securities Inc.
Stonecap Securities Inc
RBC Capital Markets
Canaccord Genuity Corp
Dundee Securities Corp
Cowen Securities LLC
National Bank Financial
M Partners Inc
Casimir Capital
Scotia Capital
EVA Dimensions
MGI Securities

Portfolio Name
SENTRY SELECT CAPITA
n/a
n/a
Multiple Portfolios
CONNOR CLARK & LUNN
SPROTT INC
CIBC GLOBAL ASSET MA
Multiple Portfolios
n/a
ROYCE & ASSOCIATES L
n/a
GOODMAN & COMPANY IN
INTACT INVESTEMENT M
CANADA PENSION PLAN
HILLSDALE INVESTMENT
CQS CAYMAN LP
Multiple Portfolios
n/a
US GLOBAL INVESTORS
BMO FINANCIAL CORP

Analyst
MICHAEL SIPERCO
STEVEN J GREEN
PHILIP KER
KYLE MCPHEE
BRIAN SZETO
SAM CRITTENDEN
NICHOLAS CAMPBELL
JOE FAZZINI
ADAM P GRAF
SHANE NAGLE
INGRID RICO
STUART MCDOUGALL
OVAIS HABIB
CRAIG STERLING
MARC PAIS

Source
13F
ULT-AGG
ULT-AGG
MF-AGG
13F
13F
13F
MF-AGG
SEDI
13F
SEDI
13F
13F
13F
13F
13F
MF-AGG
ULT-AGG
13F
13F

Recommendation
neutral
buy
buy
buy
outperform
outperform
sell
buy
buy
outperform
buy
strong buy
sector outperform
overweight
buy

Amt Held
25'289'200
11'064'577
8'060'231
5'781'224
5'091'600
3'810'200
3'712'200
3'706'900
2'928'000
2'705'400
2'584'800
2'265'000
2'217'500
1'803'600
1'686'100
1'300'000
1'089'700
820'191
740'000
698'391

% Out
17.55
7.68
5.59
4.01
3.53
2.64
2.58
2.57
2.03
1.88
1.79
1.57
1.54
1.25
1.17
0.9
0.76
0.57
0.51
0.48

Weighting

Change
3
5
5
5
5
5
1
5
5
5
5
5
5
5
5

D
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(829'400)
(49'920)
(69'956)
313'100
860'000
3'712'200
(25'000)
100'000
(34'729)
2'265'000
536'400
371'900
83'200
63'043
250'000
(4'915)

Target Price
3
4
3
3
4
4
2
4
3
4
4
4
4
#N/A N/A
5

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.12.2012
29.04.2013
28.02.2013
28.02.2013
31.12.2012
31.03.2013
31.12.2012
27.12.2012
03.01.2013
31.03.2013
19.12.2012
31.12.2012
31.03.2013
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.03.2013
31.12.2012
31.03.2013

Date
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month

Inst Type
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
n/a
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Pension Fund (ERISA)
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
25.04.2013
23.04.2013
23.04.2013
22.04.2013
22.04.2013
19.04.2013
16.04.2013
12.04.2013
11.04.2013
10.04.2013
10.04.2013
10.04.2013
20.03.2013
15.01.2013
05.07.2011

30.04.2013

St Barbara Ltd
St. Barbara Limited is a gold exploration and production company. The Company's
exploration projects include its Southern Cross and Leonora Operations which
are located in Western Australia.

Price/Volume
3

30.0 M

25.0 M
20.0 M

15.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.10.2012)
52-Week Low (24.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SBM AU EQUITY YTD Change
SBM AU EQUITY YTD % CHANGE

06/2012
01/yy
2.40
0.57
3'349'615.00
0.6
-75.00%
6.19%
3.00%
488.1
292.84
4.26
0.0
0.0
185.40
443.59

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

5.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

.0 M
a-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


30.06.2008
143.1
3.41x
(0.1)
(17.3)
-

10.0 M

30.06.2009
30.06.2010
281.1
296.8
1.33x
2.01x
50.3
77.2
7.42x
7.74x
(76.3)
(40.2)
Profitability

30.06.2011
359.6
1.58x
109.3
5.21x
68.6
9.29x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

30.06.2012
541.2
0.73x
224.1
1.76x
130.2
4.42x
224.06
133.19
24.61%
20.23%
9.10%
13.09%
0.55%
50.3%
38.5%
21.0%
24.1%
3.39
2.62
0.62%
0.75%
27.54
4.82

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

0.00
1.18
486.39
10.11
-73.80%
-58.48%
1.183
14
4.357
7'370'159
3'669'012
3'442'821
FY+2

06/13 Y
06/14 Y
534.4
631.5
0.79x
0.49x
162.3
249.7
2.73x
1.78x
42.5
85.4
6.90x
3.55x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

FQ+1

FQ+2

15.03.2013
B
STABLE
308.62
164.28
0.75
1.08
0.8%
0.7%
0.55
0.71
13.29
75.96
69.88
-34.88

Sales/Revenue/Turnover

25.00

600.0
500.0

20.00

400.0
15.00

300.0
10.00

200.0

5.00

0.00
03.07.2009

100.0
0.0
03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

St Barbara Ltd
Holdings By:

All

Holder Name
M&G INVESTMENT MANAG
FRANKLIN RESOURCES
VANGUARD GROUP INC
VAN ECK ASSOCIATES C
PARADICE INVESTMENT
UBS
TRADEWINDS GLOBAL IN
DIMENSIONAL FUND ADV
STATE STREET
RUFFER LLP
BLACKROCK
LSV ASSET MANAGEMENT
FMR LLC
COMMONWEALTH BANK OF
HUNTER HALL INVESTME
UNITED SERVICES AUTO
JP MORGAN
JCP INVESTMENT PARTN
CENTAURUS CAPITAL LT
NATIONAL AUSTRALIA B

Firm Name
Macquarie
Goldman Sachs
Canaccord Genuity Corp
Bell Potter
Deutsche Bank
RBC Capital Markets
E.L. & C. Baillieu
Ord Minnett
Nomura
EVA Dimensions
Evans & Partners Pty Ltd
Argonaut Securities Pty Ltd

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a

Analyst
MITCH RYAN
IAN PRESTON
LUKE SMITH
STEPHEN THOMAS
CHRIS TERRY
STEUART MCINTYRE
SOPHIE SPARTALIS
DAVID BRENNAN
DAVID RADCLYFFE
CRAIG STERLING
CATHY MOISES
TROY IRVIN

Source
EXCH
ULT-AGG
EXCH
ULT-AGG
EXCH
ULT-AGG
EXCH
RNS-RUL8
ULT-AGG
MF-AGG
ULT-AGG
RNS-RUL8
ULT-AGG
RNS-RUL8
RNS-RUL8
MF-AGG
ULT-AGG
RNS-RUL8
Short
ULT-AGG

Recommendation
outperform
neutral/attractive
buy
buy
buy
outperform
buy
buy
neutral
buy
Positive
buy

Amt Held
% Out
93'372'398 19.13
71'596'827 14.67
60'536'881
12.4
38'851'254
7.96
19'990'864
4.1
16'608'948
3.4
16'240'544
3.33
13'247'660
2.71
12'749'179
2.61
12'528'000
2.57
11'381'043
2.33
11'363'061
2.33
10'598'053
2.17
8'897'062
1.82
7'754'662
1.59
6'400'000
1.31
6'200'627
1.27
6'032'951
1.24
(5'746'460) -1.18
5'603'376
1.15

Weighting

Change
5
3
5
5
5
5
5
5
3
5
4
5

M
M
U
M
M
M
M
M
M
M
U
U

Latest Chg
90'001
9'536'881
12'768'675
512'340
(1'270'413)
22'932
79'914
(1'335'100)
684'600
(536'807)
(8'245'338)
925'000
(2'413'751)
(326'553)
(506'570)
6'496

Target Price
1
1
1
1
2
1
2
1
1
#N/A N/A
#N/A N/A
3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
14.02.2013
Investment Advisor
31.01.2013
Investment Advisor
29.01.2013
Investment Advisor
29.04.2013
Investment Advisor
13.09.2012
Investment Advisor
06.09.2012
Unclassified
03.11.2011
Investment Advisor
07.09.2012
Investment Advisor
06.09.2012
Investment Advisor
27.12.2012 Hedge Fund Manager
26.04.2013
Investment Advisor
23.07.2012
Investment Advisor
31.03.2013
Investment Advisor
31.08.2012
Bank
12.07.2012
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
09.08.2012
Investment Advisor
06.09.2012
Investment Advisor
10.09.2012
Bank

Date
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided

Date
26.04.2013
24.04.2013
24.04.2013
24.04.2013
23.04.2013
23.04.2013
23.04.2013
18.04.2013
08.03.2013
17.01.2013
19.07.2012
18.06.2012

30.04.2013

Premier Gold Mines Ltd


Premier Gold Mines Limited is a mining and exploration company focused on
developing gold projects worldwide.

Price/Volume
8
7
6
5
4

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2012)
52-Week Low (18.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
PG CN EQUITY YTD Change
PG CN EQUITY YTD % CHANGE

12/2012
12/yy
6.79
1.57
325'341.00
1.98
-70.69%
26.11%
8.81%
149.3
295.67
18.50
0.0
40.6
85.10
269.71

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

2
1
0
a-12

31.12.2009
31.12.2010
0.0
0.0
(6.2)
(13.2)
(3.7)
(10.9)
Profitability

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data

LTM-4Q
31.12.2011
0.0
(11.9)
(16.8)
-

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
0.0
(12.5)
(32.1)
-12.54
-12.60
-8.06%
-9.88%
0.00%
-1325.5%
-1366.1%
5.74
5.59
3.85%
4.95%
1.21
-

Price/ Cash Flow

12/yy
0.0
#DIV/0!
(5.4)
0.00x
(16.8)
0.00x

LTM
12/yy
0.9
2932.95x
(12.2)
0.00x
(32.1)
0.00x

FY+1

0.00
1.81
144.28
5.34
-58.58%
-52.86%
1.814
12
4.167
2'017'713
1'223'417
1'045'760
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
0.0
0.0
(12.5)
(12.5)
(14.3)
(17.8)
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

-34.03
-100.44
-1.51
5.0%
4.3%
0.00
0.00
302.60
3549.64
-

Sales/Revenue/Turnover

450.00

1.0

400.00

0.9

350.00

0.8
0.7

300.00

0.6

250.00
200.00

0.5
0.4

150.00

0.3

100.00

0.2

50.00

0.1

0.00
01.01.2010

m-12

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
0.0
(3.2)
0.2
-

5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
a-13

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Premier Gold Mines Ltd


Holdings By:

All

Holder Name
FMR LLC
GCIC LTD/CANADA
VAN ECK ASSOCIATES C
IG INVESTMENT MANAGE
DOWNIE EWAN S
LB SWISS INVESTMENT
AMERICAN CENTURY COM
BLACKROCK
TOCQUEVILLE ASSET MA
SHARE SICAV
CIBC GLOBAL ASSET MA
GLOBAL STRATEGY FINA
GBC ASSET MANAGEMENT
MIDDLEFIELD SECURITI
TD ASSET MANAGEMENT
US GLOBAL INVESTORS
VANGUARD GROUP INC
JONES HEWARD INVESTM
AGF INVESTMENTS INC
SPROTT INC

Firm Name
Stifel
Scotia Capital
Beacon Securities Ltd
Cantor Fitzgerald
Laurentian Bank Securities
CIBC World Markets
Canaccord Genuity Corp
Octagon Capital Corporation
Stonecap Securities Inc
RBC Capital Markets
Mackie Research Capital Corp.
EVA Dimensions

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
TOCQUEVILLE ASSET MA
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
CRAIG P STANLEY
OVAIS HABIB
MICHAEL CURRAN
ROB CHANG
ERIC LEMIEUX
JEFF KILLEEN
STEVEN BUTLER
ANNIE ZHANG
CHRISTOS DOULIS
SAM CRITTENDEN
BARRY D ALLAN
CRAIG STERLING

Source
ULT-AGG
Co File
ULT-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG
ULT-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
buy
sector outperform
buy
buy
speculative buy
sector perform
speculative buy
speculative buy
outperform
outperform
speculative buy
sell

Amt Held
19'258'570
13'896'800
11'685'159
7'832'701
3'130'601
2'900'000
1'318'700
1'299'421
1'166'300
947'736
822'618
820'314
812'900
800'000
705'900
700'000
666'247
574'501
556'136
548'899

% Out
12.9
9.31
7.83
5.25
2.1
1.94
0.88
0.87
0.78
0.63
0.55
0.55
0.54
0.54
0.47
0.47
0.45
0.38
0.37
0.37

Weighting

Change
5
5
5
5
4
3
4
4
5
5
4
1

M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
3'271'500
(52'716)
(10'800)
7'500
275'000
233'600
3'116
(502'900)
(148'500)
163'248
(100'000)
10'000
59'500
(15'100)
-

Target Price
4
6
6
6
4
7
7
6
6
5
#N/A N/A
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.03.2013
Investment Advisor
31.10.2012
Investment Advisor
29.04.2013
Investment Advisor
31.01.2013
Investment Advisor
24.04.2013
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
26.04.2013
Investment Advisor
31.03.2013 Hedge Fund Manager
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2011
Investment Advisor
28.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
29.04.2013
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012 Hedge Fund Manager

Date
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided

Date
26.04.2013
23.04.2013
19.04.2013
18.04.2013
18.04.2013
11.04.2013
11.04.2013
02.04.2013
28.03.2013
12.03.2013
30.01.2013
17.01.2013

30.04.2013

Northern Star Resources Ltd


Northern Star Resources Ltd is an Australian Gold Producer with tenement
holdings and gold deposits located in the Ashburton - Pilbara Region of Western
Australia.

Price/Volume
2

60.0 M

50.0 M

1
1

40.0 M

06/2012
01/yy
1.59
0.61
6'774'624.00
0.675
-57.41%
11.57%
13.78%
424.3
286.39
9.43
0.0
0.0
64.96
247.27

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

(0.1)
(0.1)
-

20.0 M

10.0 M

0
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

.0 M
a-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


30.06.2008

30.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.11.2012)
52-Week Low (16.05.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 11.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
NST AU EQUITY YTD Change
NST AU EQUITY YTD % CHANGE

30.06.2009

30.06.2010

(5.1)
(4.7)
Profitability

(1.3)
(1.3)
-

30.06.2011
114.9
1.11x
45.1
2.83x
16.3
7.80x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

30.06.2012
99.5
2.55x
47.5
5.35x
22.0
12.62x
47.49
30.02
30.16%
31.60%
29.17%
42.20%
38.16%
1.05%
57.3%
50.7%
34.2%
22.1%
3.13
2.68
7.03%
9.97%
3404.63
5.45

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

5.19
0.64
373.08
4.10
-20.18%
-44.74%
0.636
6
4.333
5'027'763
4'205'051
4'110'107
FY+2

06/13 Y
06/14 Y
137.9
171.0
1.72x
1.25x
70.2
95.6
3.52x
2.59x
34.0
46.4
8.33x
6.25x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

FQ+1

FQ+2

89.78
40.79
-0.68
0.20
10.0%
9.1%
1.05
2.27
0.11
67.11
67.12
-39.98

Sales/Revenue/Turnover

12.00

140.0

10.00

120.0
100.0

8.00

80.0
6.00

60.0

4.00

40.0

2.00

20.0

0.00
03.07.2009

0.0
03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Northern Star Resources Ltd


Holdings By:

All

Holder Name
BLACKROCK
VAN ECK ASSOCIATES C
INVESTMET LIMITED
PARADICE INVESTMENT
BEAMENT WILLIAM JAME
JP MORGAN
FOTIOS MICHAEL GEORG
ROWE CHRISTOPHER
GCIC LTD/CANADA
MORGAN STANLEY AUSTR
UOB ASSET MANAGEMENT
VANGUARD INVESTMENTS
DIMENSIONAL FUND ADV
VANGUARD GROUP INC
BROWN KAREN ELIZABET
MACQUARIE GROUP
O'CONNOR PETER EDMUN
BHR FUND ADVISORS LP
PARRY RAYMOND JOSEPH
OBERWEIS ASSET MANAG

Firm Name
RBC Capital Markets
Hartleys
Paterson Securities
Argonaut Securities Pty Ltd
Ord Minnett
EVA Dimensions

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios

Analyst
STEUART MCINTYRE
MIKE MILLIKAN
TIM MCCORMACK
PATRICK CHANG
DAVID BRENNAN
CRAIG STERLING

Source
ULT-AGG
ULT-AGG
EXCH
EXCH
EXCH
ULT-AGG
EXCH
EXCH
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
ULT-AGG
EXCH
MF-AGG
Co File
MF-AGG

Recommendation
sector perform
buy
buy
buy
buy
hold

Amt Held
30'270'942
26'706'283
21'946'900
18'915'010
12'134'735
11'803'850
7'103'474
3'986'195
3'350'000
3'202'580
2'250'000
2'095'462
1'588'462
1'377'303
1'191'666
1'168'772
850'000
500'000
378'334
316'200

% Out
7.13
6.29
5.17
4.46
2.86
2.78
1.67
0.94
0.79
0.75
0.53
0.49
0.37
0.32
0.28
0.28
0.2
0.12
0.09
0.07

Weighting

Change
3
5
5
5
5
3

M
M
M
M
N
U

Latest Chg
(230'268)
3'981'558
(18'089'000)
(2'872'573)
(1'584'461)
(7'400'000)
3'350'000
(36'529'953)
(15'180)
38'476
108'722
(310'278)
100'000
316'200

Target Price
1
1
1
1
1
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
26.04.2013
29.04.2013
30.11.2012
08.01.2013
30.11.2012
28.02.2013
30.11.2012
30.11.2012
31.12.2012
04.12.2012
30.06.2012
30.09.2012
31.07.2012
31.03.2013
30.06.2012
30.06.2011
03.12.2012
31.01.2013
30.06.2012
31.12.2012

Date
12 month
12 month
12 month
12 month
Not Provided
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
n/a
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
n/a
Investment Advisor
n/a
Investment Advisor

Date
29.04.2013
29.04.2013
29.04.2013
29.04.2013
17.04.2013
28.02.2013

30.04.2013

Tanzanian Royalty Exploration Corp


Tanzanian Royalty Exploration Corporation acquires, explores, and develops
mineral properties. The Company explores for gold.

Price/Volume
6

3.5 M

3.0 M
2.5 M

Latest Fiscal Year:


LTM as of:
52-Week High (21.09.2012)
52-Week Low (18.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
TRX US EQUITY YTD Change
TRX US EQUITY YTD % CHANGE

08/2012
02/yy
5.34
2.42
71'688.00
2.96
-45.13%
22.31%
20.89%
100.7
298.02
2.07
0.0
0.0
20.06
287.08

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

1.5 M

1.0 M

.5 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.08.2008
0.0
(2.9)
(3.7)
-

2.0 M

Valuation Analysis

31.08.2009
31.08.2010
0.0
0.0
(3.4)
(3.0)
(4.7)
(3.4)
Profitability

LTM-4Q
31.08.2011
0.0
(4.3)
(11.1)
-

31.08.2012
0.0
(5.1)
(8.9)
-5.06
-5.44
-3.52%
-4.13%
0.00%
8.84
8.68
3.28%
4.09%
0.00
-

02/yy
0.0
#DIV/0!
(4.6)
0.00x
(14.6)
0.00x

LTM
02/yy
0.0
#DIV/0!
(5.0)
0.00x
(2.2)
0.00x

1.25
92.75
9.41
-33.78%
-32.88%
1.253
0
595'728
484'983
466'234

FY+1

FY+2

FQ+1

FQ+2

08/13 Y

08/14 Y

05/13 Q3

08/13 Q4

S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

.0 M
a-13

-49.26
-133.96
-0.21
4.1%
3.9%
0.00
0.00
-

Sales/Revenue/Turnover

1.0
0.9

1.00

0.8
0.7

0.80
0.60
0.40

0.6
0.5
0.4
0.3
0.2

0.20

0.1
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Tanzanian Royalty Exploration Corp


Holdings By:

All

Holder Name
VAN ECK ASSOCIATES C
GEIER GROUP LLC
BPI FUNDOS GFIM SA/P
SINCLAIR JAMES E
BPI GLOBAL INVESTMEN
BLACKROCK
MORROW ROSALIND
VANGUARD GROUP INC
CANADA PENSION PLAN
HARVEY WILLIAM M
BMO FINANCIAL CORP
JONES HEWARD INVESTM
CITIGROUP INCORPORAT
PORTOLA GROUP INCORP
SUSQUEHANNA INTERNAT
DEUTSCHE BANK AG
LUIS VICTORIA
VAN TONGEREN STEVEN
ALTUS CAPITAL INC
BANK OF AMERICA CORP

Firm Name

Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
CANADA PENSION PLAN
n/a
BMO FINANCIAL CORP
Multiple Portfolios
CITIGROUP INCORPORAT
PORTOLA GROUP INCORP
SUSQUEHANNA INTERNAT
DEUTSCHE BANK AKTIEN
n/a
n/a
ALTUS CAPITAL INC
BANK OF AMERICA

Analyst

Source
ULT-AGG
13G
MF-AGG
SEDI
MF-AGG
ULT-AGG
SEDI
MF-AGG
13F
SEDI
13F
MF-AGG
13F
13F
13F
13F
20F
SEDI
13F
13F

Recommendation

Amt Held
13'522'725
4'879'743
4'088'532
1'885'543
673'902
515'272
429'429
419'292
367'112
340'090
334'811
318'244
287'556
212'810
167'687
145'569
144'045
124'119
104'500
97'451

% Out
13.43
4.85
4.06
1.87
0.67
0.51
0.43
0.42
0.36
0.34
0.33
0.32
0.29
0.21
0.17
0.14
0.14
0.12
0.1
0.1

Weighting

Change

Latest Chg
526'026
(4'801'048)
52'612
(1'000)
(37'877)
826
5'382
5'200
141'200
7'732
4'654
102'344
250
134'479
20'891
25'000
56'500
(17'701)

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
29.04.2013
Investment Advisor
10.11.2011
Other
31.12.2012
Investment Advisor
08.02.2013
n/a
28.09.2012
Investment Advisor
26.04.2013
Investment Advisor
11.03.2013
n/a
31.03.2013
Investment Advisor
31.12.2012 Pension Fund (ERISA)
12.04.2013
n/a
31.03.2013
Investment Advisor
29.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
n/a
18.04.2013
n/a
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor

Date

Date

30.04.2013

Real Gold Mining Ltd


Real Gold Mining Limited mines gold and processes ore into concentrates
containing gold and other minerals for subsequent sale.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.04.2012)
52-Week Low (30.04.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 21.09.2011
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
246 HK EQUITY YTD Change
246 HK EQUITY YTD % CHANGE

12/2010
06/yy
8.81
8.81
0.00
8.81
0.00%
0.00%
0.00%
908.8
8'006.41
0.00
0.0
135.1
2'965.19
3'855.28

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

(0.1)
(0.1)
-

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

31.12.2007
31.12.2008
8.0
312.3
(1.1)
190.4
(2.2)
103.9
Profitability

LTM-4Q
31.12.2009
1'011.2
5.88x
768.9
7.73x
526.7
13.02x

31.12.2010
1'368.2
5.55x
1'187.9
6.39x
798.0
12.06x
1'187.92
1'149.66
84.03%
80.97%
19.98%
22.56%
22.32%
0.34%
77.3%
86.8%
84.0%
58.3%
18.07
17.99
0.00%
0.00%
41.52
44.95

Price/ Cash Flow

.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
a-13

Market Data

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2006

10
9
8
7
6
5
4
3
2
1
0
a-12

06/yy
1'185.7
0.00x
0.0
0.00x
650.8
0.00x

LTM
06/yy
1'523.7
0.00x
0.0
0.00x
831.3
0.00x

0.60
0.33
429.41
0.00%
0.00%
0.331
1
5.000
0
0
0

FY+1

FY+2

FQ+1

FQ+2

12/11 Y

12/12 Y

09/11 Q3

12/11 Q4

S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

-2.50
0.00
0.0%
0.0%
0.34
3.23
8.79
8.12
0.25
16.66

Sales/Revenue/Turnover

18.00

1'600.0

16.00

1'400.0

14.00

1'200.0

12.00

1'000.0

10.00

800.0

8.00

600.0

6.00

400.0

4.00

200.0

2.00
0.00
04.01.200804.07.200804.01.200904.07.200904.01.201004.07.201004.01.201104.07.201104.01.201204.07.201204.01.2013

0.0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Real Gold Mining Ltd


Holdings By:

All

Holder Name
CITIGROUP INCORPORAT
LV DEZHI
LEAD HONEST MANAGEME
LEAD HONEST MANAGEME
SHI GUANGWEI
VALUE PARTNERS GROUP
VAN ECK ASSOCIATES C
GCIC LTD/CANADA
MANULIFE FUNDS DIREC
OPPENHEIMERFUNDS INC
INVESTEC ASSET MANAG
ROYAL BANK OF CANADA
JP MORGAN
MACQUARIE GROUP
DEKA INVESTMENT GMBH
DIMENSIONAL FUND ADV
FIDEURAM GESTIONS SA
ALLIANCE BERNSTEIN
CITIGROUP INCORPORAT
SANFORD C BERNSTEIN

Firm Name
EVA Dimensions
BOCOM International Holdings
Kingsway SW Securities

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios

Analyst
TEAM COVERAGE
RONGJIN LUO
ZIBO CHEN

Source
EXCH
EXCH
Research
Short
EXCH
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Short
MF-AGG

Recommendation
buy
neutral
buy

Amt Held
% Out
245'182'757 26.98
226'250'667
24.9
140'000'000 15.41
(126'967'191) -13.97
113'125'333 12.45
77'678'000
8.55
19'288'900
2.12
17'816'505
1.96
16'916'500
1.86
10'673'000
1.17
9'609'000
1.06
7'861'000
0.86
6'089'500
0.67
4'353'500
0.48
4'103'427
0.45
4'097'000
0.45
2'762'500
0.3
2'500'500
0.28
(2'409'129) -0.27
1'788'000
0.2

Weighting

Change
5
3
5

N
D
M

Latest Chg
(234'376'000)
-

Target Price
#N/A N/A
9
19

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
12.06.2012
27.09.2012
26.09.2012
31.12.2011
27.09.2012
26.09.2012
29.04.2013
31.12.2012
30.06.2012
28.02.2013
28.02.2013
31.12.2012
31.12.2012
30.06.2011
28.12.2012
31.07.2012
02.04.2013
28.02.2013
12.06.2012
28.02.2013

Date
Not Provided
12 month
Not Provided

Inst Type
Investment Advisor
n/a
Other
Other
n/a
Corporation
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
14.07.2012
03.06.2011
14.03.2011

30.04.2013

Golden Star Resources Ltd


Golden Star Resources Ltd. is a mid-tier gold mining company. The Company's
operating mines are situated along the Ashanti Gold Belt in Ghana, West Africa.

Price/Volume
3

14.0 M
12.0 M

10.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.10.2012)
52-Week Low (23.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GSS US EQUITY YTD Change
GSS US EQUITY YTD % CHANGE

12/1997
12/yy
2.11
0.88
285'371.00
1.05
-50.47%
19.32%
13.82%
259.1
272.06
117.48
0.0
(2.0)
78.88
308.65

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

8.0 M

6.0 M
4.0 M

2.0 M

0
a-12

31.12.2009
Profitability

31.12.2010
432.7
2.72x
107.6
10.93x
(11.2)
-

LTM-4Q
31.12.2011
471.0
0.98x
91.8
5.00x
(2.1)
-

31.12.2012
550.5
0.95x
124.7
4.18x
(9.5)
-

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

124.67
25.74
4.68%
1.20%
-1.31%
-2.17%
-4.61%
0.76%
9.6%
22.8%
4.7%
-1.7%
1.58
0.69
16.18%
27.10%
50.11
6.05

Price/ Cash Flow

12/yy
471.0
4.90x
91.8
5.00x
(2.1)
0.00x

j-12

j-12

a-12

s-12

LTM
12/yy
550.5
3.58x
125.8
4.14x
(9.5)
0.00x

o-12

n-12

d-12

j-13

f-13

m-13

FY+1

.0 M
a-13

0.00
1.08
257.68
11.99
-31.37%
-42.93%
1.076
10
2.800
1'844'036
1'951'951
1'863'731
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
540.0
584.5
131.8
129.0
0.69x
0.68x
2.43x
2.57x
116.2
186.8
25.9
28.9
2.66x
1.65x
2.74x
2.71x
11.5
51.3
1.5
2.1
6.52x
61.76x
14.00x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

12.27
3.56
0.31
0.93
27.1%
21.4%
0.76
1.06
7.30
60.50
69.08
-1.28

Sales/Revenue/Turnover

30.00

600.0

25.00

500.0

20.00

400.0

15.00

300.0

10.00

200.0

5.00

100.0

0.00
01.01.2010

m-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
257.4
1.43x
1.8
200.09x
(119.3)
-

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Golden Star Resources Ltd


Holdings By:

All

Holder Name
VAN ECK ASSOCIATES C
SENTRY SELECT CAPITA
HEARTLAND ADVISORS I
BLACKROCK
HILLSDALE INVESTMENT
STATE STREET
ACADIAN ASSET MANAGE
WELLINGTON MANAGEMEN
CANADA PENSION PLAN
PRINCIPAL FINANCIAL
NORTHERN TRUST CORPO
BATTERYMARCH FINANCI
TIAA CREF INVESTMENT
NORGES BANK
CITIGROUP INCORPORAT
MD MANAGEMENT LTD
NEW YORK STATE COMMO
SYSTEMATIC FINANCIAL
LEGG MASON CAPITAL M
GOLDMAN SACHS GROUP

Firm Name
Macquarie
Raymond James
Scotia Capital
Credit Suisse
BMO Capital Markets
Canaccord Genuity Corp
CIBC World Markets
National Bank Financial
EVA Dimensions

Portfolio Name
n/a
SENTRY SELECT CAPITA
HEARTLAND ADVISORS I
n/a
HILLSDALE INVESTMENT
n/a
ACADIAN ASSET MANAGE
WELLINGTON MANAGEMEN
CANADA PENSION PLAN
n/a
NORTHERN TRUST CORPO
BATTERYMARCH FINANCI
TIAA-CREF INVESTMENT
NORGES BANK
CITIGROUP INCORPORAT
Multiple Portfolios
NEW YORK STATE COMMO
SYSTEMATIC FINANCIAL
Multiple Portfolios
GOLDMAN SACHS GROUP

Analyst
PIERRE VAILLANCOURT
BRAD HUMPHREY
TREVOR TURNBULL
ANITA SONI
ANDREW BREICHMANAS
RAHUL PAUL
COSMOS CHIU
PAOLO LOSTRITTO
CRAIG STERLING

Source
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
MF-AGG
13F
13F
MF-AGG
13F

Recommendation
neutral
market perform
sector underperform
underperform
market perform
hold
sector perform
outperform
overweight

Amt Held
39'316'268
30'238'600
25'985'870
10'793'356
6'281'374
4'897'831
4'819'436
3'713'690
3'486'925
3'093'334
3'064'953
2'625'741
2'259'552
1'934'059
1'870'572
1'845'827
1'725'479
1'647'710
1'467'781
1'164'787

% Out
15.17
11.67
10.03
4.17
2.42
1.89
1.86
1.43
1.35
1.19
1.18
1.01
0.87
0.75
0.72
0.71
0.67
0.64
0.57
0.45

Weighting

Change
3
3
1
1
3
3
3
5
5

M
M
D
M
M
M
M
M
U

Latest Chg
(350'000)
(1'326'930)
723'887
1'230'943
12'016
(1'475'687)
3'703'206
2'002'700
1'200'671
(52'441)
125'700
1'129'776
1'267'792
139'300
206'700
277'080
(51'919)

Target Price
1
2
1
1
2
2
2
3
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
29.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
26.04.2013
Investment Advisor
31.12.2012 Hedge Fund Manager
29.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Pension Fund (ERISA)
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012 Pension Fund (ERISA)
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor

Date
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided

Date
25.04.2013
24.04.2013
23.04.2013
22.04.2013
15.04.2013
15.04.2013
11.04.2013
09.04.2013
04.04.2013

30.04.2013

Romarco Minerals Inc


Romarco Minerals, Inc. is an emerging gold producer. The Company's flagship
project is the Haile Gold Mine in South Carolina.

Price/Volume
1

25.0 M

20.0 M

Latest Fiscal Year:


LTM as of:
52-Week High (17.09.2012)
52-Week Low (23.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
R
CN EQUITY YTD Change
R
CN EQUITY YTD % CHANGE

12/2012
12/yy
1.40
0.39
281'624.00
0.445
-68.57%
13.38%
6.70%
585.0
260.32
0.00
0.0
0.0
64.78
193.29

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

10.0 M

5.0 M

0
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

.0 M
a-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
0.0
(3.6)
(4.5)
-

15.0 M

Valuation Analysis

31.12.2009
31.12.2010
0.0
0.0
(7.3)
(65.4)
(7.2)
(66.2)
Profitability

LTM-4Q
31.12.2011
0.0
(15.3)
(15.7)
-

31.12.2012
0.0
(11.8)
(11.9)
-11.81
-12.13
-4.58%
-4.80%
0.00%
5.88
5.81
0.00%
0.00%
0.00
-

12/yy
0.0
#DIV/0!
(15.3)
0.00x
(15.7)
0.00x

LTM
12/yy
0.0
#DIV/0!
(11.8)
0.00x
(11.9)
0.00x

0.00
1.20
580.76
0.77
-55.94%
-42.21%
1.204
6
4.167
2'420'969
1'590'205
1'354'361

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

(8.0)
(8.0)
(7.8)
(12.0)
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

-58.20
-263.13
0.00
0.0%
0.0%
0.00
0.00
-

Sales/Revenue/Turnover

1.0
0.9

1.00

0.8
0.7

0.80
0.60
0.40

0.6
0.5
0.4
0.3
0.2

0.20

0.1
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Romarco Minerals Inc


Holdings By:

All

Holder Name
BLACKROCK
VAN ECK ASSOCIATES C
FRANKLIN RESOURCES
OPPENHEIMERFUNDS INC
TOCQUEVILLE ASSET MA
FMR LLC
JP MORGAN
COMMONWEALTH BANK OF
TD ASSET MANAGEMENT
RUFFER LLP
GAMCO
QUANTEX AG
ROYAL BANK OF CANADA
GLOBAL STRATEGY FINA
SHARE SICAV
VANGUARD GROUP INC
SPROTT INC
COLONIAL FIRST STATE
GARRETT DIANE RENEE
LOMBARD ODIER DARIER

Firm Name
Cormark Securities Inc.
BMO Capital Markets
National Bank Financial
RBC Capital Markets
Paradigm Capital Inc
Euro Pacific Capital Inc

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
TOCQUEVILLE ASSET MA
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios

Analyst
RICHARD GRAY
ANDREW KAIP
PAOLO LOSTRITTO
SAM CRITTENDEN
DON BLYTH
HEIKO IHLE

Source
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
13F
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
MF-AGG

Recommendation
buy
market perform
outperform
sector perform
speculative buy
buy

Amt Held
149'342'975
46'813'508
46'766'500
30'127'000
21'188'200
19'245'100
15'429'733
11'682'793
11'093'500
8'551'000
5'550'000
3'750'000
3'000'000
2'975'080
2'828'384
2'703'235
2'266'700
1'959'403
1'568'000
1'361'600

% Out
25.53
8
7.99
5.15
3.62
3.29
2.64
2
1.9
1.46
0.95
0.64
0.51
0.51
0.48
0.46
0.39
0.33
0.27
0.23

Weighting

Change
5
3
5
3
4
5

Latest Chg
28'590'375
(211'188)
(470'500)
53'500
85'000
(147'237)
(147'500)
(100'000)
(520'200)
205'500
31'500
-

Target Price

M
M
M
M
M
N

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
26.04.2013
Investment Advisor
29.04.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013 Hedge Fund Manager
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Bank
31.12.2012
Investment Advisor
27.12.2012 Hedge Fund Manager
31.12.2012
Unclassified
29.03.2013
Investment Advisor
31.12.2012
Bank
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012 Hedge Fund Manager
19.10.2012
Investment Advisor
19.04.2013
n/a
28.02.2013
Investment Advisor

Date
1
1
2
1
2
2

12 month
Not Provided
12 month
12 month
12 month
12 month

Date
22.04.2013
15.04.2013
09.04.2013
02.04.2013
11.03.2013
28.09.2012

30.04.2013

Banro Corp
Banro Corporation, through its subsidiary, explores and develops gold
properties. The Company currently holds mining permits and mining concessions
in the Democratic Republic of Congo in Africa.

Price/Volume
6
5
4
3

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.09.2012)
52-Week Low (15.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.04.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BAA CN EQUITY YTD Change
BAA CN EQUITY YTD % CHANGE

12/2012
12/yy
5.03
1.03
429'314.00
1.23
-75.35%
19.42%
6.25%
252.1
310.08
154.69
0.0
0.0
27.05
435.05

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
0.0
(6.2)
(8.5)
9.34x

31.12.2009
31.12.2010
0.0
0.0
(7.6)
(10.3)
(4.8)
(3.0)
Profitability

LTM-4Q
31.12.2011
0.0
(10.2)
(9.3)
-

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
42.6
16.23x
6.0
114.64x
(4.6)
6.03
-2.06
-4.84%
-10.70%
-0.86%
-1.12%
0.08%
29.2%
14.2%
-4.8%
-10.7%
1.06
0.47
24.33%
36.54%
-

Price/ Cash Flow

10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
a-13

12/yy
0.0
#DIV/0!
(10.2)
0.00x
(9.3)
0.00x

LTM
12/yy
42.6
80.50x
6.0
114.64x
(4.6)
0.00x

FY+1

0.00
1.96
249.82
9.95
-70.71%
-55.76%
1.956
5
3.000
1'504'183
2'125'147
2'081'688
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
160.0
388.7
36.9
36.2
63.7
194.7
6.85x
2.23x
10.9
100.3
16.11x
2.14x
8.84x
4.48x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

2.62
-57.93
21.15
25.64
36.5%
26.8%
0.08
0.11
-

Sales/Revenue/Turnover

700.00

45.0

600.00

40.0
35.0

500.00

30.0

400.00

25.0

300.00

20.0
15.0

200.00

10.0

100.00
0.00
01.01.2010

5.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Banro Corp
Holdings By:

All

Holder Name
BLACKROCK
JP MORGAN
VAN ECK ASSOCIATES C
IG INVESTMENT MANAGE
FRANKLIN RESOURCES
TOCQUEVILLE ASSET MA
FMR LLC
ACUITY INVESTMENT MA
WELLINGTON MANAGEMEN
TRADEWINDS GLOBAL IN
INVESTEC ASSET MANAG
INVESTEC ASSET MANAG
FIERA CAPITAL CORPOR
CANADA PENSION PLAN
FIERA CAPITAL CORPOR
DEUTSCHE BANK AG
BRISTOL INVESTMENT P
PUBLIC SECTOR PENSIO
CONNOR CLARK & LUNN
TD ASSET MANAGEMENT

Firm Name
CIBC World Markets
BMO Capital Markets
GMP
Cormark Securities Inc.
EVA Dimensions
Goldman Sachs

Portfolio Name
n/a
n/a
n/a
IG INVESTMENT MANAGE
n/a
TOCQUEVILLE ASSET MA
n/a
ACUITY INVESTMENT MA
WELLINGTON MANAGEMEN
TRADEWINDS GLOBAL IN
INVESTEC ASSET MANAG
Multiple Portfolios
Multiple Portfolios
CANADA PENSION PLAN
FIERA CAPITAL CORPOR
DEUTSCHE BANK AKTIEN
BRISTOL INVESTMENT P
PUBLIC SECTOR PENSIO
CONNOR CLARK & LUNN
TD ASSET MANAGEMENT

Analyst
COSMOS CHIU
ANDREW BREICHMANAS
BROCK SALIER
MIKE KOZAK
CRAIG STERLING
EUGENE KING

Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
MF-AGG
MF-AGG
13F
13F
13F
13F
13F
13F
13F

Recommendation
sector perform
market perform
buy
restricted
underweight
neutral/neutral

Amt Held
29'151'624
24'223'469
16'155'784
14'067'000
12'785'907
10'721'545
9'020'360
8'156'000
4'835'785
4'085'541
4'023'371
3'887'474
3'824'682
2'304'615
2'152'177
2'051'416
2'026'058
1'879'400
1'842'700
1'715'800

% Out
11.56
9.61
6.41
5.58
5.07
4.25
3.58
3.24
1.92
1.62
1.6
1.54
1.52
0.91
0.85
0.81
0.8
0.75
0.73
0.68

Weighting

Change

3
3
5
#N/A N/A
1
3

M
M
M
M
U
M

Latest Chg
72'185
(72'888)
4'088'200
651'407
41'100
(1'648'935)
3'531'100
778'978
1'766'536
1'791'580
(135'897)
(593'900)
(316'700)
(4'660'861)
(1'218'959)
(41'296)
(641'000)
(266'100)

Target Price
4
2
2
#N/A N/A
#N/A N/A
3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
26.04.2013
Investment Advisor
31.03.2013
Investment Advisor
29.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013 Hedge Fund Manager
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012 Pension Fund (ERISA)
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013 Hedge Fund Manager
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor

Date
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month

Date
29.04.2013
25.04.2013
25.04.2013
22.04.2013
10.04.2013
15.03.2013

30.04.2013

Colossus Minerals Inc


Colossus Minerals Inc. is a mineral exploration and production company. The
Company explores for and develops gold-platinum-palladium properties in Brazil.

Price/Volume
7
6
5
4

Valuation Analysis

Latest Fiscal Year:


LTM as of:
52-Week High (20.09.2012)
52-Week Low (18.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
CSI CN EQUITY YTD Change
CSI CN EQUITY YTD % CHANGE

12/2012
12/yy
6.03
1.73
183'456.00
2.24
-63.35%
29.48%
14.42%
107.0
239.58
72.14
0.0
2.7
63.59
248.75

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

1
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.07.2008
0.0
(2.5)
(2.3)
-

31.07.2009
31.07.2010
0.0
0.0
(2.7)
(9.5)
(4.6)
(9.7)
Profitability

LTM-4Q
31.12.2011
0.0
(29.3)
(32.1)
-

31.12.2012
0.0
(32.9)
(30.1)
-32.86
-33.29
-11.68%
-23.01%
0.00%
4.66
4.55
25.80%
62.37%
0.00
0.00

10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
a-13

12/yy
0.0
#DIV/0!
(29.3)
0.00x
(32.1)
0.00x

LTM
12/yy
0.0
#DIV/0!
(32.9)
0.00x
(30.1)
0.00x

FY+1

0.00
1.58
90.39
2.74
-51.62%
-51.41%
1.585
5
4.600
1'562'971
1'499'240
1'464'254
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
41.6
285.7
5.01x
0.11x
11.9
204.0
(6.8)
(6.8)
20.90x
1.22x
20.76x
4.27x
(6.6)
135.7
(8.6)
(8.6)
2.67x
6.51x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

-7.02
-26.45
-2.20
62.4%
37.9%
0.00
0.00
3704.00
-

Sales/Revenue/Turnover

1.0
0.9

1.00

0.8
0.7

0.80
0.60
0.40

0.6
0.5
0.4
0.3
0.2

0.20

0.1
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Colossus Minerals Inc


Holdings By:

All

Holder Name
ARIAS RESOURCE CAPIT
ACUITY INVESTMENT MA
SPROTT ASSET MANAGEM
VAN ECK ASSOCIATES C
FRANKLIN RESOURCES
FMR LLC
SUSSMAN ARI B
MCLEAN BUDDEN LTD
MANULIFE ASSET MANAG
CIBC GLOBAL ASSET MA
JP MORGAN
KISHIDA AUGUSTO
BLACKROCK
DEUTSCHE BANK AG
US GLOBAL INVESTORS
VANGUARD GROUP INC
GLOBAL STRATEGY FINA
FROSTIAK JOHN
FIRST CANADIAN MUTUA
TD ASSET MANAGEMENT

Firm Name
Clarus Securities
Stifel
Macquarie
Canaccord Genuity Corp
GMP

Portfolio Name
#N/A N/A
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios

Analyst
JAMIE SPRATT
CRAIG P STANLEY
MICHAEL GRAY
NICHOLAS CAMPBELL
GEORGE V ALBINO

Source
Co File
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
SEDI
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
SEDI
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG

Recommendation
speculative buy
buy
outperform
speculative buy
buy

Amt Held
13'223'900
10'530'371
9'947'500
9'252'403
4'883'500
3'860'635
1'761'401
1'459'400
1'151'864
1'060'133
1'049'000
958'000
699'201
527'115
525'000
486'563
321'612
229'800
207'600
180'500

% Out
12.36
9.85
9.3
8.65
4.57
3.61
1.65
1.36
1.08
0.99
0.98
0.9
0.65
0.49
0.49
0.45
0.3
0.21
0.19
0.17

Weighting

Change
4
5
5
4
5

Latest Chg
(1'572'900)
(37'308)
29'000
397'528
50'000
(37'490)
(6'989)
4
871
(6'612)
50'000
-

Target Price

M
M
M
M
M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

8
4
3
8
12

File Dt
22.04.2013
31.10.2012
28.02.2013
29.04.2013
31.01.2013
31.03.2013
27.06.2012
28.02.2013
28.02.2013
31.12.2012
31.12.2012
09.08.2012
26.04.2013
28.02.2013
31.12.2012
31.03.2013
28.09.2012
16.02.2013
30.11.2012
31.12.2012

Date
12 month
Not Provided
12 month
12 month
Not Provided

Inst Type
Private Equity
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor

Date
29.04.2013
26.04.2013
25.04.2013
11.04.2013
01.04.2013

30.04.2013

Rainy River Resources Ltd


Rainy River Resources Ltd. is a gold exploration and production company.

Price/Volume
7

9.0 M

8.0 M
7.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.10.2012)
52-Week Low (17.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
RR CN EQUITY YTD Change
RR CN EQUITY YTD % CHANGE

12/2012
12/yy
6.17
1.97
28'650.00
2.31
-63.05%
17.26%
9.52%
99.9
230.87
0.13
0.0
0.0
102.12
128.88

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

5.0 M

4.0 M
3.0 M

2.0 M

1.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


30.09.2007
0.0
(4.2)
(1.8)
-

6.0 M

30.09.2008
30.09.2009
0.0
0.0
(2.6)
(4.2)
(1.0)
(3.6)
Profitability

LTM-4Q
30.09.2010
0.0
(9.1)
(6.8)
-

30.09.2011
0.0
(16.1)
(13.5)
-64.60
-64.98
-33.90%
-35.35%
0.00%
15.73
15.71
0.08%
0.09%
0.00
-

09/yy
0.0
#DIV/0!
(16.1)
0.00x
(13.5)
0.00x

LTM
12/yy
0.0
#DIV/0!
(64.6)
0.00x
(65.9)
0.00x

FY+1

.0 M
a-13

0.00
1.16
97.74
0.79
-50.22%
-53.52%
1.156
9
4.000
705'084
523'794
713'661
FY+2

FQ+1

FQ+2

12/12 Y

12/13 Y
12/12 Q4 03/13 Q1
1.0
133.27x
(15.2)
(22.2)
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

-10003.84
-12740.42
0.00
0.1%
0.1%
0.00
0.00
-

Sales/Revenue/Turnover

4.5
4.0

1.00
0.80

3.5
3.0
2.5

0.60

2.0
1.5

0.40
0.20

1.0
0.5
0.0

0.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Rainy River Resources Ltd


Holdings By:

All

Holder Name
VAN ECK ASSOCIATES C
SALIDA CAPITAL LP
FMR LLC
JP MORGAN
IG INVESTMENT MANAGE
BEREZAN LEO
QUANTEX AG
LB SWISS INVESTMENT
BLACKROCK
GLOBAL X MANAGEMENT
INVESTEC ASSET MANAG
CIBC GLOBAL ASSET MA
LOMBARD ODIER DARIER
VANGUARD GROUP INC
AVERILL STUART ALLAN
LAZARIDIS MICHAEL
GLOBAL STRATEGY FINA
JONES HEWARD INVESTM
UOB ASSET MANAGEMENT
SOCIETE GENERALE

Firm Name
Stifel
Scotia Capital
BMO Capital Markets
CIBC World Markets
Desjardins Securities
Casimir Capital
RBC Capital Markets
National Bank Financial
Paradigm Capital Inc

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
CRAIG P STANLEY
LEILY OMOUMI
JOHN P HAYES
JEFF KILLEEN
ADAM MELNYK
ERIC WINMILL
SAM CRITTENDEN
PAOLO LOSTRITTO
DON BLYTH

Source
ULT-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
SEDI
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
hold
sector outperform
speculative outperform
sector perform
buy
speculative buy
sector perform
outperform
speculative buy

Amt Held
10'085'221
8'043'070
3'380'400
3'170'900
1'756'100
1'334'048
830'000
800'000
624'538
539'677
538'228
453'100
401'000
399'600
360'000
355'000
343'467
315'943
300'000
255'600

% Out
10.09
8.05
3.38
3.17
1.76
1.33
0.83
0.8
0.62
0.54
0.54
0.45
0.4
0.4
0.36
0.36
0.34
0.32
0.3
0.26

Weighting

Change
3
5
4
3
5
4
3
5
4

M
M
M
M
M
M
M
M
M

Latest Chg
920'049
(655'430)
359'000
313'000
17'000
118'000
800'000
823
14'692
(409'100)
(2'600)
5'000
(25'700)

Target Price
#N/A N/A
6
#N/A N/A
7
6
7
5
8
9

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
29.04.2013
30.11.2011
31.03.2013
28.02.2013
31.01.2013
22.05.2012
29.03.2013
31.12.2012
26.04.2013
26.04.2013
28.02.2013
31.12.2012
28.02.2013
31.03.2013
06.02.2013
14.03.2012
28.09.2012
29.04.2013
30.06.2012
31.12.2012

Date
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Bank

Date
26.04.2013
23.04.2013
14.04.2013
12.04.2013
12.04.2013
12.04.2013
11.04.2013
11.04.2013
17.09.2012

30.04.2013

Sulliden Gold Corp Ltd


Sulliden Gold Corp Ltd. is a mineral exploration company. The Company is
focused on the development of its Shahuindo Gold Project located in northern
Peru.

Price/Volume
2

18.0 M

16.0 M

14.0 M
12.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.08.2012)
52-Week Low (15.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 23.04.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SUE CN EQUITY YTD Change
SUE CN EQUITY YTD % CHANGE

04/2012
01/yy
1.44
0.66
124'250.00
0.91
-37.59%
37.88%
30.69%
270.7
246.38
0.00
0.0
0.0
47.34
226.55

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

6.0 M

4.0 M

2.0 M

0
a-12

30.04.2009
30.04.2010
0.0
0.0
(6.2)
(2.6)
(4.4)
Profitability

m-12

LTM-4Q
30.04.2011
0.0
(8.8)
(10.3)
-

30.04.2012
0.0
(11.9)
(13.3)
-11.95
-11.95
-2.59%
-2.69%
0.00%
23.62
23.62
0.00%
0.00%
0.00
-

01/yy
0.0
#DIV/0!
(11.8)
0.00x
(13.6)
0.00x

j-12

j-12

a-12

s-12

LTM
01/yy
0.0
#DIV/0!
(4.3)
0.00x
(4.9)
0.00x

o-12

n-12

d-12

j-13

f-13

.0 M
a-13

m-13

0.00
1.46
236.71
0.06
-14.95%
-2.15%
1.457
9
4.778
670'720
765'046
681'550

FY+1

FY+2

FQ+1

FQ+2

04/13 Y

04/14 Y

04/13 Q4

07/13 Q1

(5.2)
(7.4)
(3.6)
(11.3)
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

-0.05
0.0%
0.0%
0.00
0.00
-

Sales/Revenue/Turnover

1.20

0.3

1.00

0.3

0.80

0.2

0.60

8.0 M

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


30.04.2008
0.0
(2.5)
(4.2)
-

10.0 M

0.2
0.1

0.40

0.1
0.20

0.0
0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Sulliden Gold Corp Ltd


Holdings By:

All

Holder Name
AGNICO-EAGLE MINES L
VAN ECK ASSOCIATES C
ABERDEEN INTERNATION
ROYAL BANK OF CANADA
MACKENZIE FINANCIAL
FMR LLC
BEUTEL GOODMAN & COM
IG INVESTMENT MANAGE
ACUITY INVESTMENT MA
BHARTI STAN
FERNANDEZ-CONCHA STU
COLEMAN JAMES H
FIRST TRUST ADVISORS
HUMPHREY RAYMOND BRU
MOORE GEOFFREY S
UOB ASSET MANAGEMENT
FRONT BARNETT ASSOCI
AMIREAULT STEPHANE
SWISSCANTO FONDSLEIT
NCF SOC ADMIN DE FON

Firm Name
Cormark Securities Inc.
Raymond James
BMO Capital Markets
Desjardins Securities
Haywood Securities Inc.
GMP
Kallpa Securities SAB
National Bank Financial
Mine2Capital Inc

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
FRONT BARNETT ASSOCI
n/a
Multiple Portfolios
Multiple Portfolios

Analyst
RICHARD GRAY
GARY J BASCHUK
ANDREW KAIP
ADAM MELNYK
KERRY SMITH
GEORGE V ALBINO
HUMBERTO LEON
STEPHEN PARSONS
ALKA SINGH

Source
SEDI
ULT-AGG
Co File
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
SEDI
SEDI
MF-AGG
PROXY
SEDI
MF-AGG
13F
SEDI
MF-AGG
MF-AGG

Recommendation
buy
Under Review
speculative outperform
buy
buy
buy
overweight
outperform
buy

Amt Held
26'966'292
19'129'502
15'904'572
9'517'800
5'573'512
5'403'200
5'166'300
2'907'900
2'341'926
1'563'955
1'435'000
1'108'614
920'363
862'978
829'423
800'000
609'700
516'500
510'000
375'000

% Out
9.96
7.07
5.87
3.52
2.06
2
1.91
1.07
0.87
0.58
0.53
0.41
0.34
0.32
0.31
0.3
0.23
0.19
0.19
0.14

Weighting

Change

5
#N/A N/A
4
5
5
5
5
5
5

M
M
M
M
M
M
M
M
N

Latest Chg
(86'160)
12
2'332'800
(730'700)
(325'000)
250'000
46'526
100'000
200'000
-

Target Price
2
#N/A N/A
1
2
2
2
2
2
2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
09.04.2013
29.04.2013
31.07.2012
31.12.2012
31.01.2013
31.03.2013
28.02.2013
31.01.2013
28.09.2012
08.02.2013
20.10.2011
21.10.2011
28.03.2013
05.09.2012
04.10.2012
30.06.2012
31.12.2012
30.03.2013
28.02.2013
03.08.2011

Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided

Inst Type
Corporation
Investment Advisor
Unclassified
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
n/a
n/a
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor

Date
22.04.2013
18.04.2013
16.04.2013
16.04.2013
16.04.2013
16.04.2013
12.04.2013
10.04.2013
24.12.2012

30.04.2013

Asanko Gold Inc


Asanko Gold Inc. is a gold development company focussing on near term gold
production at its Esaase gold project in Ghana, West Africa.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (09.11.2012)
52-Week Low (17.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
AKG CN EQUITY YTD Change
AKG CN EQUITY YTD % CHANGE

03/2012
12/yy
4.39
2.26
13'136.00
2.57
-41.69%
13.72%
19.25%
85.0
218.54
0.00
0.0
0.0
197.61
30.84

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20
1.00

2.5 M
2.0 M
1.5 M
1.0 M
.5 M

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
0.0
(4.0)
(4.2)
-

5
5
4
4
3
3
2
2
1
1
0
a-12

31.03.2009
31.03.2010
0.0
0.0
(3.2)
(6.3)
(3.7)
(6.4)
Profitability

LTM-4Q
31.03.2011
0.0
(38.4)
(34.9)
-

31.03.2012
0.0
(35.6)
(38.2)
-35.61
-36.23
-8.07%
-8.49%
0.00%
41.24
41.05
0.00%
0.00%
-

12/yy
0.0
#DIV/0!
(49.2)
0.00x
(41.4)
0.00x

LTM
12/yy
0.0
#DIV/0!
(31.2)
0.00x
(21.6)
0.00x

0.00
1.45
75.26
0.45
-19.69%
-34.94%
1.446
8
3.625
157'068
213'376
294'699

FY+1

FY+2

FQ+1

FQ+2

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

(11.3)
(14.0)
(12.3)
(24.8)
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

.0 M
a-13

-628.60
-658.98
0.00
0.0%
0.0%
0.00
0.00
-

Sales/Revenue/Turnover

0.0
0.0
0.0

0.80
0.60

0.0
0.0
0.0

0.40
0.20

0.0
0.0
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Asanko Gold Inc


Holdings By:

All

Holder Name
VAN ECK ASSOCIATES C
HIGHLAND PARK SA
BLACKROCK
BEUTEL GOODMAN & COM
SPROTT INC
MACKENZIE FINANCIAL
JP MORGAN
SPROTT INC
IG INVESTMENT MANAGE
SALI ROBERT J
ROYAL BANK OF CANADA
BANK OF AMERICA CORP
LOMBARD ODIER DARIER
VANGUARD GROUP INC
LB SWISS INVESTMENT
SEAMANS CAPITAL MANA
JONES HEWARD INVESTM
BMO FINANCIAL CORP
CANADA PENSION PLAN
TECHNICAL FINANCIAL

Firm Name
Clarus Securities
Scotia Capital
Canaccord Genuity Corp
Cormark Securities Inc.
CIBC World Markets
RBC Capital Markets
Jennings Capital
BMO Capital Markets

Portfolio Name
n/a
n/a
n/a
n/a
n/a
MACKENZIE FINANCIAL
n/a
SPROTT INC
IG INVESTMENT MANAGE
n/a
n/a
BANK OF AMERICA
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
SEAMANS CAPITAL MANA
Multiple Portfolios
BMO FINANCIAL CORP
CANADA PENSION PLAN
TFS CAPITAL LLC

Analyst
NANA SANGMUAH
LEILY OMOUMI
NICHOLAS CAMPBELL
MIKE KOZAK
JEFF KILLEEN
JONATHAN GUY
DAN HRUSHEWSKY
ANDREW BREICHMANAS

Source
ULT-AGG
SEDI
ULT-AGG
13G
13G
13F
ULT-AGG
13F
13F
SEDI
ULT-AGG
13F
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
13F
13F
13F

Recommendation
buy
sector perform
speculative buy
speculative buy
sector perform
sector perform
buy
Speculative Underperform

Amt Held
8'861'057
8'191'174
5'720'748
5'457'500
3'702'527
3'640'600
3'234'225
3'195'867
1'248'900
830'000
668'544
558'000
451'000
372'849
350'000
318'200
268'862
267'599
243'326
240'667

% Out
10.42
9.63
6.73
6.42
4.35
4.28
3.8
3.76
1.47
0.98
0.79
0.66
0.53
0.44
0.41
0.37
0.32
0.31
0.29
0.28

Weighting

Change
5
3
4
4
3
3
5
2

Latest Chg
898'582
477'500
(546'938)
1'480'300
(506'660)
382'700
150'000
652'571
515'800
5'600
318'200
(12'274)
(311'900)
(79'196)

Target Price

M
M
M
M
M
M
M
D

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
29.04.2013
Investment Advisor
13.11.2012
Other
26.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013 Hedge Fund Manager
31.12.2012
Investment Advisor
16.05.2012
n/a
31.12.2012
Bank
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
29.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012 Pension Fund (ERISA)
31.12.2012
Investment Advisor

Date
6
5
5
4
5
3
6
3

12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided

Date
29.04.2013
23.04.2013
22.04.2013
22.04.2013
11.04.2013
25.02.2013
21.02.2013
19.02.2013

30.04.2013

Bear Creek Mining Corp


Bear Creek Mining Corporation acquires and explores mineral properties. The
Company is currently conducting silver and gold exploration activities on its
prospects located in Peru.

Price/Volume
4

1.8 M

1.6 M

1.4 M
1.2 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.10.2012)
52-Week Low (15.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 01.04.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BCM CN EQUITY YTD Change
BCM CN EQUITY YTD % CHANGE

12/2012
12/yy
3.81
2.00
25'400.00
2.6
-32.28%
30.00%
33.15%
92.2
239.78
0.00
0.0
0.0
68.45
169.27

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

.8 M

.6 M

.4 M

.2 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
0.0
(16.5)
(18.1)
-

1.0 M

31.12.2009
31.12.2010
0.0
0.0
(8.7)
(16.8)
(8.7)
(16.3)
Profitability

LTM-4Q
31.12.2011
0.0
(29.5)
(29.7)
-

31.12.2012
0.0
(31.2)
(31.0)
-31.20
-31.32
-19.68%
-20.20%
0.00%
32.85
32.66
0.00%
0.00%
-

12/yy
0.0
#DIV/0!
(29.5)
0.00x
(29.7)
0.00x

LTM
12/yy
0.0
#DIV/0!
(31.2)
0.00x
(31.0)
0.00x

0.00
1.12
75.40
0.10
-22.39%
-22.85%
1.118
4
4.000
86'864
121'931
137'947

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

(19.4)
(21.7)
(19.1)
(18.1)
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

.0 M
a-13

0.00
0.0%
0.0%
0.00
0.00
-

Sales/Revenue/Turnover

1.0
0.9

1.00

0.8
0.7

0.80
0.60
0.40

0.6
0.5
0.4
0.3
0.2

0.20

0.1
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Bear Creek Mining Corp


Holdings By:

All

Holder Name
SILVER WHEATON CORP
SPROTT INC
TOCQUEVILLE ASSET MA
ATLANTIC INVESTMENT
VAN ECK ASSOCIATES C
ROYCE AND ASSOCIATES
KEM CAPITAL LLC
GLOBAL X MANAGEMENT
MCLEOD-SELTZER CATHE
SWARTHOUT ANDREW
VANGUARD GROUP INC
TD ASSET MANAGEMENT
FALCON FUND MANAGEME
LOMBARD ODIER DARIER
DE WITT DAVID E
GLOBAL STRATEGY FINA
AGF INVESTMENTS INC
DEAN COREY M
FALCON FUND MANAGEME
NATIXIS ASSET MANAGE

Firm Name
Raymond James
Canaccord Genuity Corp
BMO Capital Markets
Scotia Capital
Paradigm Capital Inc

Portfolio Name
n/a
n/a
TOCQUEVILLE ASSET MA
ATLANTIC INVESTMENT
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios

Analyst
BRAD HUMPHREY
NICHOLAS CAMPBELL
ANDREW KAIP
TREVOR TURNBULL
DON BLYTH

Source
PROXY
Co File
13F
13F
ULT-AGG
MF-AGG
SEDI
MF-AGG
PROXY
SEDI
MF-AGG
MF-AGG
MF-AGG
MF-AGG
PROXY
MF-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG

Recommendation
outperform
speculative buy
speculative outperform
sector perform
speculative buy

Amt Held
13'264'305
9'772'057
9'422'575
8'367'550
6'122'709
1'542'800
1'081'262
993'162
966'562
879'592
750'000
660'000
559'000
457'000
375'650
240'867
204'600
185'000
146'500
132'000

% Out
14.38
10.6
10.22
9.07
6.64
1.67
1.17
1.08
1.05
0.95
0.81
0.72
0.61
0.5
0.41
0.26
0.22
0.2
0.16
0.14

Weighting

Change
5
4
4
3
4

Latest Chg
1'478'600
20'000
2'308'300
(27'576)
31'100
5'000
35'000
20'100
-

Target Price

M
M
M
M
M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
17.04.2012
Corporation
31.01.2013 Hedge Fund Manager
31.03.2013 Hedge Fund Manager
31.12.2012
Investment Advisor
29.04.2013
Investment Advisor
31.03.2013
Investment Advisor
21.03.2012
Investment Advisor
26.04.2013
Investment Advisor
17.04.2012
n/a
06.12.2012
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
17.04.2012
n/a
28.09.2012
Investment Advisor
28.09.2012
Investment Advisor
11.11.2010
n/a
28.02.2013
Investment Advisor
28.03.2013
Investment Advisor

Date
4
5
3
4
6

12 month
12 month
Not Provided
12 month
12 month

Date
24.04.2013
16.04.2013
15.04.2013
04.04.2013
16.11.2011

30.04.2013

Paramount Gold and Silver Corp


Paramount Gold and Silver Corporation explores for precious metals in Mexico.

Price/Volume
3

3.5 M

3.0 M
2.5 M

Latest Fiscal Year:


LTM as of:
52-Week High (07.09.2012)
52-Week Low (17.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
PZG US EQUITY YTD Change
PZG US EQUITY YTD % CHANGE

06/2012
12/yy
2.82
1.44
127'995.00
1.57
-44.50%
9.03%
13.04%
147.6
231.71
0.00
0.0
0.0
20.00
217.42

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

1.5 M

1.0 M

.5 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


30.06.2008
0.0
(18.8)
(18.4)
-

2.0 M

Valuation Analysis

30.06.2009
30.06.2010
0.0
0.0
(7.3)
(8.6)
(7.2)
(5.4)
Profitability

LTM-4Q
30.06.2011
0.2
2370.69x
(11.6)
(28.5)
-

30.06.2012
0.1
4555.15x
(17.9)
(12.1)
-17.95
-18.02
-24647.56%
-16534.40%
-16.27%
-19.70%
0.00%
-29165.2%
-29280.4%
-16534.4%
1.82
1.77
0.00%
0.00%
0.05
-

LTM

12/yy
12/yy
0.1
0.1
16235.53x 22190.34x
(14.9)
(17.9)
0.00x
0.00x
(0.9)
(11.0)
0.00x
0.00x

1.17
115.70
15.28
-35.66%
-32.33%
1.166
1
5.000
726'363
895'813
809'040

FY+1

FY+2

FQ+1

FQ+2

06/13 Y

06/14 Y

03/13 Q3

06/13 Q4

(7.9)
(7.9)
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

.0 M
a-13

-1685.54
-1699.47
0.00
0.0%
0.0%
0.00
0.00
7443.11
-

Sales/Revenue/Turnover

0.2
0.2

1.00

0.2
0.1

0.80
0.60
0.40

0.1
0.1
0.1
0.1
0.0

0.20

0.0
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Paramount Gold and Silver Corp


Holdings By:

All

Holder Name
FCMI FINANCIAL CORP
VAN ECK ASSOCIATES C
VANGUARD GROUP INC
BLACKROCK
CRUPI CHRISTOPHER
STATE STREET
NORTHERN TRUST CORPO
FRONK RUDI P
ROTHSCHILD & COMPAGN
GLOBAL X MANAGEMENT
MACKELLER IAN
PORTOLA GROUP INCORP
TIAA CREF INVESTMENT
AMERICAN INTERNATION
PORTER PARTNERS LP
BANK OF NEW YORK MEL
BARD ASSOCIATES INC
TALKOT CAPITAL LLC
KENNEDY SHAWN M
CALIFORNIA PUBLIC EM

Firm Name
Cowen Securities LLC
Stonecap Securities Inc

Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
NORTHERN TRUST CORPO
n/a
Multiple Portfolios
GLOBAL X MANAGEMENT
n/a
PORTOLA GROUP INCORP
TIAA-CREF INVESTMENT
n/a
n/a
BANK OF NEW YORK MEL
BARD ASSOCIATES INC
TALKOT CAPITAL LLC
n/a
CALIFORNIA PUBLIC EM

Analyst
ADAM P GRAF
CHRISTOS DOULIS

Source
13D
ULT-AGG
13F
ULT-AGG
Form 4
ULT-AGG
13F
SEDI
MF-AGG
13F
424B
13F
13F
ULT-AGG
424B
13F
13F
13F
Form 4
13F

Recommendation
buy
not rated

Amt Held
24'444'234
8'290'578
6'329'298
5'522'962
3'992'766
2'114'725
1'592'580
1'025'000
1'000'000
717'088
577'500
577'010
566'159
462'554
446'250
444'859
420'450
400'000
364'735
336'400

% Out
16.56
5.62
4.29
3.74
2.71
1.43
1.08
0.69
0.68
0.49
0.39
0.39
0.38
0.31
0.3
0.3
0.28
0.27
0.25
0.23

Weighting

Change

5
#N/A N/A

M
M

Latest Chg
1'170'732
(985'288)
(110'324)
451'575
29'500
(484)
3'339
800'000
92'007
(43'050)
13'813
13'936
(4'130)
(2'000)
400'000
(59'011)
200

Target Price
4
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
12.03.2013
Corporation
29.04.2013
Investment Advisor
31.03.2013
Investment Advisor
26.04.2013
Investment Advisor
17.04.2013
n/a
26.04.2013
Investment Advisor
31.12.2012
Investment Advisor
10.01.2011
n/a
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
19.04.2012
n/a
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
19.04.2012
Other
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
04.03.2013
n/a
31.12.2012 Pension Fund (ERISA)

Date
12 month
Not Provided

Date
25.04.2013
24.04.2013

30.04.2013

Kirkland Lake Gold Inc


Kirkland Lake Gold, Inc. is an operating gold mining company located in
Ontario, Canada. The Company owns the Macassa Mine and mill and several
contiguous gold producing properties. Kirkland Lake is developing a lode gold
deposit.

Price/Volume
16

6.0 M

14

5.0 M

12
4.0 M

10
8

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.08.2012)
52-Week Low (17.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
KGI CN EQUITY YTD Change
KGI CN EQUITY YTD % CHANGE

04/2012
01/yy
14.57
2.64
81'428.00
3.24
-77.90%
22.73%
5.28%
70.2
227.29
8.83
0.0
0.0
30.17
287.87

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

30.04.2009
30.04.2010
43.5
51.2
10.98x
9.15x
(6.8)
(7.6)
(10.5)
(12.3)
Profitability

1.0 M

2
0
a-12

m-12

LTM-4Q
30.04.2011
103.3
9.01x
26.4
35.24x
19.9
48.55x

30.04.2012
159.8
5.53x
55.7
15.86x
41.3
22.63x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

55.73
41.94
26.24%
26.48%
-2.83%
-4.15%
-11.87%
0.40%
38.5%
17.6%
5.4%
25.8%
2.09
1.48
3.27%
3.79%
26.25
6.90

Price/ Cash Flow

01/yy
149.6
22.77x
49.3
24.58x
45.1
38.76x

j-12

j-12

a-12

s-12

LTM
01/yy
139.2
20.90x
24.5
19.82x
(9.8)
0.00x

o-12

n-12

d-12

j-13

f-13

m-13

FY+1

.0 M
a-13

0.00
1.55
60.86
8.45
-74.88%
-44.62%
1.548
10
3.900
716'267
816'916
762'235
FY+2

FQ+1

FQ+2

04/13 Y
04/14 Y
04/13 Q4 07/13 Q1
153.4
261.9
47.9
38.2
2.24x
1.28x
7.43x
9.39x
30.0
105.7
16.2
4.6
9.66x
2.72x
6.02x
5.91x
(0.0)
46.2
10.2
(1.2)
6.32x
8.29x
7.09x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

224.70
-62.85
2.48
6.07
3.8%
3.7%
0.40
0.56
13.94
53.02
82.70
-22.72

Sales/Revenue/Turnover

800.00

180.0

700.00

160.0

600.00

140.0
120.0

500.00

100.0

400.00

80.0

300.00

60.0

200.00

40.0

100.00

20.0

0.00
01.05.2009

2.0 M

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


30.04.2008
41.4
9.87x
(1.0)
(3.3)
-

3.0 M

0.0
01.11.2009

01.05.2010

01.11.2010

01.05.2011

01.11.2011

01.05.2012

01.11.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Kirkland Lake Gold Inc


Holdings By:

All

Holder Name
RESOLUTE FUNDS LTD
VAN ECK ASSOCIATES C
OPPENHEIMERFUNDS INC
DOBSON DAVID HARRY
INVESTEC ASSET MANAG
HORIZON INVESTMENTS
JP MORGAN
MILTON GEORGE A
COLUMBIA WANGER ASSE
IA MICHAEL INVESTMEN
ROYCE AND ASSOCIATES
SPROTT INC
HINCHCLIFFE BRIAN A
GAMCO
MONTRUSCO BOLTON INV
FMR LLC
BLACKROCK
EMPIRE LIFE INSURANC
LB SWISS INVESTMENT
CIBC GLOBAL ASSET MA

Firm Name
Macquarie
Investec
BMO Capital Markets
Dundee Securities Corp
CIBC World Markets
National Bank Financial
Desjardins Securities
Mirabaud Securities
Panmure Gordon & Co Limited
Raymond James
EVA Dimensions

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
MICHAEL SIPERCO
HUNTER HILLCOAT
BRIAN QUAST
JOE FAZZINI
COSMOS CHIU
PAOLO LOSTRITTO
ADAM MELNYK
RICHARD MORGAN
ALISON TURNER
FORBES GEMMELL
CRAIG STERLING

Source
RNS-MAJ
ULT-AGG
Research
Research
Research
Research
ULT-AGG
SEDI
Research
MF-AGG
MF-AGG
Research
PROXY
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
neutral
buy
market perform
buy
sector perform
outperform
buy
speculative buy
buy
Under Review
sell

Amt Held
4'950'000
4'643'659
4'160'300
3'765'000
3'469'303
3'153'493
2'804'148
2'723'036
2'525'000
2'300'000
1'611'100
1'517'666
1'113'000
905'000
708'690
706'000
570'455
544'236
395'000
386'705

% Out
7.06
6.62
5.93
5.37
4.95
4.5
4
3.88
3.6
3.28
2.3
2.16
1.59
1.29
1.01
1.01
0.81
0.78
0.56
0.55

Weighting

Change

3
5
3
5
3
5
5
4
5
#N/A N/A
1

M
M
M
M
M
M
M
M
M
M
M

Latest Chg
557'500
(551'900)
40'000
2'300'000
(38'500)
396'600
11'175
(85'000)
1'297
76'236
(5'000)
356'807

Target Price
4
11
7
11
6
18
9
15
8
#N/A N/A
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
19.02.2013
Investment Advisor
29.04.2013
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
n/a
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
13.01.2012
n/a
01.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
30.06.2012 Hedge Fund Manager
05.09.2012
n/a
31.12.2012
Unclassified
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
26.04.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor

Date
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided

Date
25.04.2013
18.04.2013
14.04.2013
12.04.2013
11.04.2013
09.04.2013
12.03.2013
11.03.2013
11.03.2013
05.02.2013
15.01.2013

30.04.2013

Guyana Goldfields Inc


Guyana Goldfields Inc. is a metals exploration company. The Company is
primarily exploring for gold in Guyana.

Price/Volume
5

6.0 M

5.0 M

4
3

4.0 M

10/2012
01/yy
4.40
1.52
90'616.00
1.78
-60.45%
17.11%
9.72%
126.1
224.50
0.00
0.0
0.0
37.62
194.03

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

2.0 M

1.0 M

1
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.10.2008
0.0
(3.4)
(12.5)
-

3.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.01.2013)
52-Week Low (17.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GUY CN EQUITY YTD Change
GUY CN EQUITY YTD % CHANGE

31.10.2009
31.10.2010
0.0
0.0
(4.9)
(7.7)
(6.7)
(6.3)
Profitability

LTM-4Q
31.10.2011
0.0
(9.8)
(5.1)
-

31.10.2012
0.0
(8.0)
(9.8)
-8.04
-8.07
-4.88%
-4.94%
0.00%
16.74
16.74
0.00%
0.00%
0.00
-

01/yy
0.0
#DIV/0!
(7.8)
0.00x
(10.1)
0.00x

LTM
01/yy
0.0
#DIV/0!
(8.3)
0.00x
(9.5)
0.00x

FY+1

.0 M
a-13

0.00
1.57
118.37
2.63
-35.04%
-43.31%
1.570
10
4.400
489'013
578'428
635'778
FY+2

FQ+1

FQ+2

10/13 Y

10/14 Y
04/13 Q2 07/13 Q3
414.0
(10.5)
(10.5)
(9.8)
(10.5)
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

0.00
0.0%
0.0%
0.00
0.00
-

Sales/Revenue/Turnover

1.0
0.9

1.00

0.8
0.7

0.80
0.60
0.40

0.6
0.5
0.4
0.3
0.2

0.20

0.1
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Guyana Goldfields Inc


Holdings By:

All

Holder Name
BAUPOST GROUP LLC
FRANKLIN RESOURCES
ACUITY INVESTMENT MA
VAN ECK ASSOCIATES C
SHERIDAN JR JOHN PAT
FMR LLC
LB SWISS INVESTMENT
FIRST EAGLE INVESTME
SPROTT INC
CARMIGNAC GESTION
QUANTEX AG
LOMBARD ODIER DARIER
MMA INVESTMENT MANAG
TD ASSET MANAGEMENT
BLACKROCK
VANGUARD GROUP INC
GLOBAL STRATEGY FINA
US GLOBAL INVESTORS
FERRY ALAN L H
SWISSCANTO FONDSLEIT

Firm Name
Raymond James
TD Securities
Cormark Securities Inc.
BMO Capital Markets
Cowen Securities LLC
Casimir Capital
Scotia Capital
RBC Capital Markets
Paradigm Capital Inc
Salman Partners

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios

Analyst
BRAD HUMPHREY
DANIEL EARLE
RICHARD GRAY
ANDREW KAIP
ADAM P GRAF
STUART MCDOUGALL
TREVOR TURNBULL
SAM CRITTENDEN
DON BLYTH
DAVID WEST

Source
SEDI
ULT-AGG
Co File
ULT-AGG
SEDI
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
MF-AGG

Recommendation
outperform
speculative buy
buy
speculative outperform
buy
speculative buy
sector perform
outperform
speculative buy
buy

Amt Held
24'878'669
23'717'550
8'051'804
7'949'935
6'600'103
5'032'198
2'300'000
1'831'603
1'237'322
1'166'650
950'000
590'000
550'000
550'000
430'148
397'680
330'000
300'000
228'000
220'000

% Out
19.73
18.8
6.38
6.3
5.23
3.99
1.82
1.45
0.98
0.92
0.75
0.47
0.44
0.44
0.34
0.32
0.26
0.24
0.18
0.17

Weighting

Change
5
4
5
4
5
4
3
5
4
5

Latest Chg
83'000
(3'647'450)
(35'868)
345'000
299'858
500'000
995'700
(310'000)
1'166'650
(2'988'804)
(49'951)
16'000
-

Target Price

M
M
M
M
M
M
D
U
M
M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
28.02.2013 Hedge Fund Manager
28.02.2013
Investment Advisor
30.11.2010
Investment Advisor
29.04.2013
Investment Advisor
22.02.2013
n/a
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
30.09.2012 Hedge Fund Manager
31.12.2012 Hedge Fund Manager
29.03.2013
Investment Advisor
29.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2011
Investment Advisor
31.12.2012
Investment Advisor
26.04.2013
Investment Advisor
31.03.2013
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
23.04.2012
n/a
28.02.2013
Investment Advisor

Date
5
4
5
5
8
8
4
6
9
6

12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month

Date
24.04.2013
23.04.2013
22.04.2013
15.04.2013
09.04.2013
09.04.2013
06.03.2013
15.01.2013
15.01.2013
14.01.2013

30.04.2013

Highland Gold Mining Ltd


Highland Gold Mining Limited is a holding company for a group of companies which
own operating and development assets in the Russian gold mining industry. The
Group's gold mining assets are located in the Far East of the Russian
Federation.

Price/Volume
140

10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
a-13

120
100
80

Valuation Analysis

60

Latest Fiscal Year:


LTM as of:
52-Week High (21.09.2012)
52-Week Low (17.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
HGM LN EQUITY YTD Change
HGM LN EQUITY YTD % CHANGE

12/2012
01/yy
128.91
75.50
285'346.00
82
-36.20%
8.61%
15.91%
325.2
266.68
8.75
0.0
2.2
61.35
363.82

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

20
0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
149.1
1.02x
38.7
3.92x
(232.4)
-

40

31.12.2009
31.12.2010
164.7
243.6
2.05x
3.16x
56.5
120.3
5.97x
6.40x
78.8
122.3
5.92x
7.81x
Profitability

31.12.2011
300.2
2.75x
156.5
5.27x
103.8
9.14x

31.12.2012
351.8
1.31x
161.8
2.84x
122.9
4.15x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

161.81
125.00
35.53%
43.67%
14.63%
16.59%
16.59%
0.42%
41.6%
46.0%
35.5%
34.9%
5.40
1.80
0.96%
1.11%
3.25

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

6.12
0.94
63.68
-31.07%
-15.03%
0.939
13
4.231
960'633
1'012'634
914'145
FY+2

12/13 Y
12/14 Y
383.7
459.6
1.48x
1.31x
160.1
197.5
2.27x
1.84x
87.4
107.8
4.65x
3.87x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

FQ+1

FQ+2

123.05
27.97
-0.33
0.05
1.1%
1.1%
0.42
0.77
112.73
128.73

Sales/Revenue/Turnover

25.00

400.0
350.0

20.00

300.0
250.0

15.00

200.0
10.00

150.0
100.0

5.00

0.00
01.01.2010

50.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Highland Gold Mining Ltd


Holdings By:

All

Holder Name
MILLHOUSE LLC
BARRICK GOLD CORP
SHVIDLER EVGENY MARK
PROTSVETANIYE HOLDIN
JP MORGAN
KOULAKOV IVAN EUGENE
HAKANSSON PETER ELAM
VAN ECK ASSOCIATES C
LANCRENAN INVESTMENT
EAST CAPITAL ASSET M
BNP PARIBAS INV PART
FLEMING FAMILY & PAR
LEGAL & GENERAL
BESSEMER GROUP INCOR
URALSIB JSC
DWS FINANZ SERVICE G
PARVEST INVESTMENT M
CARNEGIE ASSET MANAG
DEUTSCHE ASSET MANAG
VANGUARD GROUP INC

Firm Name
RBC Capital Markets
Otkritie Capital
Numis Securities Ltd
Westhouse Securities
Deutsche Bank
VSA Capital Ltd
Uralsib
VTB Capital
Alfa-Bank
Sberbank CIB
EVA Dimensions
Aton LLC

Portfolio Name
n/a
n/a
n/a
#N/A N/A
n/a
n/a
n/a
n/a
#N/A N/A
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
JONATHAN GUY
ANDY JONES
CAILEY BARKER
NICK HATCH
ERIK DANEMAR
CHARLIE LONG
VALENTINA BOGOMOLOVA
NIKOLAY SOSNOVSKIY
BARRY EHRLICH
MIKHAIL STISKIN
CRAIG STERLING
ILYA MAKAROV

Source
Co File
Co File
RNS-DIR
RNS-MAJ
ULT-AGG
Co File
RNS-MAJ
ULT-AGG
RNS-MAJ
MF-AGG
ULT-AGG
RNS-MAJ
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
sector perform
buy
buy
buy
buy
buy
hold
sell
equalweight
buy
buy
buy

Amt Held
105'910'000
66'235'264
28'057'794
22'879'845
20'996'780
17'552'500
11'101'386
10'934'903
9'786'032
8'289'000
5'496'428
4'211'883
1'977'736
1'850'620
1'580'000
1'384'600
900'000
830'000
815'400
801'501

% Out
32.57
20.37
8.63
7.04
6.46
5.4
3.41
3.36
3.01
2.55
1.69
1.3
0.61
0.57
0.49
0.43
0.28
0.26
0.25
0.25

Weighting

Change
3
5
5
5
5
5
3
1
3
5
5
5

M
M
M
M
M
M
M
D
M
M
M
M

Latest Chg
2'037'794
3'371'722
(254'398)
(48'624)
200'000
(10'700'000)
1'850'620
1'580'000
(1'083'333)

Target Price
120
122
170
135
135
175
131
82
126
183
#N/A N/A
136

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
18.04.2011
18.04.2011
13.07.2012
24.04.2013
28.02.2013
26.04.2011
30.04.2012
29.04.2013
12.04.2013
31.12.2012
28.02.2013
29.09.2010
31.01.2013
31.01.2013
31.05.2012
20.08.2012
30.11.2012
30.09.2012
22.10.2012
31.03.2013

Date
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month

Inst Type
Holding Company
Corporation
n/a
Holding Company
Investment Advisor
n/a
n/a
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
24.04.2013
24.04.2013
23.04.2013
23.04.2013
17.04.2013
16.04.2013
09.04.2013
04.04.2013
26.02.2013
25.02.2013
17.01.2013
28.06.2012

30.04.2013

Indophil Resources NL
Indophil Resources NL is a mineral exploration company that acquires, explores
and develops gold and copper-gold resources in the Asia-Pacific region.

Price/Volume
0

25.0 M

0
20.0 M

0
0

15.0 M

0
0

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.05.2012)
52-Week Low (22.11.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
IRN AU EQUITY YTD Change
IRN AU EQUITY YTD % CHANGE

12/2012
01/yy
0.43
0.22
406'239.00
0.265
-37.65%
23.26%
11.90%
1'203.1
318.83
0.00
0.0
0.0
235.04
83.80

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

5.0 M

0
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

.0 M
a-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
0.0
(20.8)
(14.8)
-

10.0 M

31.12.2009
31.12.2010
0.0
0.0
(17.1)
(7.7)
(10.6)
2.3
196.30x
Profitability

31.12.2011
0.0
(7.9)
1.0
319.23x

104.48
103.72
0.00%
0.00%
-

707'793
1'154'702
1'248'740

LTM-4Q

LTM

FY+1

FY+2

FQ+1

01/yy

01/yy

12/13 Y

12/14 Y

31.12.2012
0.0
(17.7)
5.5
52.17x
-17.66
-17.70
1.16%
1.17%
1.17%
0.00%

0.00
1.03
668.60
1.07
-33.75%
10.42%
1.031
1
5.000

S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

FQ+2
-

0.00
0.0%
0.0%
0.00
0.00
-

Sales/Revenue/Turnover

1.0
0.9

1.00

0.8
0.7

0.80
0.60
0.40

0.6
0.5
0.4
0.3
0.2

0.20

0.1
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Indophil Resources NL
Holdings By:

All

Holder Name
ALSONS DEVELOPMENT &
XSTRATA PLC
L1 CAPITAL PTY LTD
BANK OF AMERICA CORP
VAN ECK ASSOCIATES C
UBS
SAN MIGUEL CORP
MORGAN STANLEY
ACORN CAPITAL LTD
UNISUPER
WESTOZ FUNDS MANAGEM
SUNSUPER FUND
HEALTH SUPER
MICROCAP INVESTMENT
CBA OFFICERS SUPER F
FMR LLC
DIMENSIONAL FUND ADV
QLD LOCAL GOVT SUPER
AUSCOAL SUPER FUND
MILITARY SUPER & BEN

Firm Name
EVA Dimensions

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a

Analyst
CRAIG STERLING

Source
EXCH
EXCH
EXCH
EXCH
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
EXCH
EXCH
MF-AGG
EXCH
EXCH
EXCH
EXCH
ULT-AGG
MF-AGG
EXCH
EXCH
EXCH

Recommendation
buy

Amt Held
240'508'334
157'189'422
77'094'557
59'777'753
53'887'244
52'235'438
48'016'960
26'097'859
20'419'416
19'610'481
16'200'000
13'290'433
9'408'868
9'086'904
8'280'549
7'192'750
5'392'977
5'326'550
4'856'892
4'371'077

% Out
19.99
13.06
6.41
4.97
4.48
4.34
3.99
2.17
1.7
1.63
1.35
1.1
0.78
0.76
0.69
0.6
0.45
0.44
0.4
0.36

Weighting

Change
5

Latest Chg
141'041'667
(12'125'963)
(11'905'784)
(245'700)
(27'664'747)
-

Target Price
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
06.02.2012
06.02.2012
10.04.2013
28.08.2012
29.04.2013
17.06.2011
17.06.2011
10.10.2011
09.02.2012
09.02.2012
30.06.2011
09.02.2012
09.02.2012
09.02.2012
09.02.2012
31.10.2012
31.07.2012
09.02.2012
09.02.2012
09.02.2012

Date
Not Provided

Inst Type
Corporation
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Corporation
Investment Advisor
Investment Advisor
Other
Investment Advisor
Other
Other
Other
Other
Investment Advisor
Investment Advisor
Other
Other
Other

Date
02.04.2013

30.04.2013

Lydian International Ltd


Lydian International, Ltd. is a gold focused mineral exploration and
development company.

Price/Volume
3

8.0 M
7.0 M

6.0 M
2

Latest Fiscal Year:


LTM as of:
52-Week High (05.09.2012)
52-Week Low (17.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
LYD CN EQUITY YTD Change
LYD CN EQUITY YTD % CHANGE

12/2012
12/yy
2.56
1.43
21'900.00
1.55
-37.89%
8.39%
15.93%
126.9
196.63
0.00
0.0
0.0
20.11
105.41

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

31.12.2009
-

4.0 M
3.0 M

2.0 M
1

1.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

5.0 M

Valuation Analysis

31.12.2010

(1.9)
Profitability

(3.4)
(5.9)
-

LTM-4Q
31.12.2011
0.0
(5.9)
-

31.12.2012
0.0
(6.4)
-5.92
-14.30%
-16.44%
0.00%
5.62
5.51
0.00%
0.00%
-

12/yy
0.0
#DIV/0!
(3.6)
0.00x
(5.9)
0.00x

LTM
12/yy
0.0
#DIV/0!
(2.9)
0.00x
(6.4)
0.00x

0.00
1.36
99.24
0.47
-34.04%
-25.84%
1.362
9
4.778
189'485
401'889
379'826

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

(6.4)
(5.0)
(9.5)
(7.3)
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

.0 M
a-13

0.0%
0.0%
0.00
0.00
-

Sales/Revenue/Turnover

1.0
0.9

1.00

0.8
0.7

0.80
0.60
0.40

0.6
0.5
0.4
0.3
0.2

0.20

0.1
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Lydian International Ltd


Holdings By:

All

Holder Name
VAN ECK ASSOCIATES C
INTERNATIONAL FINANC
EUROPEAN BANK FOR RE
NEWMONT MINING CORP
FRANKLIN RESOURCES
GCIC LTD/CANADA
ROYAL BANK OF CANADA
INVESCO LTD
HAYK ALOYAN
FMR LLC
MACKENZIE FINANCIAL
HENDERSON MARC C
MULLENS PETER
ANDROSS LIMITED
GLOBAL X MANAGEMENT
LOMBARD ODIER DARIER
TARGET GENERATION SO
QUANTEX AG
SPROTT INC
GLOBAL STRATEGY FINA

Firm Name
Stifel
Scotia Capital
TD Securities
Cormark Securities Inc.
Haywood Securities Inc.
BMO Capital Markets
National Bank Financial
GMP
RBC Capital Markets

Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
CRAIG P STANLEY
LEILY OMOUMI
DANIEL EARLE
MIKE KOZAK
TARA HASSAN
JOHN P HAYES
SHANE NAGLE
ANDREW MIKITCHOOK
JONATHAN GUY

Source
ULT-AGG
SEDI
Research
SEDI
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
SEDI
ULT-AGG
MF-AGG
SEDI
SEDI
SEDI
MF-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG
MF-AGG

Recommendation
buy
sector outperform
speculative buy
buy
buy
speculative outperform
outperform
buy
outperform

Amt Held
13'148'278
10'309'771
9'038'780
8'650'000
5'775'000
3'790'000
2'351'900
2'000'000
1'791'500
1'625'300
1'567'700
1'502'500
1'430'000
1'340'450
1'248'559
1'179'400
1'007'500
950'000
941'400
903'610

% Out
10.36
8.13
7.12
6.82
4.55
2.99
1.85
1.58
1.41
1.28
1.24
1.18
1.13
1.06
0.98
0.93
0.79
0.75
0.74
0.71

Weighting

Change
5
5
4
5
5
4
5
5
5

M
M
M
M
M
M
M
M
M

Latest Chg
1'419'732
500'000
800'000
1'890'000
2'000
100'000
392'600
(100'000)
(90'500)
200'000
34'284
500'000
(344'000)

Target Price
3
4
4
3
4
#N/A N/A
4
5
3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
29.04.2013
Investment Advisor
28.03.2013
Government
29.03.2012
Bank
24.09.2010
Corporation
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Bank
31.12.2012
Investment Advisor
22.02.2013
n/a
31.03.2013
Investment Advisor
31.01.2013
Investment Advisor
12.03.2013
n/a
07.02.2013
n/a
12.10.2012
Other
26.04.2013
Investment Advisor
28.02.2013
Investment Advisor
21.09.2010
Other
29.03.2013
Investment Advisor
31.12.2012 Hedge Fund Manager
28.09.2012
Investment Advisor

Date
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month

Date
26.04.2013
23.04.2013
23.04.2013
22.04.2013
16.04.2013
14.04.2013
09.04.2013
05.03.2013
07.01.2013

30.04.2013

Sabina Gold & Silver Corp


Sabina Gold & Silver Corporation explores and develops mineral properties. The
Company is a precious metals exploration Company with a portfolio of different
properties in Canada at different stages of development. Sabina explores for
minerals that include copper, gold and silver.

Price/Volume
4

3.5 M

3.0 M

2.5 M

Latest Fiscal Year:


LTM as of:
52-Week High (07.09.2012)
52-Week Low (19.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SBB CN EQUITY YTD Change
SBB CN EQUITY YTD % CHANGE

12/2012
12/yy
3.55
1.11
19'530.00
1.2
-66.20%
8.11%
4.51%
173.6
208.29
0.00
0.0
0.0
116.39
91.90

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

1.5 M

2
1

1.0 M

.5 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
0.0
(3.6)
(3.1)
-

2.0 M

Valuation Analysis

31.12.2009
31.12.2010
0.0
0.0
(4.5)
(5.4)
(1.1)
(8.8)
Profitability

LTM-4Q
31.12.2011
0.0
(10.0)
(12.7)
-

31.12.2012
0.0
(11.9)
(14.1)
-11.86
-11.90
-4.29%
-4.80%
0.00%
42.88
41.36
0.00%
0.00%
0.00
0.00

12/yy
0.0
#DIV/0!
(10.0)
0.00x
(12.7)
0.00x

LTM
12/yy
0.0
#DIV/0!
(11.9)
0.00x
(14.1)
0.00x

0.00
1.55
110.19
0.57
-56.36%
-54.72%
1.552
7
4.286
677'359
420'272
443'292

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

(5.7)
(6.1)
(5.8)
(6.1)
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

.0 M
a-13

0.00
0.0%
0.0%
0.00
0.00
350.34
-

Sales/Revenue/Turnover

0.0
0.0

1.00
0.80

0.0
0.0
0.0

0.60

0.0
0.0

0.40
0.20

0.0
0.0
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Sabina Gold & Silver Corp


Holdings By:

All

Holder Name
GCIC LTD/CANADA
GOODMAN INVESTMENT C
DUNDEE PRECIOUS META
VAN ECK ASSOCIATES C
DUNDEE CORP
FMR LLC
QUANTEX AG
LOMBARD ODIER DARIER
TOCQUEVILLE ASSET MA
SHARE SICAV
GLOBAL X MANAGEMENT
US GLOBAL INVESTORS
FALCON FUND MANAGEME
GLOBAL STRATEGY FINA
VANGUARD GROUP INC
AMERICAN CENTURY COM
WHITTON JOHN F
SPROTT INC
WILKES LEROY E
PACIFIC INCOME ADVIS

Firm Name
Cormark Securities Inc.
BMO Capital Markets
RBC Capital Markets
National Bank Financial
Salman Partners
Desjardins Securities
Paradigm Capital Inc

Portfolio Name
n/a
#N/A N/A
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
TOCQUEVILLE ASSET MA
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios

Analyst
RICHARD GRAY
ANDREW KAIP
STEPHEN D WALKER
PAOLO LOSTRITTO
DAVID WEST
ADAM MELNYK
DON MACLEAN

Source
SEDI
SEDI
PROXY
ULT-AGG
SEDI
ULT-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
MF-AGG
SEDI
MF-AGG

Recommendation
buy
speculative outperform
outperform
sector perform
speculative buy
buy
speculative buy

Amt Held
20'350'304
19'728'304
18'539'713
10'523'240
2'828'700
2'780'000
1'140'000
1'122'000
1'034'100
945'100
936'866
899'400
838'000
725'400
643'657
642'400
628'042
560'700
343'373
300'000

% Out
11.72
11.37
10.68
6.06
1.63
1.6
0.66
0.65
0.6
0.54
0.54
0.52
0.48
0.42
0.37
0.37
0.36
0.32
0.2
0.17

Weighting

Change
5
4
5
3
4
5
4

Latest Chg
1'491'804
(368'000)
(47'472)
2'151'700
50'000
1'034'100
45'000
25'740
75'000
5'000
-

Target Price

M
M
M
M
M
M
M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
06.03.2013
Investment Advisor
26.04.2013
Investment Advisor
08.05.2012
Corporation
29.04.2013
Investment Advisor
29.06.2012
Holding Company
31.03.2013
Investment Advisor
29.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013 Hedge Fund Manager
31.12.2012
Investment Advisor
26.04.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
28.09.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
01.11.2011
n/a
31.12.2012 Hedge Fund Manager
02.01.2013
n/a
28.03.2013
Investment Advisor

Date
3
3
3
4
5
7
6

12 month
Not Provided
12 month
12 month
12 month
12 month
12 month

Date
22.04.2013
15.04.2013
14.04.2013
09.04.2013
22.02.2013
21.02.2013
12.11.2012

30.04.2013

Lake Shore Gold Corp


Lake Shore Gold Corp. acquires and explores mineral properties. The Company is
currently exploring for gold in the gold mining district of northern Ontario
and Quebec.

Price/Volume
1

30.0 M

25.0 M

20.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.06.2012)
52-Week Low (24.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
LSG CN EQUITY YTD Change
LSG CN EQUITY YTD % CHANGE

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

10.0 M

5.0 M

0
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
0.0
(9.6)
(5.5)
-

15.0 M

12/2012
12/yy
1.17
0.35
236'972.00
0.395
-66.24%
12.86%
6.10%
416.6
164.55
142.44
0.0
0.0
48.72
258.27

31.12.2009
31.12.2010
0.0
0.0
(9.6)
(19.4)
2.1
(6.5)
413.00x
Profitability

LTM-4Q
31.12.2011
66.2
7.86x
7.3
70.97x
(10.9)
-

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
133.0
3.05x
37.9
10.70x
(317.9)
37.91
-4.90
-3.69%
-187.52%
-34.24%
-40.51%
0.14%
7.8%
28.5%
-3.7%
-239.0%
1.49
0.83
17.31%
22.22%
7.55

Price/ Cash Flow

12/yy
66.2
55.56x
7.3
70.97x
(10.9)
0.00x

LTM
12/yy
133.0
12.58x
37.9
10.70x
(317.9)
0.00x

FY+1

.0 M
a-13

0.00
1.38
415.20
1.94
-58.85%
-47.33%
1.385
9
3.667
7'788'587
2'852'278
2'362'000
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
199.8
270.0
43.0
1.18x
0.69x
79.4
124.4
3.25x
2.08x
(5.2)
28.7
9.63x
39.50x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

11.55
-37.76
2.47
3.76
22.2%
18.2%
0.14
0.16
48.46
20.00
-

Sales/Revenue/Turnover

80.00

140.0

70.00

120.0

60.00

100.0

50.00

80.0

40.00

60.0

30.00

40.0

20.00

20.0

10.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Lake Shore Gold Corp


Holdings By:

All

Holder Name
VAN ECK ASSOCIATES C
GEOLOGIC RESOURCE PA
TD ASSET MANAGEMENT
FIRST EAGLE INVESTME
RUFFER LLP
FMR LLC
BLACKROCK
LIBRA ADVISORS LLC
SHARE SICAV
CANADA PENSION PLAN
ROYAL BANK OF CANADA
VANGUARD GROUP INC
TORONTO DOMINION BAN
NORGES BANK
DIMENSIONAL FUND ADV
BMO FINANCIAL CORP
JONES HEWARD INVESTM
HAUCK & AUFHAUSER IN
GBC ASSET MANAGEMENT
JULIUS BAER MULTICOO

Firm Name
TD Securities
Mackie Research Capital Corp.
RBC Capital Markets
Haywood Securities Inc.
BMO Capital Markets
CIBC World Markets
National Bank Financial
M Partners Inc
EVA Dimensions

Portfolio Name
n/a
GEOLOGIC RESOURCE PA
TD ASSET MANAGEMENT
FIRST EAGLE INVESTME
Multiple Portfolios
n/a
n/a
LIBRA ADVISORS LLC
Multiple Portfolios
CANADA PENSION PLAN
n/a
Multiple Portfolios
TORONTO DOMINION BAN
NORGES BANK
Multiple Portfolios
BMO FINANCIAL CORP
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
DANIEL EARLE
BARRY D ALLAN
STEPHEN D WALKER
KERRY SMITH
BRIAN QUAST
COSMOS CHIU
PAOLO LOSTRITTO
INGRID RICO
CRAIG STERLING

Source
ULT-AGG
13F
13F
13F
MF-AGG
ULT-AGG
ULT-AGG
13F
MF-AGG
13F
ULT-AGG
MF-AGG
13F
13F
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
buy
buy
sector perform
buy
underperform
sector perform
outperform
buy
underweight

Amt Held
31'652'748
23'388'000
14'870'645
12'114'420
10'803'000
5'160'900
4'299'914
3'489'300
3'475'500
3'303'624
3'245'296
3'060'065
2'956'500
2'746'733
1'933'350
1'614'955
1'316'864
1'100'000
963'900
945'080

% Out
7.6
5.61
3.57
2.91
2.59
1.24
1.03
0.84
0.83
0.79
0.78
0.73
0.71
0.66
0.46
0.39
0.32
0.26
0.23
0.23

Weighting

Change
5
5
3
5
1
3
5
5
1

M
M
M
M
M
M
M
M
M

Latest Chg
(142'800)
8'876'000
667'313
(1'574'400)
1'199'300
(896'343)
(489'300)
412'000
3'051'527
29'385
1'300'000
(50'500)
(117'621)
(19'268)

Target Price
1
2
1
2
1
1
2
2
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
29.04.2013
31.12.2012
31.12.2012
31.03.2013
27.12.2012
31.03.2013
26.04.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.03.2013
31.12.2012
31.12.2012
31.07.2012
31.03.2013
29.04.2013
28.02.2013
31.12.2011
30.11.2012

Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided

Inst Type
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Pension Fund (ERISA)
Bank
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
23.04.2013
23.04.2013
19.04.2013
16.04.2013
14.04.2013
11.04.2013
09.04.2013
09.04.2013
15.01.2013

30.04.2013

Brigus Gold Corp


Brigus Gold Corp. is an emerging mid-tier gold producer . The Company's current
projects are in Ontario, Saskatchewan, Mexico and the Dominican Republic.

Price/Volume
1
1
1
1

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2012)
52-Week Low (17.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BRD US EQUITY YTD Change
BRD US EQUITY YTD % CHANGE

12/2012
12/yy
1.09
0.53
209'716.00
0.663
-38.64%
26.26%
22.46%
231.5
153.46
93.20
0.0
0.0
29.81
216.85

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20
1.00

0
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
0.0
(9.1)
1.2
-

31.12.2009
31.12.2010
47.0
85.9
4.84x
13.8
32.7
12.72x
(61.7)
(55.5)
Profitability

LTM-4Q
31.12.2011
71.9
3.27x
14.3
16.46x
15.8
-

31.12.2012
117.7
2.36x
48.5
5.72x
18.9
48.49
23.35
19.84%
15.79%
4.77%
9.12%
0.30%
30.9%
41.2%
19.8%
16.1%
1.15
0.76
22.12%
40.06%
30.94
9.59

5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
a-13

12/yy
71.9
16.56x
14.3
16.46x
15.8
0.00x

LTM
12/yy
117.7
8.29x
48.5
5.72x
18.9
0.00x

FY+1

1.16
225.88
0.99
-21.18%
-29.47%
1.159
8
4.750
879'537
1'032'086
897'610
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
156.5
168.0
42.8
31.2
82.7
100.2
2.63x
2.16x
30.9
44.9
5.9
0.1
5.13x
4.91x
3.55x
3.66x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

5.34
-0.55
1.31
1.92
40.1%
28.6%
0.30
0.37
11.83
38.15
98.53
-48.56

Sales/Revenue/Turnover

140.0
120.0
100.0

0.80

80.0
0.60

60.0

0.40

40.0
20.0

0.20

0.0
0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Brigus Gold Corp


Holdings By:

All

Holder Name
VAN ECK ASSOCIATES C
SPROTT INC
WEISS ASSET MANAGEME
RUFFER LLP
INTACT INVESTMENT MA
HILLSDALE INVESTMENT
ROYAL BANK OF CANADA
DAWE WADE K
CONNOR CLARK & LUNN
GROSS MICHAEL
LIBRA ADVISORS LLC
CANADA PENSION PLAN
BLACKROCK
BMO FINANCIAL CORP
DIMENSIONAL FUND ADV
CITY OF LONDON INVES
KELLIGREW INC
THE BANK OF NOVA SCO
COE CAPITAL MANAGEME
TECHNICAL FINANCIAL

Firm Name
Casimir Capital
Global Hunter Securities
Cormark Securities Inc.
Haywood Securities Inc.
Canaccord Genuity Corp
BMO Capital Markets
Paradigm Capital Inc
EVA Dimensions

Portfolio Name
n/a
SPROTT INC
WEISS ASSET MANAGEME
Multiple Portfolios
INTACT INVESTEMENT M
HILLSDALE INVESTMENT
n/a
n/a
CONNOR CLARK & LUNN
n/a
LIBRA ADVISORS LLC
CANADA PENSION PLAN
n/a
BMO FINANCIAL CORP
Multiple Portfolios
CITY OF LONDON INVES
n/a
THE BANK OF NOVA SCO
COE CAPITAL MANAGEME
TFS CAPITAL LLC

Analyst
ERIC WINMILL
JEFF WRIGHT
RICHARD GRAY
KERRY SMITH
STEVEN BUTLER
BRIAN QUAST
DON BLYTH
TEAM COVERAGE

Source
ULT-AGG
13F
13F
MF-AGG
13F
13F
ULT-AGG
SEDI
13F
PROXY
13F
13F
ULT-AGG
13F
MF-AGG
13F
SEDI
13F
13F
13F

Recommendation
strong buy
buy
buy
buy
buy
market perform
buy
overweight

Amt Held
15'749'424
10'394'351
8'214'500
7'027'000
4'428'400
3'814'200
3'542'114
2'438'422
2'331'800
1'578'085
1'430'200
1'189'700
1'128'900
1'000'000
914'868
912'000
655'289
500'000
499'380
422'021

% Out
6.8
4.49
3.55
3.04
1.91
1.65
1.53
1.05
1.01
0.68
0.62
0.51
0.49
0.43
0.4
0.39
0.28
0.22
0.22
0.18

Weighting

Change
5
5
5
5
5
3
5
5

M
M
M
M
M
M
M
U

Latest Chg
529'589
(4'720'868)
8'214'500
1'084'200
2'073'500
3'503'207
16'025
573'900
(595'900)
(391'900)
(71'100)
(10'948)
30'000
(215'250)
80'394

Target Price
2
1
1
2
2
1
2
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
29.04.2013
31.03.2013
31.12.2012
27.12.2012
31.03.2013
31.12.2012
31.12.2012
03.04.2013
31.12.2012
13.04.2012
31.12.2012
31.12.2012
31.12.2012
31.03.2013
31.07.2012
31.12.2012
29.09.2011
31.12.2012
31.03.2013
31.12.2012

Date
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided

Inst Type
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Bank
n/a
Investment Advisor
n/a
Hedge Fund Manager
Pension Fund (ERISA)
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor

Date
30.04.2013
29.04.2013
22.04.2013
16.04.2013
15.04.2013
14.04.2013
03.04.2013
29.06.2012

30.04.2013

Great Panther Silver Ltd


Great Panther Silver Ltd. explores for and produces silver. The Company is
focused on acquiring, developing and mining precious metals in Mexico. Great
Panther's projects include The Guanajuato Mines property, located in the State
of Guanajuato, Mexico, and The Topia Silver-Lead-Zinc property, located in the
Topia Mining District in west-central Durango State, Mexico.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.09.2012)
52-Week Low (23.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GPL US EQUITY YTD Change
GPL US EQUITY YTD % CHANGE

Price/Volume

12/2012
12/yy
2.48
0.94
115'752.00
1.02
-58.87%
8.51%
5.84%
137.9
140.62
0.00
0.0
0.0
25.90
115.94

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20
1.00

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
22.4
1.28x
(9.9)
(13.8)
-

31.12.2009
31.12.2010
31.7
42.2
2.85x
7.67x
4.9
14.2
18.35x
22.73x
(0.9)
10.7
Profitability

LTM-4Q
31.12.2011
57.8
4.05x
22.0
10.65x
11.5
-

31.12.2012
61.1
3.05x
15.6
11.93x
5.5
15.63
6.74
11.02%
15.88%
5.02%
5.72%
5.74%
0.56%
32.0%
25.6%
11.0%
9.0%
6.23
5.17
0.00%
0.00%
3.80
7.21

12/yy
57.8
25.22x
22.0
10.65x
11.5
0.00x

LTM
12/yy
61.1
15.51x
15.6
11.93x
5.5
0.00x

FY+1

.0 M
a-13

1.17
134.83
0.55
-53.21%
-33.33%
1.172
4
3.500
562'674
515'050
588'568
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
60.0
66.0
17.15x
12.86x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

459.68
-325.97
-1.66
0.00
0.0%
0.0%
0.56
1.17
96.31
50.73
60.30
86.73

Sales/Revenue/Turnover

70.0
60.0
50.0

0.80

40.0
0.60

30.0

0.40

20.0
10.0

0.20

0.0
0.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Great Panther Silver Ltd


Holdings By:

All

Holder Name
VAN ECK ASSOCIATES C
LB SWISS INVESTMENT
ARCHER ROBERT A
SANCHEZ FRANCISCO RA
TECHNICAL FINANCIAL
BROWN CHARLES P
PUPLAVA FINANCIAL SE
CANADA PENSION PLAN
KOPCHEFF JOHN THOMAS
OPPENHEIM KAPITALANL
WAY FUND MANAGERS
BLACKROCK
JANE STREET HOLDING
NATIXIS ASSET MANAGE
NATIXIS ASSET MANAGE
SCHOELLERBANK INVEST
IFOS INTERNATIONALE
SPARK INVESTMENT MAN
CITADEL ADVISORS LLC
BPI FUNDOS GFIM SA/P

Firm Name
Stonecap Securities Inc
Euro Pacific Capital Inc
EVA Dimensions
Salman Partners

Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
TFS CAPITAL LLC
n/a
PUPLAVA FINANCIAL SE
CANADA PENSION PLAN
n/a
Multiple Portfolios
Multiple Portfolios
n/a
JANE STREET HOLDING
NATIXIS ASSET MANAGE
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
SPARK INVESTMENT MAN
CITADEL ADVISORS LLC
Multiple Portfolios

Analyst
CHRISTOS DOULIS
HEIKO IHLE
CRAIG STERLING
ASH GUGLANI

Source
ULT-AGG
MF-AGG
SEDI
20F
13F
SEDI
13F
13F
SEDI
MF-AGG
MF-AGG
ULT-AGG
13F
13F
MF-AGG
MF-AGG
MF-AGG
13F
13F
MF-AGG

Recommendation
sector perform
buy
underweight
buy

Amt Held
9'532'859
1'387'500
1'191'300
1'075'000
896'193
448'000
429'301
293'101
280'000
200'000
200'000
193'930
191'922
188'000
153'000
130'000
100'000
93'500
88'245
86'500

% Out
6.91
1.01
0.86
0.78
0.65
0.32
0.31
0.21
0.2
0.15
0.15
0.14
0.14
0.14
0.11
0.09
0.07
0.07
0.06
0.06

Weighting

Change
3
5
1
5

M
M
D
M

Latest Chg
(1'219'935)
587'500
(61'200)
(120'468)
36'000
429'301
235'100
200'000
(73'288)
188'000
4'000
(38'700)
14'272
-

Target Price
1
1
#N/A N/A
2

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
29.04.2013
Investment Advisor
31.12.2012
Investment Advisor
14.09.2011
n/a
29.02.2012
n/a
31.12.2012
Investment Advisor
18.11.2011
n/a
31.12.2012 Hedge Fund Manager
31.12.2012 Pension Fund (ERISA)
25.08.2011
n/a
31.01.2013
Investment Advisor
28.03.2013
Investment Advisor
26.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.03.2013
Investment Advisor
28.03.2013
Investment Advisor
27.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
31.12.2012
Investment Advisor

Date
12 month
12 month
Not Provided
12 month

Date
16.04.2013
15.04.2013
11.04.2013
15.03.2013

30.04.2013

Intrepid Mines Ltd


Intrepid Mines Limited is an international precious metals development and
exploration company with primary operations in Indonesia. The Company's current
project is located in the province of East Java, where it explores for gold,
silver, and copper-gold.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.05.2012)
52-Week Low (23.07.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 12.04.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
IAU AU EQUITY YTD Change
IAU AU EQUITY YTD % CHANGE

12/2012
03/yy
0.89
0.19
2'759'656.00
0.265
-70.22%
39.47%
5.71%
555.8
147.29
0.00
0.0
0.0
9.65
144.92

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

90.0 M
80.0 M
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

.0 M
a-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
54.4
1.06x
2.2
26.51x
(42.7)
-

1
1
1
1
1
1
0
0
0
0
0
a-12

31.12.2009
31.12.2010
0.0
0.0
1.9
(24.2)
39.18x
(9.9)
(5.0)
Profitability

LTM-4Q
31.12.2011
0.0
(39.2)
(30.0)
-

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
0.0
(47.7)
(71.8)
-47.73
-47.76
-50.47%
-51.74%
0.00%
57.06
5.01
0.00%
0.00%
-

Price/ Cash Flow

03/yy
0.0
#DIV/0!
(30.7)
0.00x
(29.4)
0.00x

LTM
03/yy
0.0
#DIV/0!
(17.3)
0.00x
(63.9)
0.00x

0.00
1.64
486.83
16.56
-69.19%
26.19%
1.637
5
2.400
1'417'762
2'207'529
2'483'458

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

06/13 Q2

09/13 Q3

(9.3)
(7.6)
(6.2)
(8.9)
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

0.00
0.0%
0.0%
0.00
0.00
-

Sales/Revenue/Turnover

20.00

60.0

18.00

50.0

16.00
14.00

40.0

12.00

30.0

10.00
8.00

20.0

6.00
4.00

10.0

2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Intrepid Mines Ltd


Holdings By:

All

Holder Name
TAURUS SM HOLDINGS P
VAN ECK ASSOCIATES C
QUANTUM PACIFIC INVE
COMMONWEALTH BANK OF
FIRST EAGLE INVESTME
BANK OF AMERICA CORP
FMR LLC
UNISUPER
ACORN CAPITAL LTD
MACQUARIE GROUP
SUNSUPER FUND
MICROCAP INVESTMENT
HEALTH SUPER
CBA OFFICERS SUPER F
VANGUARD INVESTMENTS
VANGUARD GROUP INC
QLD LOCAL GOVT SUPER
AUSCOAL SUPER FUND
GORDON BRADLEY AUSTI
COMMONWEALTH SUPER C

Firm Name
National Bank Financial
Wilson HTM Investment Group
Hartleys
RBC Capital Markets
Canaccord Genuity Corp
RBS Morgans
Cormark Securities Inc.
Canaccord Genuity Corp
EVA Dimensions

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a

Analyst
STEPHEN PARSONS
CAMERON JUDD
PETER GRAY
GEOFF BREEN
GARY LAMPARD
CHRIS BROWN
MIKE KOZAK
JEAN-FRANCOIS BERTINCOURT
TEAM COVERAGE

Source
Co File
ULT-AGG
EXCH
EXCH
MF-AGG
EXCH
ULT-AGG
EXCH
EXCH
ULT-AGG
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
EXCH
EXCH
EXCH
EXCH

Recommendation
Under Review
sell
speculative buy
underperform
suspended coverage
outperform
Under Review
buy
sell

Amt Held
48'192'131
41'772'440
29'982'667
25'513'559
19'156'073
17'837'142
9'529'798
8'304'156
7'545'656
6'348'158
5'436'384
3'995'655
3'920'180
3'537'176
2'706'075
2'551'202
2'225'422
2'091'335
1'970'295
1'830'425

% Out
8.67
7.52
5.39
4.59
3.45
3.21
1.71
1.49
1.36
1.14
0.98
0.72
0.71
0.64
0.49
0.46
0.4
0.38
0.35
0.33

Weighting

Change

#N/A N/A
1
4
1
#N/A N/A
5
#N/A N/A
5
1

M
D
M
D
M
N
M
N
M

Latest Chg
7'384'262
(1'063'213)
(2'399'347)
(12'563'151)
1'263'247
700'425
(179'360)
878'800
478'000
602'600
530'300
(16'476)
340'300
327'800
235'000
-

Target Price
#N/A N/A
0
0
0
#N/A N/A
1
#N/A N/A
2
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
16.03.2012
Holding Company
29.04.2013
Investment Advisor
23.04.2013
Unclassified
21.09.2011
Bank
30.09.2012 Hedge Fund Manager
26.09.2011
Investment Advisor
31.03.2013
Investment Advisor
06.06.2012
Other
06.06.2012
Investment Advisor
31.08.2011
Investment Advisor
06.06.2012
Other
06.06.2012
Other
06.06.2012
Other
06.06.2012
Other
30.09.2012
Investment Advisor
31.03.2013
Investment Advisor
06.06.2012
Other
06.06.2012
Other
01.03.2013
n/a
06.06.2012
n/a

Date
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided

Date
27.03.2013
21.03.2013
19.03.2013
27.02.2013
19.02.2013
27.11.2012
23.07.2012
17.04.2012
31.01.2012

30.04.2013

Vista Gold Corp


Vista Gold Corp. is an international gold mining company. The Company is
focused on its core projects, the Concordia gold project located in Baja
California Sur, Mexico and the Mt. Todd gold project in Northern Territory,
Australia.

Price/Volume
5

6.0 M

5.0 M

4
3

4.0 M

12/2007
12/yy
4.09
1.47
30'793.00
1.62
-61.00%
10.20%
6.11%
81.6
132.13
0.00
0.0
0.0
88.40
43.74

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20
1.00

2.0 M

1.0 M

1
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
0.0
(6.5)
(10.0)
-

3.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2012)
52-Week Low (17.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
VGZ US EQUITY YTD Change
VGZ US EQUITY YTD % CHANGE

31.12.2009
31.12.2010
0.0
0.0
(6.1)
(17.7)
(1.9)
(20.0)
Profitability

LTM-4Q
31.12.2011
0.0
(28.1)
51.5
-

31.12.2012
0.0
(35.6)
(70.7)
-35.63
-36.22
-44.30%
-57.29%
0.00%
2.94
2.84
0.00%
0.00%
-

12/yy
0.0
#DIV/0!
(28.1)
0.00x
51.5
0.00x

LTM
12/yy
0.0
#DIV/0!
(34.5)
0.00x
(69.5)
0.00x

FY+1

.0 M
a-13

0.00
1.17
68.11
1.50
-46.36%
-40.00%
1.172
4
5.000
421'010
443'484
494'367
FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y
03/13 Q1 06/13 Q2
0.0
(20.4)
(19.1)
(5.8)
(5.8)
(20.1)
(13.7)
(6.3)
(6.3)
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

0.00
0.0%
0.0%
0.00
0.00
-

Sales/Revenue/Turnover

1.6
1.4
1.2

0.80
0.60

1.0
0.8
0.6

0.40
0.20

0.4
0.2
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Vista Gold Corp


Holdings By:

All

Holder Name
SUN VALLEY GOLD LLC
SUN VALLEY GOLD LLC
VAN ECK ASSOCIATES C
SPROTT INC
BLACKROCK
LOEWS CORPORATION
ANDREEFF EQUITY ADVI
STATE STREET
ROYCE AND ASSOCIATES
PERRITT CAPITAL MANA
CANADA PENSION PLAN
NORTHERN TRUST CORPO
PARKER FREDERICK H E
TIAA CREF INVESTMENT
SUSQUEHANNA INTERNAT
CITIGROUP INCORPORAT
BANK OF NEW YORK MEL
AQR CAPITAL MANAGEME
RICHINGS MICHAEL B
IFM - INDEPENDENT FU

Firm Name
Global Hunter Securities
National Bank Financial
Cowen Securities LLC
Roth Capital Partners
Stonegate Securities Inc

Portfolio Name
SUN VALLEY GOLD LLC
n/a
n/a
SPROTT INC
n/a
LOEWS CORPORATION
ANDREEFF EQUITY ADVI
n/a
ROYCE & ASSOCIATES L
PERRITT CAPITAL MANA
CANADA PENSION PLAN
NORTHERN TRUST CORPO
n/a
TIAA-CREF INVESTMENT
SUSQUEHANNA INTERNAT
CITIGROUP INCORPORAT
BANK OF NEW YORK MEL
AQR CAPITAL MANAGEME
n/a
Multiple Portfolios

Analyst
JEFF WRIGHT
PAOLO LOSTRITTO
ADAM P GRAF
BRIAN W POST
MARCO RODRIGUEZ

Source
13F
Research
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
Form 4
13F
13F
13F
13F
13F
Form 4
MF-AGG

Recommendation
buy
outperform
buy
buy
no rating system

Amt Held
12'084'310
12'084'310
11'374'527
6'145'260
2'577'504
1'758'748
1'586'026
888'193
871'929
822'000
732'415
709'055
556'325
283'993
271'783
248'473
201'025
193'800
188'121
180'750

% Out
14.82
14.82
13.95
7.53
3.16
2.16
1.94
1.09
1.07
1.01
0.9
0.87
0.68
0.35
0.33
0.3
0.25
0.24
0.23
0.22

Weighting

Change

5
5
5
5
#N/A N/A

M
M
M
M
M

Latest Chg
1'272'000
(430'462)
268'822
(20'971)
(20'701)
343'929
21'681
(24'847)
160'360
88'467
11'051
137'400
(33'250)

Target Price
5
4
13
7
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.12.2012
31.12.2012
29.04.2013
31.03.2013
26.04.2013
31.12.2012
31.12.2012
26.04.2013
31.03.2013
31.12.2012
31.12.2012
31.12.2012
05.09.2012
31.12.2012
31.12.2012
31.03.2013
31.03.2013
31.12.2012
08.01.2013
28.02.2013

Date
12 month
12 month
Not Provided
12 month
Not Provided

Inst Type
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Corporation
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Pension Fund (ERISA)
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
n/a
Investment Advisor

Date
29.04.2013
09.04.2013
09.04.2013
28.03.2013
19.03.2013

30.04.2013

Alexco Resource Corp


Alexco Resource Corporation is a mineral exploration and production company.
The Company mines for minerals that include gold and silver.

Price/Volume
7

1.6 M

1.4 M
1.2 M

1.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.05.2012)
52-Week Low (23.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 23.04.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
AXU US EQUITY YTD Change
AXU US EQUITY YTD % CHANGE

12/2012
12/yy
6.61
1.92
71'166.00
2.05
-68.68%
6.77%
3.84%
62.6
128.28
0.00
0.0
0.0
23.09
106.30

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

.6 M

.4 M

.2 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
5.7
18.66x
(4.8)
(4.0)
-

.8 M

31.12.2009
31.12.2010
5.8
4.6
14.71x
32.68x
(6.1)
(6.0)
(9.6)
(5.2)
Profitability

LTM-4Q
31.12.2011
45.1
8.09x
9.8
37.41x
3.5
-

31.12.2012
84.7
2.27x
25.4
7.55x
3.4
25.44
1.26
1.49%
9.42%
1.62%
2.42%
2.44%
0.40%
21.2%
30.0%
1.5%
4.0%
2.57
2.01
0.00%
0.00%
10.53
7.28

06/yy
45.1
33.40x
9.8
37.41x
3.5
0.00x

LTM
12/yy
84.7
12.36x
25.4
7.55x
3.4
0.00x

FY+1

.0 M
a-13

1.06
51.82
0.87
-67.92%
-42.58%
1.062
5
3.800
635'785
481'828
393'053
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
77.0
112.1
16.8
20.5
(11.1)
12.2
8.71x
2.0
21.6
(0.4)
0.3
25.85x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

553.04
-174.91
-0.91
0.00
0.0%
0.0%
0.40
0.57
52.22
75.58
110.73
17.06

Sales/Revenue/Turnover

90.0
80.0

1.00
0.80

70.0
60.0
50.0

0.60

40.0
30.0

0.40
0.20

20.0
10.0
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Alexco Resource Corp


Holdings By:

All

Holder Name
SPROTT INC
SPROTT INC
VAN ECK ASSOCIATES C
COLUMBIA WANGER ASSE
ASSET LIABILITY MANA
NAUMAN CLYNTON R
RAFFLES ASSOCIATES L
PATHSTONE FAMILY OFF
GLOBAL X MANAGEMENT
BLACKROCK
THRALL BRADLEY A
LB SWISS INVESTMENT
SEMAPHORE MANAGEMENT
FORUM INVESTMENT ADV
TECHNICAL FINANCIAL
VANGUARD GROUP INC
UNIVERSAL INS HOLDIN
NOMURA
GROUP ONE TRADING LP
RENAISSANCE TECHNOLO

Firm Name
Global Hunter Securities
Stonecap Securities Inc
Cormark Securities Inc.
Canaccord Genuity Corp
EVA Dimensions

Portfolio Name
n/a
SPROTT INC
n/a
COLUMBIA WANGER ASSE
n/a
n/a
RAFFLES ASSOCIATES L
PATHSTONE FAMILY OFF
GLOBAL X MANAGEMENT
n/a
n/a
Multiple Portfolios
SEMAPHORE MANAGEMENT
Multiple Portfolios
TFS CAPITAL LLC
Multiple Portfolios
n/a
n/a
GROUP ONE TRADING LP
RENAISSANCE TECHNOLO

Analyst
JEFF WRIGHT
CHRISTOS DOULIS
GRAEME JENNINGS
NICHOLAS CAMPBELL
CRAIG STERLING

Source
Co File
13F
ULT-AGG
13F
PROXY
SEDI
13F
13F
13F
ULT-AGG
SEDI
MF-AGG
13F
MF-AGG
13F
MF-AGG
ULT-AGG
ULT-AGG
13F
13F

Recommendation
neutral
outperform
market perform
hold
buy

Amt Held
6'445'350
6'235'350
3'481'444
2'683'000
1'940'299
1'725'001
1'203'671
814'919
648'832
586'930
523'200
500'000
409'942
381'904
309'416
251'242
137'613
115'766
113'050
112'000

% Out
10.3
9.96
5.56
4.29
3.1
2.76
1.92
1.3
1.04
0.94
0.84
0.8
0.66
0.61
0.49
0.4
0.22
0.19
0.18
0.18

Weighting

Change
3
5
3
3
5

M
M
M
M
U

Latest Chg
(624'500)
(361'629)
(6'000)
225'000
61'066
(425'145)
3'200
(30'000)
14'810
35'740
57'107
(24'419)
10'830
66'400

Target Price
4
3
4
4
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
28.02.2013
31.03.2013
29.04.2013
31.12.2012
09.05.2012
30.05.2012
31.12.2012
31.12.2012
31.12.2012
26.04.2013
20.02.2013
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012

Date
12 month
12 month
12 month
12 month
Not Provided

Inst Type
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Other
n/a
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Unclassified
Investment Advisor
Hedge Fund Manager

Date
29.04.2013
26.04.2013
22.04.2013
16.04.2013
15.04.2013

30.04.2013

Atac Resources Ltd


ATAC Resources Ltd. explores for gold in Canada.

Price/Volume
4

3.0 M

2.5 M

3
2.0 M

3
2

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.06.2012)
52-Week Low (04.03.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 01.04.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ATC CN EQUITY YTD Change
ATC CN EQUITY YTD % CHANGE

12/2012
12/yy
3.50
0.91
40'150.00
1.15
-66.29%
26.37%
11.97%
113.2
130.13
0.00
0.0
0.0
15.04
115.09

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1.0 M

1
.5 M

1
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008

1.5 M

31.12.2009
31.12.2010
0.0
0.0
(1.1)
(3.1)
(1.1)
(2.2)
Profitability

LTM-4Q
31.12.2011
0.0
(24.8)
-

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
0.0
(7.5)
-6.54
-8.85%
-10.04%
0.00%
18.93
18.66
0.00%
0.00%
-

Price/ Cash Flow

12/yy
0.0
#DIV/0!
0.0
0.00x
(24.8)
0.00x

LTM
12/yy
0.0
#DIV/0!
0.0
0.00x
(7.5)
0.00x

0.00
1.67
90.30
0.21
-58.93%
-33.91%
1.673
2
5.000
121'947
287'490
344'856

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

(5.4)
(5.4)
(3.5)
(3.5)
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

.0 M
a-13

(1.0)
(0.9)
-

(1.0)
(1.0)
0.0%
0.0%
0.00
0.00
-

Sales/Revenue/Turnover

300.00

1.0
0.9

250.00

0.8
0.7

200.00

0.6

150.00

0.5
0.4

100.00

0.3
0.2

50.00
0.00
01.01.2010

0.1
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Atac Resources Ltd


Holdings By:

All

Holder Name
TOCQUEVILLE ASSET MA
AGNICO-EAGLE MINES L
STRATEGIC METALS LTD
VAN ECK ASSOCIATES C
CARNE ROBERT C
GLOBAL X MANAGEMENT
AMERICAN CENTURY COM
TD ASSET MANAGEMENT
SPROTT INC
GOSS DOUGLAS O
YEADON GLENN ROBERT
KENWAY BRUCE J
FALCON FUND MANAGEME
LB SWISS INVESTMENT
GESIURIS SA SGIIC
DOWNS GRAHAM NOLAN
NEXGEN FINANCIAL LP
NATIXIS ASSET MANAGE
TALBOT IAN J
FALCON FUND MANAGEME

Firm Name
Macquarie
Raymond James
GMP
Paradigm Capital Inc

Portfolio Name
TOCQUEVILLE ASSET MA
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios

Analyst
MICHAEL GRAY
GARY J BASCHUK
ANDREW MIKITCHOOK
DON MACLEAN

Source
13F
Co File
SEDI
ULT-AGG
SEDI
MF-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
SEDI
PROXY
MF-AGG
MF-AGG
MF-AGG
SEDI
MF-AGG
MF-AGG
SEDI
MF-AGG

Recommendation
outperform
Under Review
buy
hold

Amt Held
14'971'600
9'600'000
9'556'286
6'529'100
1'987'126
1'531'428
1'124'700
558'195
523'000
482'588
424'667
400'000
370'900
300'000
300'000
255'000
225'000
193'000
111'400
97'200

% Out
13.23
8.48
8.45
5.77
1.76
1.35
0.99
0.49
0.46
0.43
0.38
0.35
0.33
0.27
0.27
0.23
0.2
0.17
0.1
0.09

Weighting

Change

5
#N/A N/A
5
3

M
M
M
M

Latest Chg
30'100
(250'000)
(29'460)
20'000
42'032
(1'400)
(463'800)
28'300
70'000
135'000
75'000
(5'000)
13'300

Target Price
2
#N/A N/A
5
4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.03.2013 Hedge Fund Manager
20.03.2013
Corporation
05.04.2011
Corporation
29.04.2013
Investment Advisor
22.02.2013
n/a
26.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
25.02.2013
n/a
08.03.2012
n/a
13.04.2012
n/a
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
17.02.2012
n/a
30.06.2012
Investment Advisor
28.03.2013
Investment Advisor
07.06.2012
n/a
28.02.2013
Investment Advisor

Date
12 month
Not Provided
12 month
12 month

Date
25.04.2013
18.04.2013
19.03.2013
06.03.2012

30.04.2013

Scorpio Mining Corp


Scorpio Mining Corporation explores for silver in Canada and Mexico.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.10.2012)
52-Week Low (24.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SPM CN EQUITY YTD Change
SPM CN EQUITY YTD % CHANGE

12/2012
12/yy
1.28
0.46
86'300.00
0.48
-62.50%
5.49%
3.03%
198.4
95.23
0.00
0.0
0.0
31.05
64.19

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

3.5 M

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
0.0
(4.6)
(90.7)
-

31.12.2009
31.12.2010
19.4
34.2
4.59x
5.75x
6.6
11.9
13.58x
16.54x
13.5
30.7
6.00x
9.00x
Profitability

LTM-4Q
31.12.2011
61.1
5.89x
29.4
12.25x
12.6
32.50x

31.12.2012
45.8
3.78x
14.2
12.23x
7.1
25.75x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

14.18
10.32
22.52%
24.11%
4.85%
4.98%
5.00%
0.31%
41.6%
30.9%
22.5%
15.5%
21.39
18.19
0.00%
0.00%
7.06
4.45

Price/ Cash Flow

12/yy
61.1
18.97x
29.4
12.25x
12.6
32.50x

LTM
12/yy
45.8
14.77x
14.2
12.23x
7.1
25.75x

FY+1

.0 M
a-13

0.00
1.42
196.42
0.00
-54.29%
-53.40%
1.425
4
5.000
1'411'019
614'209
481'204
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
81.2
113.0
16.7
28.6
3.84x
2.24x
9.06x
3.69x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

-2.19
0.00
0.0%
0.0%
0.31
0.54
51.87
82.23
27.78
106.31

Sales/Revenue/Turnover

80.00

70.0

70.00

60.0

60.00

50.0

50.00

40.0

40.00

30.0

30.00

20.0

20.00

10.0

10.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Scorpio Mining Corp


Holdings By:

All

Holder Name
TOCQUEVILLE ASSET MA
VAN ECK ASSOCIATES C
JP MORGAN
ROYCE AND ASSOCIATES
GLOBAL X MANAGEMENT
SPROTT INC
HAWLEY PETER J
GLOBAL STRATEGY FINA
FALCON FUND MANAGEME
OPPENHEIM KAPITALANL
FALCON FUND MANAGEME
MATRIX FUND MANAGEME
DIMENSIONAL FUND ADV
FACTOR ADVISORS LLC
SADEK JOHN
BESSEMER GROUP INCOR
BLACKROCK
DIMENSIONAL FUND ADV
IFOS INTERNATIONALE
SCHOELLERBANK INVEST

Firm Name
Clarus Securities
Casimir Capital
Mackie Research Capital Corp.
MLV & Co
EVA Dimensions

Portfolio Name
TOCQUEVILLE ASSET MA
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
MIKE BANDROWSKI
ERIC WINMILL
BARRY D ALLAN
RICHARD TROTMAN
TEAM COVERAGE

Source
13F
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
buy
buy
buy
suspended coverage
buy

Amt Held
34'089'105
15'901'925
9'523'000
3'800'000
3'357'841
1'941'000
1'843'436
1'639'600
1'400'000
1'322'400
424'600
295'000
156'048
131'178
79'150
75'011
64'206
59'540
45'000
40'000

% Out
17.18
8.02
4.8
1.92
1.69
0.98
0.93
0.83
0.71
0.67
0.21
0.15
0.08
0.07
0.04
0.04
0.03
0.03
0.02
0.02

Weighting

Change

5
5
5
#N/A N/A
5

M
M
M
M
U

Latest Chg
(203'900)
(71'628)
150'500
(2'341'300)
295'000
20'000

Target Price
2
1
2
#N/A N/A
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.03.2013 Hedge Fund Manager
29.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
26.04.2013
Investment Advisor
31.12.2012 Hedge Fund Manager
31.12.2012
n/a
28.09.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
30.11.2012
Investment Advisor
31.07.2012
Investment Advisor
29.11.2012
Unclassified
31.12.2012
n/a
31.01.2013
Investment Advisor
26.04.2013
Investment Advisor
31.01.2013
Investment Advisor
27.03.2013
Investment Advisor
28.03.2013
Investment Advisor

Date
12 month
12 month
12 month
Not Provided
Not Provided

Date
29.04.2013
29.04.2013
19.03.2013
16.07.2012
12.06.2012

30.04.2013

Midway Gold Corp


Midway Gold Corp. explores and develops mineral resource properties. The
Company is currently exploring for gold on its Midway Prospect property located
in Nevada in the United States.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.10.2012)
52-Week Low (17.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 01.04.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
MDW US EQUITY YTD Change
MDW US EQUITY YTD % CHANGE

12/2010
12/yy
1.80
0.87
30'702.00
0.9706
-46.66%
11.31%
11.64%
128.5
124.67
0.00
44.3
0.0
75.05
94.97

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
0.0
(11.6)
(16.2)
-

2
2
2
1
1
1
1
1
0
0
0
a-12

31.12.2009
31.12.2010
0.0
0.0
(3.8)
(6.3)
(2.6)
(5.8)
Profitability

LTM-4Q
31.12.2011
0.0
(18.2)
(15.5)
-

31.12.2012
0.0
(14.3)
(15.3)
-14.33
-14.73
-15.54%
-26.88%
0.00%
43.98
43.90
0.00%
0.00%
0.00
-

12/yy
0.0
#DIV/0!
(18.2)
0.00x
(15.5)
0.00x

LTM
12/yy
0.0
#DIV/0!
(14.3)
0.00x
(15.3)
0.00x

0.00
1.03
95.26
3.77
-32.60%
-30.17%
1.035
7
4.429
291'310
310'703
340'170

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

(10.5)
(7.5)
(14.0)
(14.6)
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

.0 M
a-13

(5.0)
-

(5.0)
-5311.80
-8155.64
0.00
0.0%
0.0%
0.00
0.00
-

Sales/Revenue/Turnover

1.0
0.9

1.00

0.8
0.7

0.80
0.60
0.40

0.6
0.5
0.4
0.3
0.2

0.20

0.1
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Midway Gold Corp


Holdings By:

All

Holder Name
VAN ECK ASSOCIATES C
SHEERIN MATT
HALE JR MARTIN M
HAWES GEORGE T
FRANKLIN RESOURCES
BLACKROCK
DISBROW ROBERT
VANGUARD GROUP INC
YU FRANK S
STATE STREET
WOLFUS DANIEL EDWARD
NORTHERN TRUST CORPO
DAVENPORT & COMPANY
GILDER GAGNON HOWE
DEANS KNIGHT CAPITAL
KUDU PARTNERS LP
US GLOBAL INVESTORS
LOMBARD ODIER DARIER
SUN VALLEY GOLD LLC
TIAA CREF INVESTMENT

Firm Name
Stifel
Canaccord Genuity Corp
Jacob Securities Inc
Cormark Securities Inc.
Cowen Securities LLC
RBC Capital Markets
Stonecap Securities Inc
MLV & Co

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
NORTHERN TRUST CORPO
DAVENPORT & COMPANY
n/a
n/a
n/a
US GLOBAL INVESTORS
Multiple Portfolios
SUN VALLEY GOLD LLC
TIAA-CREF INVESTMENT

Analyst
MICHAEL A SCOON
JOE MAZUMDAR
MATTHEW SHEPPARD
KYLE MCPHEE
ADAM P GRAF
SAM CRITTENDEN
BRIAN SZETO
RICHARD TROTMAN

Source
ULT-AGG
PROXY
13D
SEDI
ULT-AGG
ULT-AGG
13G
13F
PROXY
ULT-AGG
SEDI
13F
13F
13G
13G
SEDI
13F
MF-AGG
13F
13F

Recommendation
buy
speculative buy
buy
speculative buy
hold
outperform
outperform
suspended coverage

Amt Held
9'931'302
8'200'906
8'080'435
7'361'064
6'557'700
5'299'564
5'072'200
2'914'011
1'709'646
1'645'010
1'570'117
1'481'758
1'470'179
1'219'343
1'144'360
815'536
571'863
558'000
445'429
435'535

% Out
7.73
6.38
6.29
5.73
5.11
4.13
3.95
2.27
1.33
1.28
1.22
1.15
1.14
0.95
0.89
0.63
0.45
0.43
0.35
0.34

Weighting

Change

5
4
5
4
3
5
5
#N/A N/A

M
M
M
M
M
M
M
M

Latest Chg
2'604'621
(27'300)
60'000
467'767
(75'800)
(1'449'218)
(26'204)
(8'876)
14'700
(161'701)
306'063
(17'965)

Target Price
2
2
2
2
#N/A N/A
2
2
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
29.04.2013
Investment Advisor
07.03.2012
n/a
13.12.2012
n/a
31.10.2011
n/a
31.03.2013
Investment Advisor
26.04.2013
Investment Advisor
31.12.2011
n/a
31.03.2013
Investment Advisor
07.03.2012
n/a
26.04.2013
Investment Advisor
12.09.2011
n/a
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
30.04.2009
Investment Advisor
31.12.2012
Investment Advisor
08.11.2007
Other
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012 Hedge Fund Manager
31.12.2012
Investment Advisor

Date
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided

Date
26.04.2013
23.04.2013
23.04.2013
22.04.2013
09.04.2013
05.02.2013
08.01.2013
16.07.2012

30.04.2013

Patagonia Gold PLC


Patagonia Gold PLC holds investments in mineral exploration companies involved
in identifying, acquiring, and developing mineral projects, either alone or with
joint-venture partners. The Company explores for gold in locations throughout
Argentina.

Price/Volume
40

9.0 M

35

8.0 M

30

7.0 M
6.0 M

25

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.04.2012)
52-Week Low (26.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 11.04.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
PGD LN EQUITY YTD Change
PGD LN EQUITY YTD % CHANGE

12/2012
01/yy
37.25
9.75
1'459'241.00
12.25
-67.79%
25.64%
4.55%
854.6
104.69
0.38
0.0
4.0
7.49
104.38

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

4.0 M

15

3.0 M

10

2.0 M

1.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
0.0
(5.8)
(5.8)
-

5.0 M

20

31.12.2009
31.12.2010
0.0
0.0
(7.3)
(11.3)
(7.3)
(11.3)
Profitability

31.12.2011
0.0
(32.6)
(33.2)
-

1.83
0.98
0.94%
1.36%
0.00

1'950'398
1'643'504
1'409'530

LTM

FY+1

FY+2

FQ+1

01/yy

01/yy

12/13 Y

12/14 Y

(20.8)
-32.55
-33.37
-89.33%
-107.68%
0.00%

0.00
0.86
561.11
-66.67%
-45.56%
0.864
2
4.500

LTM-4Q
31.12.2012

S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

.0 M
a-13

FQ+2
-

-1085.03
-1335.13
0.00
1.4%
1.2%
0.00
0.00
441.36
-

Sales/Revenue/Turnover

1.0
0.9

1.00

0.8
0.7

0.80
0.60
0.40

0.6
0.5
0.4
0.3
0.2

0.20

0.1
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Patagonia Gold PLC


Holdings By:

All

Holder Name
DIRECTOR & RELATED H
BLACKROCK
MIGUENS CARLOS JOSE
UBS
CINCO VIENTOS URUGUA
VAN ECK ASSOCIATES C
VAN ECK GLOBAL
MIGUENS DIEGO
TAHEH INTERNATIONAL
BARRICK GOLD CORP
MIGUENS CRISTINA
HUMPHRIES WILLIAM HE
HARGREAVE
PRIVATE INDIVIDUALS
COUTTS PRIVATE BANKI
F&C FUND MANAGEMENT
F&C ASSET MANAGEMENT
CRAVEN JOHN ANTHONY
WALKER CRIPS STOCKBR
INVESTEC WEALTH & IN

Firm Name
Fraser Mackenzie Limited
Mirabaud Securities

Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios

Analyst
ALEKSANDRA BUKACHEVA
NICHOLAS CHALMERS

Source
REG
ULT-AGG
Co File
ULT-AGG
REG
ULT-AGG
REG
Co File
REG
REG
Co File
RNS-DIR
ULT-AGG
REG
REG
MF-AGG
REG
Co File
REG
REG

Recommendation
buy
speculative buy

Amt Held
149'037'867
140'531'949
103'653'116
96'575'359
50'361'585
42'107'312
36'986'715
29'562'152
28'353'264
28'323'264
24'485'645
23'296'857
14'767'188
13'399'969
12'894'789
9'941'137
9'722'734
9'455'190
9'385'378
7'247'490

% Out
17.44
16.44
12.13
11.3
5.89
4.93
4.33
3.46
3.32
3.31
2.87
2.73
1.73
1.57
1.51
1.16
1.14
1.11
1.1
0.85

Weighting

Change
5
4

Latest Chg
2'753'684
(116'604)
590'460
9'636'316
(189'648)
(1'116'233)
4'403'000
2'125'000
(908'112)
(2'554'143)
(231'500)
(38'500)

Target Price

M
M

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

59
35

File Dt
02.01.2013
26.04.2013
24.04.2012
02.01.2013
02.01.2013
29.04.2013
02.01.2013
24.04.2012
02.01.2013
02.01.2013
24.04.2012
27.06.2012
02.01.2013
02.01.2013
02.01.2013
28.02.2013
02.01.2013
24.04.2012
02.01.2013
02.01.2013

Date
Not Provided
12 month

Inst Type
Other
Investment Advisor
n/a
Unclassified
Other
Investment Advisor
Unclassified
n/a
Other
Corporation
n/a
n/a
Unclassified
Other
Unclassified
Investment Advisor
Investment Advisor
n/a
Other
Investment Advisor

Date
02.01.2013
04.12.2012

30.04.2013

Gryphon Minerals Ltd


Gryphon Minerals Ltd. explores for gold. The Company operates on the Banfora
Gold Project in Burkina Faso, Africa, and properties in Mauritania.

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (24.09.2012)
52-Week Low (18.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GRY AU EQUITY YTD Change
GRY AU EQUITY YTD % CHANGE

Price/Volume

06/2012
01/yy
0.99
0.19
1'850'597.00
0.205
-79.29%
7.89%
3.75%
400.5
82.10
0.00
0.0
0.0
46.22
31.44

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

.0 M
a-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


30.06.2008
0.0
(3.3)
(3.1)
-

30.06.2009
30.06.2010
0.0
0.0
(2.7)
(3.9)
(2.3)
(3.2)
Profitability

30.06.2011
0.0
(15.9)
(8.9)
-

LTM-4Q

LTM

01/yy

01/yy

30.06.2012
0.0
(8.0)
(5.9)
-8.04
-8.20
-1.76%
-1.82%
0.00%
3.81
3.75
0.00%
0.00%
0.00
-

FY+1
-

0.00
1.42
390.17
14.49
-78.42%
-60.19%
1.415
13
4.000
3'267'009
3'925'552
3'487'923
FY+2

06/13 Y
06/14 Y
0.8
1.4
48.90x
79.41x
(10.2)
(8.8)
(8.6)
(6.7)
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

FQ+1

FQ+2

0.00
0.0%
0.0%
0.00
0.00
-

Sales/Revenue/Turnover

1.0
0.9

1.00

0.8
0.7

0.80
0.60
0.40

0.6
0.5
0.4
0.3
0.2

0.20

0.1
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Gryphon Minerals Ltd


Holdings By:

All

Holder Name
VAN ECK ASSOCIATES C
GENESIS ASSET MANAGE
COMMONWEALTH BANK OF
AMP LTD
ROYAL BANK OF CANADA
JP MORGAN
PARSONS STEPHEN
GCIC LTD/CANADA
FMR LLC
MACQUARIE GROUP
GLOBAL X MANAGEMENT
WELLS FARGO
LOMBARD ODIER DARIER
QUANTEX AG
DIMENSIONAL FUND ADV
NETHERWAY DAVID GEOR
VANGUARD INVESTMENTS
SHARE SICAV
VANGUARD GROUP INC
ASHTON NORMAN MEL

Firm Name
Clarus Securities
Macquarie
RBC Capital Markets
GMP
Morgan Stanley
Argonaut Securities Pty Ltd
Canaccord Genuity Corp
BMO Capital Markets
Credit Suisse
RBS Morgans
EVA Dimensions
Paradigm Capital Inc
Deutsche Bank
DJ Carmichael Pty Ltd

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a

Analyst
NANA SANGMUAH
MITCH RYAN
GEOFF BREEN
LEVI SPRY
BRENDAN FITZPATRICK
TROY IRVIN
REG SPENCER
ANDREW BREICHMANAS
MICHAEL SLIFIRSKI
JAMES WILSON
CRAIG STERLING
DON MACLEAN
CHRIS TERRY
PAUL ADAMS

Source
ULT-AGG
EXCH
EXCH
EXCH
ULT-AGG
ULT-AGG
EXCH
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
EXCH

Recommendation
buy
neutral
sector perform
buy
Equalwt/In-Line
speculative buy
buy
speculative outperform
outperform
outperform
underweight
speculative buy
not rated
speculative buy

Amt Held
47'385'165
20'682'524
19'591'128
16'488'127
14'803'493
9'593'063
6'990'601
6'850'000
5'590'010
5'507'628
4'493'276
3'934'525
3'498'398
2'360'000
1'988'755
1'847'374
1'820'050
1'634'666
1'589'497
1'000'000

% Out
11.83
5.16
4.89
4.12
3.7
2.4
1.75
1.71
1.4
1.38
1.12
0.98
0.87
0.59
0.5
0.46
0.45
0.41
0.4
0.25

Weighting

Change

5
3
3
5
3
4
5
4
5
5
1
4
#N/A N/A
4

M
M
M
M
M
M
M
M
M
M
U
M
M
M

Latest Chg
681'722
(985'067)
(160'194)
2'154'872
1'850'000
1'032'776
123'200
(10'410)
(530'000)
(200'000)

Target Price
1
1
0
0
0
1
1
1
1
1
#N/A N/A
1
#N/A N/A
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
29.04.2013
12.03.2013
20.11.2012
22.10.2012
05.04.2011
28.02.2013
18.12.2012
31.12.2012
31.03.2013
31.08.2011
26.04.2013
28.02.2013
28.02.2013
29.03.2013
31.07.2012
30.06.2012
30.09.2012
31.12.2012
31.03.2013
28.08.2012

Date
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Bank
Insurance Company
Bank
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
n/a

Date
29.04.2013
26.04.2013
25.04.2013
24.04.2013
22.04.2013
19.04.2013
17.04.2013
15.04.2013
03.04.2013
06.03.2013
01.03.2013
01.02.2013
22.02.2012
24.08.2011

30.04.2013

DRDGOLD Ltd
DRDGOLD Limited is a mid-tier, unhedged gold producer with a mix of assets. The
Company's assets include underground mines and surface re-treatment operation
and exploration activities in South Africa.

Price/Volume
9

1.2 M

1.0 M

7
6

.8 M

06/2012
03/yy
8.59
5.35
10'507.00
6.6
-23.86%
23.36%
39.81%
38.5
254.35
30.69
0.0
136.7
298.51
-

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

.4 M

.2 M

1
0
a-12

30.06.2009
30.06.2010
1'910.7
1'990.5
1.10x
0.64x
6.9
212.5
301.94x
6.03x
129.1
207.8
Profitability

LTM-4Q
30.06.2011
1'379.5
0.79x
225.7
4.83x
(287.9)
-

30.06.2012
1'764.2
1.09x
370.8
5.21x
308.7
370.76
249.91
14.17%
14.79%
10.71%
19.27%
0.75%
20.6%
20.4%
13.8%
17.5%
1.80
1.15
1.23%
2.05%
-

03/yy
2'000.9
2.92x
408.0
4.50x
(117.3)
0.00x

j-12

j-12

a-12

s-12

LTM
03/yy
2'031.9
4.62x
411.6
6.72x
291.8
0.00x

o-12

n-12

d-12

j-13

f-13

m-13

FY+1

.0 M
a-13

0.80
0.07
0.98%
-16.37%
0.803
2
5.000
78'774
104'949
130'100
FY+2

FQ+1

FQ+2

06/13 Y
06/14 Y
06/13 Q4 09/13 Q1
2'129.1
2'545.8
526.4
795.5
307.1
462.1
7.46x
4.94x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

23.65
2.40
-0.58
0.42
2.0%
1.8%
0.75
1.17
-

Sales/Revenue/Turnover

1.20

3'000.0

1.00

2'500.0

0.80

2'000.0

0.60

m-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


30.06.2008
1'843.9
0.86x
162.1
9.75x
996.0
-

.6 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.02.2013)
52-Week Low (31.08.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
DRD US EQUITY YTD Change
DRD US EQUITY YTD % CHANGE

1'500.0
1'000.0

0.40

500.0
0.20

0.0
0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

DRDGOLD Ltd
Holdings By:

All

Holder Name
SKAGEN AS
VAN ECK ASSOCIATES C
ACADIAN ASSET MANAGE
RENAISSANCE TECHNOLO
OPPENHEIM KAPITALANL
BRANCH BANKING & TRU
US GLOBAL INVESTORS
ROTHSCHILD & COMPAGN
MORGAN STANLEY
JANE STREET HOLDING
FRANK RUSSELL TRUST
RUFFER LLP
APERIO GROUP LLC
BANK OF AMERICA CORP
FMR LLC
SCHRODER INVESTMENT
COMMONWEALTH OF PENN
BLACKROCK
OXFORD ASSET MANAGEM
DIMENSIONAL FUND ADV

Firm Name
EVA Dimensions

Portfolio Name
Multiple Portfolios
n/a
ACADIAN ASSET MANAGE
RENAISSANCE TECHNOLO
Multiple Portfolios
BRANCH BANKING AND T
US GLOBAL INVESTORS
Multiple Portfolios
n/a
JANE STREET HOLDING
FRANK RUSSELL COMPAN
RUFFER LLP
APERIO GROUP LLC
BANK OF AMERICA
n/a
SCHRODER INVESTMENT
COMMONWEALTH OF PENN
n/a
OXFORD ASSET MANAGEM
DIMENSIONAL FUND ADV

Analyst
CRAIG STERLING

Source
MF-AGG
ULT-AGG
13F
13F
MF-AGG
13F
13F
MF-AGG
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F

Recommendation
overweight

Amt Held
3'724'701
931'970
536'792
390'470
115'000
110'000
110'000
100'000
49'176
44'799
36'297
34'015
33'383
28'307
28'300
28'300
26'529
20'181
17'976
16'227

% Out
9.66
2.42
1.39
1.01
0.3
0.29
0.29
0.26
0.13
0.12
0.09
0.09
0.09
0.07
0.07
0.07
0.07
0.05
0.05
0.04

Weighting

Change
5

Latest Chg
(49'424)
(58'369)
59'200
10'000
17'676
(6'532)
3'750
27'529
28'300
(9'576)
20'133
6'940
7'860

Target Price
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
27.03.2013
Investment Advisor
29.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012 Hedge Fund Manager
31.01.2013
Investment Advisor
31.03.2013
Bank
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013 Hedge Fund Manager
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012 Pension Fund (ERISA)
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor

Date
Not Provided

Date
16.04.2013

30.04.2013

Red 5 Ltd
Red 5 Limited is a minieral exploration and development company. The Company's
principal asset is the Siana Gold Project in the Philippines held under a
Mineral Production Sharing Agreement by a Red5 Philippine compliant company.
Red 5's second asset is the Mapawa MPSA, located north of Siana.

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.05.2012)
52-Week Low (18.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
RED AU EQUITY YTD Change
RED AU EQUITY YTD % CHANGE

Price/Volume

06/2012
01/yy
1.84
0.56
68'467.00
0.62
-66.30%
11.71%
5.06%
135.5
84.00
0.00
0.0
(0.4)
13.46
92.27

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

(1.4)
(0.6)
-

30.06.2009

30.06.2010

(1.5)
(0.9)
Profitability

(2.2)
(0.4)
-

30.06.2011
0.0
(5.2)
(8.1)
-

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data

LTM-4Q

LTM

01/yy

01/yy

30.06.2012
4.3
42.84x
(2.9)
(1.7)
-2.93
-3.46
-80.96%
-39.34%
-5.70%
-6.67%
0.10%
38.2%
-29.5%
-32.7%
-40.8%
2.36
1.34
0.00%
0.00%
4.83
-

Price/ Cash Flow

FY+1
-

0.00
1.52
134.28
0.80
-65.56%
-50.40%
1.521
3
2.667
89'422
279'226
305'705
FY+2

06/13 Y
06/14 Y
50.0
127.0
1.75x
0.31x
14.8
78.1
6.25x
1.18x
(5.3)
39.7
2.07x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

FQ+1

FQ+2

-4.91
0.0%
0.0%
0.10
0.28
75.80
-

Sales/Revenue/Turnover

500.00

4.5

450.00

4.0

400.00

3.5

350.00

3.0

300.00

2.5

250.00

2.0

200.00

1.5

150.00

1.0

100.00

0.5

50.00
0.00
03.07.2009

5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


30.06.2008

2
2
2
1
1
1
1
1
0
0
0
a-12

0.0
03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Red 5 Ltd
Holdings By:

All

Holder Name
FRANKLIN RESOURCES
BAKER STEEL GOLD FUN
JP MORGAN
VAN ECK ASSOCIATES C
RUFFER LLP
DEUTSCHE BANK AG
GAMCO
FMR LLC
EDWARDS GREGORY CHAR
VANGUARD INVESTMENTS
EIM CAPITAL MANAGERS
SPROTT INC
DIMENSIONAL FUND ADV
SCANLAN GARY FRANCIS
MOBILIA JOE
BLACKROCK
MILAZZO MARK FRANCIS
JACKSON COLIN GEORGE
BESSEMER GROUP INCOR
DIMENSIONAL FUND ADV

Firm Name
Wilson HTM Investment Group
Canaccord Genuity Corp
Evans & Partners Pty Ltd
Bell Potter
Casimir Capital

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios

Analyst
CAMERON JUDD
REG SPENCER
CATHY MOISES
CHRIS WHITEHEAD
JAMES CROSBY

Source
ULT-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
EXCH
ULT-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
Co File
ULT-AGG
Co File
Co File
MF-AGG
MF-AGG

Recommendation
sell
speculative buy
neutral
buy
overweight

Amt Held
17'841'590
11'095'633
9'638'245
9'206'232
6'663'000
3'958'183
2'208'823
1'326'000
1'065'111
679'951
301'926
260'849
53'740
50'000
44'958
41'803
25'000
22'500
17'274
12'704

% Out
13.17
8.19
7.11
6.79
4.92
2.92
1.63
0.98
0.79
0.5
0.22
0.19
0.04
0.04
0.03
0.03
0.02
0.02
0.01
0.01

Weighting

Change
1
4
3
5
5

M
M
D
M
M

Latest Chg
40'000
(1'034'479)
(3'160'399)
(100'000)
(2'137'799)
-

Target Price
1
1
#N/A N/A
3
3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.01.2013
Investment Advisor
24.09.2012
n/a
31.12.2012
Investment Advisor
29.04.2013
Investment Advisor
27.12.2012 Hedge Fund Manager
24.06.2011
Investment Advisor
31.12.2012
Unclassified
31.03.2013
Investment Advisor
15.11.2012
n/a
30.09.2012
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
31.01.2013
Investment Advisor
31.12.2012
n/a
30.06.2012
n/a
26.04.2013
Investment Advisor
26.09.2012
n/a
26.09.2012
n/a
31.01.2013
Investment Advisor
31.07.2012
Investment Advisor

Date
Not Provided
Not Provided
Not Provided
12 month
12 month

Date
17.04.2013
15.04.2013
03.01.2013
01.03.2012
06.02.2012

30.04.2013

Lingbao Gold Co Ltd


Lingbao Gold Company Ltd. mines and smelts gold. The Company produces gold
bullion, silver, copper products, and sulphuric acid.

Price/Volume
4

7.0 M

6.0 M

5.0 M

Latest Fiscal Year:


LTM as of:
52-Week High (02.05.2012)
52-Week Low (29.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
3330 HK EQUITY YTD Change
3330 HK EQUITY YTD % CHANGE

12/2012
06/yy
3.99
2.23
396'910.00
2.29
-42.61%
2.69%
1.14%
297.3
1'771.94
4'216.29
0.0
46.7
267.94
5'402.75

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20
1.00

3.0 M

2
1

2.0 M

1.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
3'559.1
0.72x
354.4
7.26x
115.6
11.63x

4.0 M

Valuation Analysis

31.12.2009
31.12.2010
3'961.7
4'834.6
0.99x
1.40x
738.8
777.4
5.29x
8.71x
118.0
266.5
17.38x
16.59x
Profitability

LTM-4Q
31.12.2011
5'720.8
0.83x
824.5
5.75x
310.6
5.74x

31.12.2012
6'393.3
0.93x
739.3
8.05x
165.3
12.10x
739.33
469.78
7.35%
3.51%
2.28%
7.05%
5.53%
0.88%
12.6%
11.6%
7.3%
2.6%
1.10
0.20
53.24%
176.56%
13.52
2.11

06/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

LTM
06/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

FY+1

.0 M
a-13

3.85
0.80
297.27
-38.57%
-27.53%
0.796
4
2.500
744'800
499'234
541'238
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/12 Q3 12/12 Q4
6'921.5
6'595.0
0.71x
0.74x
754.0
811.0
7.17x
6.66x
140.0
141.0
10.11x
9.83x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

3.06
2.68
5.33
5.70
176.6%
63.4%
0.88
2.55
27.06
173.83
26.52
174.37

Sales/Revenue/Turnover

7'000.0
6'000.0
5'000.0

0.80

4'000.0
0.60

3'000.0

0.40

2'000.0
1'000.0

0.20

0.0
0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

30.04.2013

Lingbao Gold Co Ltd


Holdings By:

All

Holder Name
BANK OF NEW YORK MEL
VAN ECK ASSOCIATES C
VALUE PARTNERS GROUP
DIMENSIONAL FUND ADV
BLACKROCK
VANGUARD GROUP INC
MACQUARIE GROUP
DIMENSIONAL FUND ADV
SCHOELLERBANK INVEST
BESSEMER GROUP INCOR
OPPENHEIM KAPITALANL
HANDELSBANKEN FONDER
NOMURA INTERNATIONAL
GLOBAL X MANAGEMENT
DIMENSIONAL FUND ADV

Firm Name
Guotai Junan
Credit Suisse
EVA Dimensions
BOCOM International Holdings
First Shanghai Securities Ltd

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
KEVIN GUO
OWEN LIANG
CRAIG STERLING
RONGJIN LUO
ZHANG ZHIBIN

Source
EXCH
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
neutral
underperform
underweight
long-term buy
buy

Amt Held
27'842'000
23'808'000
14'844'000
6'712'000
2'242'000
1'608'558
1'310'000
736'000
230'000
190'000
160'000
122'000
68'000
58'910
54'000

% Out
9.37
8.01
4.99
2.26
0.75
0.54
0.44
0.25
0.08
0.06
0.05
0.04
0.02
0.02
0.02

Weighting

Change
3
1
1
5
5

M
D
D
M
N

Latest Chg
(120'000)
(136'000)
(580'000)
30'000
-

Target Price
2
2
#N/A N/A
7
6

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
20.03.2013
29.04.2013
02.06.2011
31.07.2012
26.04.2013
31.12.2012
30.06.2011
31.01.2013
28.03.2013
31.01.2013
31.01.2013
31.03.2013
31.03.2012
26.04.2013
31.01.2013

Date
Not Provided
Not Provided
Not Provided
12 month
12 month

Inst Type
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
22.04.2013
09.04.2013
02.04.2013
13.07.2012
28.03.2012

30.04.2013

International Tower Hill Mines Ltd


International Tower Hill Mines Ltd. acquires, explores, and evaluates mineral
properties. The Company currently possesses an expanding portfolio of Alaskan
and Nevada based gold and base metal exploration projects.

Price/Volume
5

2.5 M

4
2.0 M

4
3

1.5 M

3
2

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.05.2012)
52-Week Low (24.04.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 22.04.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
THM US EQUITY YTD Change
THM US EQUITY YTD % CHANGE

12/2012
12/yy