Figure 1: S&P/TSX Global Gold Index and spot gold price Figure 2: DXY Index and spot gold

Figure 2: DXY Index and spot gold price

95 2000
520 2000 DX Y n
I de x Go l d
S&P/TSX Global Gold Index

S &P / TS X Gl o ba l Go l d In d e x Go ld
90 1800
460 1800

Spot gold (US$/oz)

85 1600

Spot Gold (US$)

DXY US$ Index
400 1600
80 1400
340 1400
75 1200
280 1200
70 1000
220 1000
65 800
160 800 60 600

Jan-08
Mar-08
May-08
Jun-08
Aug-08
Oc t-08
Nov-08
Jan-09
Feb-09
Apr-09
Jun-09
Jul-09
Sep-09
Oc t-09
Dec-09
Feb-10
Mar-10
May-10
Jul-10
Aug-10
Oc t-10
Nov-10
Jan-11
Mar-11
Apr-11
Jun-11
Jul-11
Sep-11
Nov-11
Dec-11
Feb-12
Mar-12
May-12
Jul-12
100 600
Jan-08
Apr-08
Jun-08
Sep-08
Nov-08
Feb-09
Apr-09
Jul-09
Sep-09
Nov-09
Feb-10
Apr-10
Jul-10
Sep-10
Dec-10
Feb-11
May-11
Jul-11
Sep-11
Dec-11
Feb-12
May-12

Source: Bloomberg, Canaccord Genuity Source: Bloomberg, Canaccord Genuity

Figure 3: Commodity and index performance

HIGHLIGHTS
Last week, gold decreased by 0.9% to close at
Last Price Weekly
Weekly YTD
$1,583.75/oz. SPDR Gold Trust holdings were
6-Jul Change Average High Low
Gold $1,583.75 (0.9%) $1,649.70 $1,784.23 $1,539.57 materially unchanged to close the week at 1,279.08
Silver $27.11 (1.3%) $30.94 $36.91 $26.38 tonnes in trust, while net long non-commercial COMEX
Platinum $1,445 (0.2%) $1,552 $1,724 $1,390 contracts were also materially unchanged at 115,756.
Palladium $577 (1.0%) $653 $724 $566
DXY Index 83 2.1% 80 83 78 The S&P/TSX Global Gold Index decreased by 0.1% to
Gold ETF GLD-N (tonnes) 1,279.08 (0.0%) 1,278 1,294 1,251 close at 304.
Silver ETF SLV-A (M oz) 311 (1.4%) 310 316 304
S&P/TSX Global Gold Index 304 (0.1%) 337 393 267 The best weekly performers were: Avion Gold
XAU Index 157 (0.1%) 175 203 142 Corporation ($0.56, 23.08%, BUY), Semafo Inc. ($5.55,
Net Long Non-Com. (000s) 115.756 0.0% 148 222 101
Sr./ Int. P/NAV (5%/Spot) 0.83 0.1% 0.91 1.14 0.76
18.84%, Not Rated), Torex Gold Resources Inc. ($1.91,
Commodity Prices 2011A 2012E 2013E 2014E 2015E 15.76%, Not Rated), Gabriel Resources Ltd. ($1.79,
Gold (US$/oz) $1,571 $1,730 $1,725 $1,650 $1,600 15.48%, Not Rated), and Osisko Mining Corporation
Silver (US$/oz) $35.29 $34.00 $34.00 $31.50 $29.50 ($7.92, 13.14%, SPEC BUY), while the weakest
Source: Bloomberg, Canaccord Genuity performers were: Jaguar Mining Inc. ($1.10, -7.56%,
Not Rated), Gold Fields Limited ($12.25, -4.37%, Not
Inside this Issue Rated), China Gold International Resources Corp. Ltd.
Highlights by Steven Butler pg. 1 ($3.07, -4.36%, Not Rated), IAMGOLD Corporation
Regression Analysis pg. 2
($11.52, -4.32%, BUY), and Keegan Resources Inc.
In the News pg. 4
Charts and Trends pg. 7 ($2.93, -3.93%, SPEC BUY).
Comparables pg. 8
In this week’s edition, we discuss Avion’s Tabakoto
INK Spots – Insider Trading Review pg. 14
mill expansion update and Pan American’s Navidad
project – which has been rendered uneconomic by the
company under proposed mining legislation in Chubut
Province, Argentina.

Steven
Steven Butler Rahul Paul John Kratochwil, PEng Adam Melnik, MBA
Managing Director & Senior Analyst Analyst Associate Associate
sbutler@canaccordgenuity.com rpaul@canaccordgenuity.com jkratochwil@canaccordgenuity.com amelnik@canaccordgenuity.com
amelnik@canaccordgenuity.com
416.869.7918 416.869.7289 416.869.6592 416-
416-687-
687-5428

Canaccord Genuity is the global capital markets group of Canaccord Financial Inc. (CF : TSX | CF. : AIM)

The recommendations and opinions expressed in this research

research report accurately reflect the Investment Analyst’
Analyst’s personal, independent and
objective views about any and all the Designated Investments and Relevant Issuers discussed herein. For important information, please see the
Important Disclosures section in the appendix of this document or visit Canaccord Genuity
Genuity’s Online Disclosure Database.
Database.

9 July 2012
 Precious Metals Weekly | 2
9 July 2012

Figure 4: Historical P/NAV (5%/spot gold)

Sr./Int. Historical P/NAV (5
(5 % Spot Gold)

$2,000 2.20
$1,900 2.10
$1,800 2.00
Sr./Int. P/NAV Multiple Spot Gold US$/Oz
$1,700 1.90
$1,600 1.80
$1,500 1.70
P/NAV Avg. + 1 STDEV
$1,400 1.60

P/NAV Multiple (5%/Spot)

Spot Gold (US$/Oz) $1,300 1.50
P P/NAV Avg.
$1,200 1.40
$1,100 1.30
$1,000 P/NAV Avg. - 1 STDEV 1.20
$900 1.10
$800 1.00
$700 0.90
$600 0.80
$500 0.70
$400 0.60
$300 0.50
Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12

Source: Bloomberg, Canaccord Genuity estimates

REGRESSION ANALYSIS
The following charts (Figure 5 – gold, Figure 6 – silver) summarize the results of
regression analysis between share prices, and the underlying commodity spot price
based on two-year trailing data. As highlighted in Figure 5, the four most undervalued
gold stocks based on potential return to the best-fit line are: Aura Minerals (ORA : TSX |
SPECULATIVE BUY), Avion Gold (AVR : TSX | BUY), Centerra Gold (CG : TSX | HOLD),
and Golden Star (GSS : AMEX, GSC : TSX | HOLD). Graphs showing the best-fit lines for
each stock are provided in Appendix 1.

Figure 5: Gold producers ranked by potential return to the best-fit line (share price vs. spot Au)

2 Implied Best Potential

Ticker Company Name Latest Close Spot Gold Slope/Beta Intercept R2
Fit Price return

ORA-T Aura Minerals $0.42 $1,584 -0.006 11.328 0.657 $2.01 379%
AVR-T Avion Gold $0.56 $1,584 0.002 -1.344 0.301 $1.50 167%
CG-T Centerra Gold $7.69 $1,584 0.005 8.982 0.083 $17.49 127%
GSS-A Golden Star Resources $1.15 $1,584 -0.006 11.461 0.632 $2.55 121%
KGN-T Keegan Resources $2.93 $1,584 -0.005 13.270 0.152 $6.08 108%
KGC-N Kinross Gold $8.27 $1,584 -0.009 28.506 0.237 $13.96 69%
NSU-A Nevsun Resources $3.24 $1,584 0.000 4.873 0.002 $5.31 64%
IAG-N IAMGOLD $11.32 $1,584 -0.001 18.830 0.001 $17.72 57%
OSK-T Osisko Mining $7.92 $1,584 -0.004 18.571 0.103 $12.39 56%
AEM-N Agnico-Eagle Mines $40.53 $1,584 -0.048 130.382 0.308 $54.16 34%
EGO-N Eldorado Gold $12.20 $1,584 -0.002 19.668 0.028 $16.13 32%
DGC-T Detour Gold $21.98 $1,584 0.001 26.553 0.004 $28.49 30%
ABX-N Barrick Gold $36.86 $1,584 0.002 43.869 0.007 $47.07 28%
GG-N Goldcorp $37.76 $1,584 0.011 28.998 0.161 $46.30 23%
NEM-N Newmont Mining $47.91 $1,584 0.003 52.909 0.010 $58.00 21%
ANV-A Allied Nevada Gold $28.22 $1,584 0.027 -9.452 0.587 $32.69 16%
AUQ-T Aurico Gold $8.67 $1,584 0.007 -2.002 0.511 $9.29 7%
GOLD-Q Randgold Resources $91.21 $1,584 0.036 37.644 0.271 $95.17 4%
AGI-T Alamos Gold $16.51 $1,584 0.003 12.647 0.117 $17.20 4%
NGD-A New Gold $9.77 $1,584 0.011 -7.021 0.586 $9.86 1%
BTO-T B2Gold $3.24 $1,584 0.004 -2.842 0.870 $3.25 0%
AR-T Argonaut Gold $7.83 $1,584 0.008 -6.678 0.554 $6.23 -20%

Priced to close of market on July 6, 2012

Source: Canaccord Genuity estimates, Bloomberg, Thompson ONE
 Precious Metals Weekly | 3
9 July 2012

Figure 6: Silver producers ranked by potential return to best-fit line (share price versus spot Ag)

2 Implied Best Potential

Ticker Company Name Latest Close Spot Silver Slope Intercept R2
Fit Price return

PAAS-Q Pan American Silver $15.80 $27.11 0.362 17.182 0.120 $27.01 71%
SSRI-Q Silver Standard Resources $11.71 $27.11 0.526 4.760 0.275 $19.03 63%
HL-N Hecla Mining $4.65 $27.11 0.109 3.404 0.126 $6.37 37%
FVI-T Fortuna Silver Mines $3.72 $27.11 0.153 0.054 0.603 $4.20 13%
SLW-N Silver Wheaton $27.65 $27.11 0.799 7.717 0.710 $29.38 6%
THO-T Tahoe Resources $14.31 $27.11 0.538 -0.440 0.690 $14.16 -1%

Priced to close of market on July 6, 2012.

Source: Canaccord Genuity estimates, Bloomberg, Thompson ONE

WHAT GOLD PRICE ARE EQUITIES DISCOUNTING?

Figure 7 highlights the gold prices implied by market valuations for individual equities,
based on the current share price and assuming a reversion to the 52-week average P/NAV
multiple (5%/spot gold). We continue to believe that equities are inexpensive relative to the
gold price and to historical trading multiples, with the senior/intermediate names
discounting a $38/oz lower gold price on average ($1,546/oz versus spot price of
$1,584/oz).

Figure 7: What gold price are equities discounting?

Symbol Close Price 5% P/NAV @5%/SPOT Gold Price (Disc)/Prem
Exchange 6-Jul-12 Current 52-wk Avg Discounted* to Spot Gold
SPOT GOLD PRICE $1,584
SENIOR PRODUCERS
Barrick Gold ABX-N $36.86 0.83 0.85 $1,561 ($22)
Goldcorp GG-N $37.76 0.83 0.92 $1,452 ($131)
Kinross Gold KGC-N $8.27 0.64 0.61 $1,623 $40
INTERMEDIATE PRODUCERS
African Barrick Gold ABG-L £4.16 0.66 0.53 $1,764 $181
Agnico-Eagle Mines AEM-N $40.53 0.97 0.81 $1,744 $161
Centerra Gold CG-T $7.69 0.41 0.72 $1,156 ($428)
Eldorado Gold EGO-N $12.20 0.82 1.02 $1,380 ($203)
IAMGOLD IAG-N $11.32 0.60 0.65 $1,505 ($79)
Osisko OSK-T $7.92 0.69 0.69 $1,564 ($20)
Randgold Resources GOLD-Q $91.21 1.22 1.20 $1,600 $16
Sr./Int Cap-Wtd Average 0.83 0.85 $1,546 ($38)
JUNIOR PRODUCERS
Alamos Gold AGI-T $16.51 0.87 0.90 $1,530 ($54)
AuRico Gold AUQ-T $8.67 0.78 0.80 $1,572 ($12)
Aura Minerals ORA-T $0.42 0.17 0.30 $1,059 ($525)
Golden Star GSS-A $1.15 0.47 0.59 $1,501 ($82)
New Gold NGD-A $9.77 0.80 0.85 $1,416 ($168)
Junior Weighted Avg** 0.63 0.71 $1,436 ($148)

* Gold price required for P/NAV to equate to 52-wk average.

** Weighted-average calculations based on equities listed above.
Source: Canaccord Genuity estimates, Thompson ONE, Bloomberg
 Precious Metals Weekly | 4
9 July 2012

IN THE NEWS
Avion Gold (AVR : TSX| BUY, Target C$1.75)
2012 guidance raised; mill
mill expansion back on the table

We maintain our BUY rating on Avion Gold following the announcement of increased
2012 guidance and plans to resume the previously suspended mill expansion by late
2012/early 2013. We continue to see substantial upside from further improvement in
the political situation in Mali, delivery of the Tabakoto expansion, and advancement of
the Kofi and Hounde projects.

Investment Highlights

• Despite the recent coup in Mali, operations at Tabakoto have been progressing with
minimal disruption. In addition, the political situation appears to have mostly
stabilized in the southern part of Mali (where Tabakoto is located) as a result of
which the Canadian government has lowered its travel warning advisory by one
level.

• Considering the improvement in the situation, management has indicated that the
temporarily suspended mill expansion is anticipated to resume in late 2012/early
2013. All parts and supplies required to complete the expansion have now arrived
at site. With the softening of government travel advisories, the company is in
negotiations with contractors and necessary parties to return to site.

• While the impact of the mill expansion is unlikely to be seen in 2012, strong
performance from the existing mill and from the Tabakoto underground mine
(higher than expected grades & recoveries and lower dilution) has prompted
management to increase 2012 production guidance to 95 – 102 koz from 90 – 100
koz. In our view, continued strong operating results from Tabakoto are a testament
to the team’s ability to successfully operate even in difficult environments.

• Our current 2012 production estimate of 98,000 oz was close to the high end of
previous guidance and is closer to the mid-point of revised guidance. Our valuation
and estimates had previously assumed completion of the mill expansion in H1/13
and a ramp-up to full capacity by the end of 2013. As such, there are no material
changes to our valuation and forecasts, but we believe the announcement by the
company should reassure investors regarding mill expansion timelines and the Mali
situation in general.

Valuation

Our 12-month target price remains unchanged at C$1.75/share based on 0.85x our
5%/peak NAVPS estimate of US$2.13/share translated assuming US$/C$ parity. The
shares currently trade at 0.30x P/NAV (5%/spot), a discount to the junior producer
average of 0.68x.

Upcoming Potential Catalysts

• Updates on the political situation in Mali (ongoing)

• Q2/12 operating results (potentially by mid-July)

• Resumption of the Tabakoto mill expansion (late 2012/early 2013)

• Preliminary Economic Assessment for Hounde (H2/12E)

 Precious Metals Weekly | 5
9 July 2012

Investment Risks

The typical risks associated with any mining investment include commodity and
exchange rate risks, as well as permitting and technical (development and operating)
risks. Investors considering investment in Avion Gold Corporation should also take into
account risks associated with the expansion project and underground ramp-up at
Tabakoto in addition to exploration and development risks associated with the Kofi and
Hounde projects. The recent coup in Mali and the advance of the Tuareg insurgents have
substantially increased Mali's political risk profile. While we remain optimistic about an
eventual restoration of political stability, there is no guarantee that the situation will
improve, no guarantee on how long it will take for political stability to be restored and
no guarantee that there will not be unfavourable changes to existing mining regulation.
In addition, the potential for delays in the completion of the proposed mill expansion
and underground ramp-up could adversely impact the company's financial position. As
such, an investment in Avion Gold is recommended only for investors with a higher
tolerance for risk and a longer time horizon.

(Refer to research report originally published on July 4, 2012.)

 Precious Metals Weekly | 6
9 July 2012

Pan American Silver (PAAS : NASDAQ, PAA : TSX| HOLD, Target US$19.00)
Draft mining legislation could render Navidad uneconomic; removing project value

We are maintaining our HOLD rating on Pan American’s shares following a review of
proposed mining legislations in the province of Chubut, Argentina; affecting the
company’s Navidad project. Based on the terms of the proposed regulations, we have
conservatively removed all value for Navidad from our valuation.

Investment
Investment Highlights

• Proposed regulations include: 8% NSR (up from current 3% rate), a requirement for
Petrominera to receive no less than 4% of total sales and for Petrominera to receive
a 7% fully carried pre-tax interest. All amounts are to be paid to the province of
Chubut.

• The proposed regulations are in addition to the current 10% export duty payable on
concentrate sales and 35% income tax; both collected by the federal government.

• Under the assumption that the current draft regulations are passed, Pan American
Silver has deemed the project to be uneconomic. The proposed regulations are
estimated to reduce our 15%/peak valuation of Navidad by approximately 70%, and
given the company’s disclosure, we have conservatively removed all value for
Navidad in our valuation.

Valuation

We are revising our target price on Pan American Silver to US$19.00 from US$20.00
based on 0.75x our 5%/peak NAV estimate of US$25.05 (previously $26.88).

Investment Risks

The typical risks associated with any mining investment include commodity and
exchange rate risk, permitting and technical (development/operating) risk. The
company's results are most influenced by changes in silver and zinc prices. There is also
permitting/jurisdictional risk associated with the Navidad project in Chubut Province,
Argentina. Due to recent proposed mining legislations, we no longer ascribe any value to
Navidad. Due to recent proposed mining legislations, we no longer ascribe any value to
Navidad.

(Refer to research report originally published on July 3, 2012.)

 Precious Metals Weekly | 7
9 July 2012

CHARTS AND TRENDS

Gold and DXY Gold and Oil

$2,000 Gold $/oz

91 $2,000 $160

OIL (USCRWTIC Comdty

DXY
$1,740 87 $1,740 Gold $/oz
$134

Gold $/oz
USCRWTIC

$/bbl)
$1,480 83 $1,480 $108
Gold $/oz

DXY
$1,220 79 $1,220 $82

$960 75 $960 $56

$700 71 $700 $30

Nov-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12

Nov-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Gold and Credit Risk Gold and Expected Inflation (Two Year)

$2,000 310 $2,000 5.00

Expected Inflation (%)

Gold $/oz IBOXUMAE Index
$1,740 260 $1,740 2.40
IBOXUMAE Index
Gold $/oz

$1,480 210 Gold $/oz $1,480 -0.20

$1,220 160 $1,220 -2.80

Gold $/oz
$960 110 $960 USGGBE02 Index
-5.40
$700 60 $700 -8.00
Nov-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12

Nov-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Gold and Silver Prices Gold Non-Commercial Long/Short Contracts

2000 50 325 2000

250 1750
G o ld S li e
v r

1800 43.5

Spot gold price, US$/oz

Net long non-commercial

175 1500
1600 37
contracts (000s)

100 1250
Gold Price

Silver Price

1400 30.5
25 1000
1200 24 -50 750
1000 17.5 -125 500
800 11 -200 250
Aug-02

Sep-03

Nov-04

Jan-06

Mar-07

May-08

Jun-09

Aug-10

Oct-11
600 4.5
Jan-08
May-08
Sep-08
Jan-09
May-09
Sep-09
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12

Spot Gold/Spot Silver Ratio Silver Non-Commercial Long/Short Contracts

90 50 80 50
G o ld /S li v R a
t o
i S lvi e r

85 46
Net Long Non-Com mer cial Cont r acts Spot Si lver Pr ic e
Spot silver price, US$/oz

80 42 60 40
Spot Silver (US$/oz)

Net long non-commercial

75 38
Gold/Silver Ratio

70 34
contracts (000s)

65 30 40 30
60 26
55 22
50 18 20 20
45 14
40 10 0 10
35 6
30 2
Jan-08
Apr-08
Ju l-08
Oct-08
Jan-09
Apr-09
Ju l-09
Oct-09
Jan-10
Apr-10
Ju l-10
Oct-10
Jan-11
Apr-11
Ju l-11
Oct-11
Jan-12
Apr-12

-20 0
Aug-02

Aug-03

Aug-04

Aug-05

Aug-06

Aug-07

Aug-08

Aug-09

Aug-10

Aug-11

Source: Bloomberg
 Precious Metals Weekly | 8
9 July 2012

PRECIOUS METALS COMPARABLES TABLES

Figure 8: Precious metals companies – Comparables summary
BASIC MKT. CAP NET IMPLIED DIVIDEND NFCF YIELD EV/oz
9-Jul-12 SYMBOL- 6-Jul 52 WEEK TARGET IMPLIED SH. O/S BASIC DEBT 5%/SPOT IRR YIELD AVERAGE 2012E LOM
EXCHANGE CURRENCY CLOSE HIGH LOW $1,750/oz Au RETURN RATING (mm) (US$mm) (US$mm) P/NAV % % 2012-2015 P/E P/CF recov.
SENIOR PRODUCERS
Barrick Gold ABX-N US$ $36.86 $55.95 $34.82 $49.00 33% HOLD 1,001 $36,880 $10,469 0.83 7.8% 2.2% 7.6% 8.1 5.8 $452
Goldcorp GG-N US$ $37.76 $56.31 $32.16 $63.00 67% BUY 810 $30,596 ($1,394) 0.83 8.0% 1.4% 7.3% 15.5 12.1 $534
Kinross Gold KGC-N US$ $8.27 $18.25 $7.11 $12.75 54% BUY 1,139 $9,419 $131 0.64 14.5% 1.9% 1.1% 9.3 5.5 $183
INTERMEDIATE PRODUCERS
African Barrick Gold ABG-L GBP £4.16 £6.24 £3.03 £5.10 22% BUY 410 $2,734 ($799) 0.66 12.8% 2.4% 7.2% 12.4 5.7 $112
Agnico-Eagle Mines AEM-N US$ $40.53 $73.09 $31.42 $44.00 9% HOLD 171 $6,925 $631 0.97 6.5% 2.0% 3.2% 25.1 10.9 $522
Centerra Gold CG-T C$ $7.69 $23.69 $6.52 $11.50 50% HOLD 236 $1,851 ($293) 0.41 49.0% 2.0% 28.4% 8.1 5.9 $204
Eldorado Gold EGO-N US$ $12.20 $22.12 $10.20 $20.00 64% BUY 711 $8,679 ($372) 0.82 8.4% 1.5% 5.2% 18.6 14.2 $395
IAMGOLD IAG-N US$ $11.32 $23.88 $9.20 $17.50 55% BUY 376 $4,257 ($1,063) 0.60 15.3% 2.2% 3.3% 10.5 6.8 $166
Osisko Mining OSK-T C$ $7.92 $15.86 $6.25 $12.75 61% SPEC BUY 386 $3,115 $217 0.69 11.2% -2.5% 12.3 5.9 $244
Randgold Resources GOLD-Q US$ $91.21 $120.73 $72.91 $105.00 15% BUY 92 $8,366 ($251) 1.22 3.4% 0.4% 5.6% 16.9 10.0 $330
Yamana Gold AUY-N US$ $15.44 $18.16 $12.29 R R R R R R R R R R R R R
Sr./Int. Average 46% 0.83 $424
JUNIOR PRODUCERS
Alamos Gold AGI-T C$ $16.51 $21.00 $14.07 $26.00 57% BUY 119 $1,970 ($212) 0.87 7.4% 1.2% 1.5% 13.5 10.9 $577
Allied Nevada ANV-A US$ $28.22 $45.90 $23.69 $57.50 104% BUY 98 $2,765 ($473) 0.48 16.1% 0.7% 21.4 16.9 $254
Argonaut Gold AR-T C$ $7.83 $10.20 $4.58 $12.50 60% BUY 92 $738 ($29) 0.78 11.8% 9.3% 16.8 13.1 $290
Atna Resources ATN-T C$ $1.01 $1.54 $0.52 $3.20 217% SPEC BUY 122 $125 $16 0.24 89.6% 29.1% 15.0 7.1 $77
Aura Minerals ORA-T C$ $0.42 $2.30 $0.29 $1.50 257% SPEC BUY 228 $98 $5 0.17 NA 54.3% NA 1.9 $40
AuRico Gold AUQ-N US$ $8.55 $14.17 $6.69 $13.50 58% BUY 282 $2,456 $1 0.78 10.2% 3.9% 13.2 9.9 $384
Avion Gold AVR-T C$ $0.56 $2.57 $0.42 $1.75 213% BUY 531 $303 ($54) 0.30 393.1% 19.0% 15.6 4.9 $143
B2Gold BTO-T C$ $3.24 $4.55 $2.64 $5.50 70% BUY 385 $1,271 ($98) 0.80 11.7% 6.7% 15.3 10.4 $586
Centamin Egypt CEE-T C$ $1.12 $2.20 $0.95 $1.45 29% BUY 1,101 $1,258 ($248) 0.65 12.1% 9.9% 6.3 5.2 $100
Claude Resources CRJ-T C$ $0.64 $2.36 $0.56 $2.00 213% SPEC BUY 174 $113 $1 0.28 NA 19.8% 12.8 5.6 $134
Endeavour EDV-T C$ $2.25 $2.74 $1.71 $3.50 56% SPEC BUY 245 $562 ($72) 0.53 49.8% 12.0% 23.5 4.6 $210
Galane Gold GG-V C$ $0.98 $1.10 $0.75 $1.50 53% SPEC BUY 48 $48 ($3) 0.62 55.0% 44.7% 1.9 1.8 $120
Golden Star GSS-A US$ $1.15 $3.12 $0.90 $2.00 74% HOLD 259 $297 $36 0.47 61.3% 5.9% 7.4 2.3 $67
Lake Shore Gold LSG-T C$ $0.98 $3.49 $0.74 $1.60 63% HOLD 410 $410 ($12) 0.44 26.9% 7.4% 21.2 10.3 $172
Nevsun Resources NSU-A US$ $3.24 $7.30 $2.68 $4.00 23% HOLD 193 $626 ($279) 0.56 55.9% 3.1% 21.7% 6.4 7.2 $730
New Gold NGD-A US$ $9.77 $14.15 $7.13 $15.50 59% BUY 462 $4,511 $27 0.80 19.1% 7.9% 19.4 12.0 $1,058
Primero Mining PPP-N US$ $2.73 $4.71 $2.22 $4.80 76% BUY 88 $241 $14 0.48 21.1% 11.3% 4.7 3.1 $136
Junior Average 70% 0.68 $392
SILVER PRODUCERS
Fortuna Silver FVI-T C$ $3.72 $7.58 $3.03 $6.50 75% SPEC BUY 125 $475 ($77) 0.91 7.1% 12.8% 11.8 7.4 $3.80
Hecla Mining HL-N US$ $4.65 $8.65 $3.70 $4.75 2% HOLD 285 $1,327 ($279) 0.93 6.8% 1.7% 8.4% 18.5 8.2 $8.40
Pan American Silver PAAS-Q US$ $15.80 $34.49 $14.80 $19.00 20% HOLD 156 $2,462 ($579) 0.89 8.3% 0.9% 14.8% 7.7 6.8 $9.44
Silvercrest SVL-V C$ $1.79 $3.17 $1.07 $5.75 221% SPEC BUY 90 $164 ($38) 0.30 NA 31.4% 6.1 4.2 $4.16
Silver Wheaton SLW-N US$ $27.65 $42.50 $22.94 $45.50 65% BUY 353 $9,774 ($926) 1.08 4.2% 1.3% 7.6% 15.3 13.3 $16.35

* Price and target in Canadian dollars; all other figures in US dollars unless noted otherwise.
Adjusted Market Cap, or AMC = Market Capitalization - Working Capital + LT Debt + LOM Capex - Other (base metal) Assets.
R – Restricted.
Source: Bloomberg, Company reports, Canaccord Genuity estimates
 Precious Metals Weekly | 9
9 July 2012

Figure 9: Precious metals companies – Production, cost, and reserves summary

PRODUCTION (12-14) TOTAL CASH COSTS TOTAL PRODUCTION COSTS RECOV. RESERVES
9-Jul-12 (000 oz Au, mm oz Ag) PRODUCTION (US$/oz) (US$/oz) P&P LOM* RESERVE
2011A 2012E 2013E 2014E Growth % 2011A 2012E 2013E 2014E 2011A 2012E 2013E 2014E (M oz) GROWTH %
SENIOR PRODUCERS
Barrick Gold 7,676 7,426 7,426 7,978 7% $460 $557 $561 $519 $598 $700 $702 $693 87.5 101.7 16%
Goldcorp 2,515 2,516 3,295 3,851 53% $223 $269 $222 $223 $515 $476 $429 $402 53.4 53.6 0%
Kinross Gold 2,611 2,653 2,801 2,766 4% $596 $706 $657 $657 $905 $1052 $1021 $1036 40.1 48.6 21%
INTERMEDIATE PRODUCERS
African Barrick Gold 688 675 713 728 8% $692 $868 $779 $773 $850 $1076 $963 $974 17.3 17.3 0%
Agnico-Eagle Mines 985 938 1,007 1,061 13% $580 $676 $681 $632 $848 $998 $1011 $961 13.3 13.9 4%
Centerra Gold 642 461 882 1,056 129% $504 $595 $431 $416 $747 $815 $649 $633 5.6 5.6 0%
Eldorado Gold 659 737 914 1,078 46% $472 $521 $486 $454 $527 $650 $600 $575 20.2 21.0 4%
IAMGOLD 972 859 1,016 1,027 20% $653 $680 $681 $679 $813 $892 $926 $957 17.1 18.3 7%
Osisko Mining 181 532 582 555 4% $955 $652 $553 $540 $843 $843 $718 $705 9.5 13.7 44%
Randgold Resources 599 708 800 1,053 49% $724 $648 $608 $553 $957 $805 $778 $726 24.6 24.6 0%
Yamana Gold R R R R R R R R R R R R R R R R
JUNIOR PRODUCERS
Alamos Gold 153 209 199 178 -15% $444 $453 $520 $569 $601 $575 $631 $645 1.8 2.9 64%
Allied Nevada 104 191 287 357 87% $493 $468 $281 $314 $594 $620 $476 $549 4.7 8.6 84%
Argonaut Gold 72 98 148 209 114% $622 $634 $584 $617 $810 $789 $720 $749 0.8 2.3 212%
Atna Resources 33 52 135 181 249% $922 $903 $849 $857 $1154 $1101 $985 $986 0.4 1.8 336%
Aura Minerals 168 184 187 167 -9% $1106 $1379 $960 $896 $1352 $1640 $1199 $1161 1.0 1.0 0%
AuRico Gold 294 424 415 479 13% $501 $573 $572 $535 $725 $731 $777 $745 5.7 6.2 9%
Avion Gold 91 98 147 200 105% $731 $976 $787 $788 $947 $1300 $1067 $1042 0.9 1.6 87%
B2Gold 145 154 185 200 30% $612 $709 $602 $572 $834 $950 $754 $712 0.9 2.0 115%
Centamin Egypt 101 125 194 205 64% $607 $724 $688 $883 $804 $914 $838 $1033 10.1 10.1 0%
Claude Resources 45 47 62 74 57% $918 $988 $806 $713 $1173 $1247 $1058 $990 0.4 0.9 140%
Endeavour 91 183 173 263 44% $680 $715 $792 $857 $873 $1035 $1098 $1208 2.4 2.3 -4%
Galane Gold 20 55 50 50 -8% $1129 $1187 $1092 $1083 $1273 $1246 $1177 $1182 0.1 0.3 332%
Golden Star 301 360 289 278 -23% $1132 $1188 $1197 $1197 $1316 $1379 $1402 $1409 3.2 3.2 0%
Lake Shore Gold 43 85 153 180 112% $811 $885 $685 $650 $1199 $1137 $814 $814 2.3 2.3 0%
Nevsun Resources 201 152 35 16 -89% $296 $342 $268 NA $416 $599 $1226 $2374 0.4 0.4 0%
New Gold 387 422 481 467 10% $446 $391 $75 $152 $687 $678 $443 $521 3.9 4.4 12%
Primero Mining $102 $111 $122 $162 46% $640 $643 $580 $483 $973 $953 $901 $797 0.5 1.8 279%
SILVER PRODUCERS
Fortuna Silver 2.7 4.3 5.4 6.3 44% $2.25 $10.15 $9.74 $9.21 $6.46 $18.45 $24.33 $24.81 20.1 104.8 420%
Hecla Mining 9.5 6.6 10.9 11.0 67% $1.15 $2.13 $3.05 $3.52 $7.47 $10.91 $10.44 $11.17 102.4 127.5 25%
Pan American Silver 21.8 21.9 20.4 21.9 0% $9.44 $10.78 $10.21 $7.04 $13.80 $15.55 $15.51 $13.21 165.9 184.3 11%
Silvercrest 1.0 1.8 2.9 4.5 142% $13.88 $9.79 $7.99 $10.16 $17.85 $13.60 $12.19 $14.35 22.4 30.3 36%
Silver Wheaton 20.2 24.4 28.7 31.6 29% $3.99 $4.03 $4.06 $4.08 $5.63 $5.87 $5.88 $5.64 294.6 551.3 87%

* Canaccord Genuity estimate of recoverable life-of-mine production, including expected additions.

** Price and target in Canadian dollars; all other figures in US dollars unless noted otherwise.
R – Restricted.
Source: Bloomberg, Company reports, Canaccord Genuity estimates
 Precious Metals Weekly | 10
9 July 2012

Figure 10: Precious metals companies – Estimated earnings and cash flows

9-Jul-12 EPS (FD) EPS GROWTH P/E CFPS(FD) CFPS GROWTH P/CF EV/EBITDA
2012E 2013E 2014E 14/12E 2012E 2013E 2014E 2012E 2013E 2014E 14/12E 2012E 2013E 2014E 2012E 2013E 2014E
SENIOR PRODUCERS
Barrick Gold $4.55 $4.70 $4.54 (0%) 8.1 7.8 8.1 $6.36 $6.71 $7.05 11% 5.8 5.5 5.2 5.5 5.1 4.6
Goldcorp $2.44 $3.41 $3.94 61% 15.5 11.1 9.6 $3.12 $4.46 $5.05 62% 12.1 8.5 7.5 8.6 6.3 5.2
Kinross Gold $0.89 $1.22 $1.06 19% 9.3 6.8 7.8 $1.49 $1.91 $1.79 20% 5.5 4.3 4.6 4.2 3.6 3.9
INTERMEDIATE PRODUCERS
African Barrick Gold $0.54 $0.75 $0.66 23% 12.4 8.9 10.1 $1.18 $1.44 $1.17 (1%) 5.7 4.6 5.7 2.3 1.8 1.3
Agnico-Eagle Mines $1.62 $1.77 $1.87 16% 25.1 22.9 21.7 $3.72 $3.79 $3.96 6% 10.9 10.7 10.2 9.6 8.4 8.1
Centerra Gold $0.97 $3.04 $3.59 269% 8.1 2.6 2.2 $1.32 $3.85 $4.56 245% 5.9 2.0 1.7 4.0 1.5 0.8
Eldorado Gold $0.66 $0.89 $1.04 58% 18.6 13.7 11.7 $0.86 $1.16 $1.35 58% 14.2 10.5 9.0 8.4 7.6 6.9
IAMGOLD $1.08 $1.38 $1.19 10% 10.5 8.2 9.5 $1.68 $2.09 $2.01 20% 6.8 5.4 5.6 3.9 3.5 3.6
Osisko Mining $0.65 $0.79 $0.69 7% 12.3 10.1 11.5 $1.35 $1.32 $0.93 (31%) 5.9 6.0 8.5 5.1 4.7 4.9
Randgold Resources $5.39 $6.54 $6.98 29% 16.9 13.9 13.1 $9.08 $10.55 $13.24 46% 10.0 8.6 6.9 9.5 7.7 5.8
Yamana Gold R R R R R R R R R R R R R R R R R
Sr./Int. Average 13.7 11.0 10.6 9.0 7.3 6.8 6.9 5.7 5.1
JUNIOR PRODUCERS
Alamos Gold $1.25 $1.18 $0.96 (23%) 13.5 14.3 17.6 $1.55 $1.36 $1.07 (31%) 10.9 12.4 15.7 7.3 7.9 9.4
Allied Nevada $1.32 $2.45 $2.70 105% 21.4 11.5 10.5 $1.67 $3.05 $3.58 114% 16.9 9.2 7.9 10.8 6.1 5.8
Argonaut Gold $0.48 $0.87 $1.17 145% 16.8 9.2 6.8 $0.61 $1.05 $1.43 135% 13.1 7.6 5.6 8.1 5.2 3.2
Atna Resources $0.07 $0.36 $0.51 NA 15.0 2.8 2.0 $0.15 $0.48 $0.64 342% 7.1 2.2 1.6 3.5 1.4 0.9
Aura Minerals $ (0.01) $0.36 $0.30 NA NA 1.2 1.4 $0.23 $0.60 $0.54 136% 1.9 0.7 0.8 1.1 0.4 0.7
AuRico Gold $0.66 $0.76 $0.87 32% 13.2 11.4 10.1 $0.88 $1.06 $1.22 38% 9.9 8.2 7.1 4.6 5.7 5.1
Avion Gold $0.04 $0.11 $0.16 342% 15.6 5.0 3.5 $0.12 $0.22 $0.30 160% 4.9 2.5 1.9 3.4 2.1 1.8
B2Gold $0.22 $0.33 $0.35 63% 15.3 10.0 9.4 $0.32 $0.41 $0.43 34% 10.4 8.1 7.7 7.3 5.8 5.7
Centamin Egypt $0.18 $0.20 $0.12 (33%) 6.3 5.7 9.4 $0.22 $0.31 $0.29 32% 5.2 3.7 3.9 4.4 2.7 3.0
Claude Resources $0.05 $0.12 $0.14 178% 12.8 5.3 4.6 $0.12 $0.21 $0.25 115% 5.6 3.1 2.6 4.4 2.5 1.5
Endeavour $0.10 $0.20 $0.24 148% 23.5 11.3 9.5 $0.50 $0.45 $0.60 18% 4.6 5.0 3.9 1.7 4.7 3.4
Galane Gold $0.52 $0.52 $0.42 (20%) 1.9 1.9 2.4 $0.57 $0.60 $0.45 (20%) 1.8 1.7 2.2 0.7 1.5 0.9
Golden Star $0.15 $0.10 $0.05 (70%) 7.4 11.6 25.0 $0.50 $0.39 $0.31 (38%) 2.3 2.9 3.7 1.5 1.5 2.8
Lake Shore Gold $0.05 $0.18 $0.21 336% 21.2 5.7 4.8 $0.10 $0.22 $0.27 181% 10.3 4.5 3.7 7.5 3.7 2.8
Nevsun Resources $0.52 $0.36 $0.79 52% 6.4 9.1 4.2 $0.40 $0.69 $1.11 177% 7.2 4.2 2.6 1.5 1.4 0.3
New Gold $0.50 $0.74 $0.65 28% 19.4 13.2 15.1 $0.82 $1.36 $1.22 50% 12.0 7.2 8.0 8.4 6.0 6.0
Primero Mining $0.58 $0.63 $1.06 83% 4.7 4.4 2.6 $0.89 $1.03 $1.44 61% 3.1 2.7 1.9 1.8 1.5 1.1
Junior Average 15.1 10.6 11.0 10.3 7.4 7.4 6.4 5.2 5.1
SILVER PRODUCERS
Fortuna Silver $0.32 $0.56 $0.41 27% 11.8 6.7 9.3 $0.51 $0.88 $0.79 54% 7.4 4.3 4.8 5.8 3.7 2.9
Hecla Mining $0.25 $0.42 $0.33 31% 18.5 11.2 14.1 $0.57 $0.84 $0.64 12% 8.2 5.5 7.3 7.2 4.6 4.4
Pan American Silver $2.05 $1.89 $2.05 0% 7.7 8.4 7.7 $2.31 $2.72 $3.05 32% 6.8 5.8 5.2 2.7 2.8 2.3
Silvercrest $0.30 $0.53 $0.46 51% 6.1 3.4 4.0 $0.44 $0.66 $0.64 46% 4.2 2.8 2.9 3.3 1.2 0.9
Silver Wheaton $1.81 $2.16 $2.20 21% 15.3 12.8 12.6 $2.07 $2.49 $2.47 19% 13.3 11.1 11.2 13.0 10.4 9.9

Source: Bloomberg, Thompson ONE, Canaccord Genuity estimates

 Precious Metals Weekly | 11
9 July 2012

Figure 11: NAV sensitivity

NAV SENSITIVITY LEVERAGE
9-Jul-12 SYMBOL- 6-Jul TARGET SPOT $1583.75 Au/$27.11 Ag 52 WK HI 52 WK LOW AVG LONG TERM DECK $1500.00 Au/$27.50 Ag % CHANGE IN NAV
ANALYST EXCHANGE CURRENCY CLOSE $1,750/oz Au RATING NAV 0% P/NAV NAV 5% P/NAV P/NAV @5%/SPOT NAV 0% P/NAV NAV 5% P/NAV @0% @5%
SENIOR PRODUCERS
Barrick Gold SB ABX-N US$ $36.86 $49.00 HOLD $66.91 0.55 $44.52 0.83 0.91 0.75 0.84 $64.64 0.57 $43.87 0.84 (3.4%) (1.5%)
Goldcorp SB GG-N US$ $37.76 $63.00 BUY $65.58 0.58 $45.37 0.83 1.15 0.77 0.96 $63.67 0.59 $44.50 0.85 (2.9%) (1.9%)
Kinross Gold SB KGC-N US$ $8.27 $12.75 BUY $21.88 0.38 $12.84 0.64 0.76 0.52 0.62 $20.63 0.40 $12.38 0.67 (5.7%) (3.6%)
INTERMEDIATE PRODUCERS
African Barrick Gold DK ABG-L GBP £4.16 £5.10 BUY £10.40 0.40 £6.29 0.66 0.72 0.43 0.52 £9.65 0.43 £5.99 0.70 (7.2%) (4.7%)
Agnico-Eagle Mines SB AEM-N US$ $40.53 $44.00 HOLD $45.89 0.88 $41.91 0.97 1.15 0.59 0.84 $43.38 0.93 $40.27 1.01 (5.5%) (3.9%)
Centerra Gold SB CG-T C$ $7.69 $11.50 HOLD $25.32 0.31 $19.32 0.41 0.96 0.41 0.78 $25.15 0.31 $19.48 0.40 (0.7%) 0.8%
Eldorado Gold SB EGO-N US$ $12.20 $20.00 BUY $25.26 0.48 $14.88 0.82 1.37 0.77 1.08 $24.08 0.51 $14.34 0.85 (4.7%) (3.6%)
IAMGOLD SB IAG-N US$ $11.32 $17.50 BUY $44.39 0.26 $18.78 0.60 0.85 0.52 0.68 $43.48 0.26 $18.48 0.61 (2.1%) (1.6%)
Osisko Mining SB OSK-T C$ $7.92 $12.75 SPEC BUY $22.69 0.36 $11.78 0.69 0.97 0.62 0.73 $21.37 0.38 $11.31 0.71 (5.8%) (4.0%)
Randgold Resources TD GOLD-Q US$ $91.21 $105.00 BUY $113.84 0.80 $74.77 1.22 1.36 0.97 1.18 $109.98 0.83 $73.53 1.24 (3.4%) (1.7%)
Yamana Gold SB AUY-N US$ $15.44 R R R R R R R R R R R R R R R
Sr./Int Cap-Wtd Average 0.83 0.97 0.76 0.86 0.85
JUNIOR PRODUCERS
Alamos Gold RP AGI-T C$ $16.51 $26.00 BUY $28.47 0.59 $19.39 0.87 1.59 0.76 0.91 $26.84 0.63 $18.47 0.91 (5.7%) (4.7%)
Allied Nevada SB ANV-A US$ $28.22 $57.50 BUY $94.82 0.30 $59.03 0.48 0.61 0.42 0.52 $92.91 0.30 $58.33 0.48 (2.0%) (1.2%)
Argonaut Gold RP AR-T C$ $7.83 $12.50 BUY $12.99 0.61 $10.18 0.78 $12.60 0.63 $10.01 0.80 (3.0%) (1.7%)
Atna Resources WZ ATN-T C$ $1.01 $3.20 SPEC BUY $5.46 0.19 $4.23 0.24 $5.18 0.20 $4.08 0.25 (5.1%) (3.5%)
Aura Minerals SB ORA-T C$ $0.42 $1.50 SPEC BUY $2.78 0.15 $2.59 0.17 0.46 0.17 0.34 $2.91 0.15 $2.72 0.16 4.7% 4.9%
AuRico Gold RP AUQ-N US$ $8.55 $13.50 BUY $14.78 0.58 $10.98 0.78 1.15 0.67 0.84 $14.46 0.59 $10.94 0.78 (2.1%) (0.4%)
Avion Gold SB, RP AVR-T C$ $0.56 $1.75 BUY $2.28 0.25 $1.93 0.30 0.97 0.29 0.67 $2.27 0.25 $1.94 0.29 (0.4%) 0.3%
B2Gold SB, RP BTO-T C$ $3.24 $5.50 BUY $5.23 0.63 $4.15 0.80 1.21 0.61 0.83 $5.04 0.65 $4.06 0.81 (3.5%) (2.3%)
Centamin Egypt DK CEE-T C$ $1.12 $1.45 BUY $2.80 0.41 $1.76 0.65 0.72 0.37 0.52 $2.58 0.44 $1.67 0.68 (7.8%) (5.1%)
Claude Resources WZ CRJ-T C$ $0.64 $2.00 SPEC BUY $2.74 0.24 $2.31 0.28 $2.62 0.25 $2.24 0.29 (4.5%) (3.1%)
Endeavour NC EDV-T C$ $2.25 $3.50 SPEC BUY $4.92 0.47 $4.34 0.53 0.53 0.33 0.42 $5.71 0.40 $5.00 0.46 16.1% 15.1%
Galane Gold RP GG-V C$ $0.98 $1.50 SPEC BUY $1.77 0.56 $1.62 0.62 $1.94 0.52 $1.78 0.56 9.4% 10.0%
Golden Star RP GSS-A US$ $1.15 $2.00 HOLD $3.01 0.38 $2.47 0.47 0.79 0.47 0.61 $2.99 0.38 $2.54 0.45 (0.8%) 2.9%
Lake Shore Gold WZ LSG-T C$ $0.98 $1.60 HOLD $3.11 0.32 $2.28 0.44 1.11 0.33 0.62 $2.96 0.34 $2.19 0.46 (5.0%) (3.9%)
Nevsun Resources RP NSU-A US$ $3.24 $4.00 HOLD $6.19 0.52 $5.76 0.56 1.04 0.56 0.81 $6.23 0.52 $5.81 0.56 0.7% 0.8%
New Gold SB NGD-A US$ $9.77 $15.50 BUY $7.09 1.38 $12.23 0.80 1.12 0.66 0.87 $7.09 1.38 $12.22 0.80 0.0% (0.1%)
Primero Mining SB PPP-N US$ $2.73 $4.80 BUY $7.56 0.36 $5.68 0.48 0.57 0.25 0.42 $7.08 0.39 $5.38 0.51 (6.3%) (5.3%)
Junior Average 0.68 0.87 0.62 0.72 0.69
SILVER PRODUCERS
Fortuna Silver NC FVI-T C$ $3.72 $6.50 SPEC BUY $4.07 0.93 $4.18 0.91 0.91 0.53 0.72 $3.97 0.96 $4.35 0.87 (2.5%) 4.1%
Hecla Mining SB HL-N US$ $4.65 $4.75 HOLD $6.13 0.76 $4.98 0.93 0.93 0.64 0.75 $6.69 0.69 $5.50 0.85 9.2% 10.4%
Pan American Silver SB PAAS-Q US$ $15.80 $19.00 HOLD $22.39 0.71 $17.82 0.89 1.00 0.68 0.81 $24.45 0.65 $19.80 0.80 9.2% 11.1%
Silvercrest NC SVL-V C$ $1.79 $5.75 SPEC BUY $6.65 0.27 $6.18 0.30 $6.87 0.27 $6.39 0.29 3.4% 3.5%
Silver Wheaton SB SLW-N US$ $27.65 $45.50 BUY $38.12 0.73 $25.67 1.08 1.08 0.79 0.95 $40.18 0.69 $27.42 1.01 5.4% 6.8%
EXPLORATION / DEVELOPMENT COMPANIES
Andina Minerals SB ADM-V C$ $0.38 $1.50 SPEC BUY $5.42 0.07 $3.19 0.12 0.21 0.10 0.16 $4.99 0.08 $2.94 0.13 (7.9%) (7.8%)
Belo Sun RP BSX-T C$ $1.15 $2.00 SPEC BUY $4.72 0.25 $2.80 0.42 $4.22 0.28 $2.49 0.47 (10.6%) (11.0%)
Chesapeake SB CKG-V C$ $9.48 $26.50 SPEC BUY $115.97 0.08 $61.31 0.16 $110.50 0.09 $58.46 0.17 (4.7%) (4.7%)
Detour Gold SB DGC-T C$ $21.98 $44.00 SPEC BUY $79.94 0.28 $46.57 0.48 0.60 0.44 0.51 $75.31 0.30 $44.32 0.51 (5.8%) (4.8%)
Keegan Resources NC KGN-T C$ $2.93 $7.00 SPEC BUY $10.48 0.29 $8.57 0.35 0.53 0.26 0.38 $9.87 0.30 $8.16 0.37 (5.8%) (4.8%)
MAG Silver NC MAG-T C$ $9.17 $16.00 SPEC BUY $20.52 0.46 $14.47 0.65 $22.31 0.42 $15.57 0.60 8.7% 7.6%
Rio Novo Gold RP RN-T C$ $0.25 $1.25 SPEC BUY $2.01 0.13 $1.62 0.16 0.35 0.16 0.23 $1.93 0.13 $1.56 0.16 (4.1%) (3.5%)
Tahoe Resources SB THO-T C$ $14.31 $24.00 SPEC BUY $42.65 0.34 $26.58 0.55 0.71 0.47 0.60 $44.00 0.33 $27.59 0.53 3.2% 3.8%

Price and Target in CDN (ADM, AGI, AR, CKG, CG, DGC, KGN, ORA, OSK, RN, THO), all other figures in USD unless noted. CEE, EDV estimates expressed on calendar year basis; company reports year end in June
NAV 5% - AR discounted at 8%; ADM, BSX, CKG, RN, THO discounted at 10%; NSU precious metals stream discounted at 5%, base metals stream discounted at 8%
African Barrick closing price, target price, and NAVPS estimates for ABG are shown in GBP Spot NAV's for AUQ, MFN, PPP calculated at Spot Gold, Spot Silver and Long Term Price Deck for Base Metals Due to High Silver Content
Spot NAV's for Gold Companies calculated at Spot Gold and Long Term Price Deck for Silver and Base Metals Spot NAV's for Silver Companies calculated at Spot Silver and Long Term Price Deck for Gold and Base Metals
Long Term Price Deck - Gold (US$/oz) 2012E: $1,730, 2013E: $1,725, 2014E: $1,650, 2015E: $1,600, 2016E: $1,550, 2017E+: $1,500 Long Term Price Deck - Silver (US$/oz) 2012E: $34.00, 2013E: $34.00, 2014E: $31.50, 2015E: $29.50, 2016E: $28.50, 2017E+: $27.50
Long Term Price Deck - Copper (US$/lb) 2012E: $3.79, 2013E: $3.75, 2014E: $3.50, 2015E: $3.25, 2016E: $3.00, 2017E+: $2.75 Long Term Price Deck - Zinc (US$/lb) 2012E: $0.93, 2013E: $0.95, 2014E: $1.00, 2015E: $1.10, 2016E: $1.00, 2017E+: $0.95

SB = Steven Butler, NC = Nicholas Campbell, WZ = Wendell Zerb, RP = Rahul Paul; employed by Canaccord Genuity Corp. DK = Dmitry Kalachev, TD = Tim Dudley; employed by Canaccord
Genuity Limited. Source: Bloomberg, Thompson ONE, Canaccord Genuity estimates
 Precious Metals Weekly | 12
9 July 2012

Figure 12: Target prices and ratings

ESTIMATES (LTD) ESTIMATES (@$1,750 Au/$35.00 Ag) MULTIPLES (LTD) TARGET MULTIPLES @ PEAK MULTIPLE WEIGHTING
6-Jul NAVPS EPS CFPS NAVPS EPS CFPS P/NAV P/E P/CF PRICE / P/E P/CF PRICE / P/E P/CF CG CG
CURRENCY CLOSE @5% 2012E 2012E @5% 2012E 2012E @5% 2012E 2012E 5% NAV 2012E 2012E NAV 2012E 2012E TARGET RATING
SENIOR PRODUCERS
Barrick Gold US$ $36.86 $43.87 $4.55 $6.36 $54.25 $4.57 $6.38 0.84 8.1 5.8 0.90 12.5 9.0 70% 10% 20% $49.00 HOLD
Goldcorp US$ $37.76 $44.50 $2.44 $3.12 $52.73 $2.46 $3.14 0.85 15.5 12.1 1.20 19.0 80% 20% $63.00 BUY
Kinross Gold US$ $8.27 $12.38 $0.89 $1.49 $15.93 $0.90 $1.50 0.67 9.3 5.5 0.80 14.5 8.5 70% 10% 20% $12.75 BUY
INTERMEDIATE PRODUCERS
African Barrick Gold GBP £4.16 £5.99 $0.54 $1.18 £7.84 $0.64 $1.33 0.70 7.7 3.5 0.70 12.0 7.0 70% 20% 10% £5.10 BUY
Agnico-Eagle Mines US$ $40.53 $40.27 $1.62 $3.72 $51.57 $1.64 $3.75 1.01 25.1 10.9 0.85 28.0 11.5 70% 30% $44.00 HOLD
Centerra Gold C$ $7.69 $19.48 $0.97 $1.32 $22.70 $0.98 $1.33 0.40 8.1 5.9 0.50 27.5 18.0 70% 10% 20% $11.50 HOLD
Eldorado Gold US$ $12.20 $14.34 $0.66 $0.86 $17.52 $0.66 $0.86 0.85 18.6 14.2 1.15 26.5 20.0 60% 20% 20% $20.00 BUY
IAMGOLD US$ $11.32 $18.48 $1.08 $1.68 $21.73 $1.09 $1.68 0.61 10.5 6.8 0.80 20.5 12.5 70% 10% 20% $17.50 BUY
Osisko Mining C$ $7.92 $11.31 $0.65 $1.35 $14.23 $0.65 $1.35 0.71 12.5 6.0 0.90 10.5 9.0 100% $12.75 SPEC BUY
Randgold Resources US$ $91.21 $73.53 $5.39 $9.08 $87.59 $5.42 $9.11 1.24 16.9 10.0 1.20 20.0 15.0 70% 20% 10% $105.00 BUY
Yamana Gold US$ $15.44 R R R R R R R R R R R R R R R R R
Sr./Int. Average 1.01
JUNIOR PRODUCERS
Alamos Gold C$ $16.51 $18.47 $1.25 $1.55 $23.06 $1.26 $1.56 0.91 13.5 10.9 1.15 100% $26.00 BUY
Allied Nevada US$ $28.22 $58.33 $1.32 $1.67 $76.81 $1.32 $1.68 0.48 21.4 16.9 0.75 100% $57.50 BUY
Argonaut Gold C$ $7.83 $9.55 $0.48 $0.61 $11.28 $0.51 $0.64 0.84 16.8 13.1 1.10 100% $12.50 BUY
Atna Resources C$ $1.01 $4.08 $0.48 $0.61 $3.17 $0.48 $0.61 0.25 2.2 1.7 0.61 100% $3.20 SPEC BUY
Aura Minerals C$ $0.42 $2.72 $ (0.01) $0.23 $3.01 $ (0.01) $0.23 0.16 NA 1.9 0.50 100% $1.50 SPEC BUY
AuRico Gold US$ $8.55 $10.94 $0.66 $0.88 $13.41 $0.67 $0.89 0.80 13.2 9.9 1.00 100% $13.50 BUY
Avion Gold C$ $0.56 $1.94 $0.04 $0.12 $2.13 $0.04 $0.12 0.29 15.6 4.9 0.85 100% $1.75 BUY
B2Gold C$ $3.24 $3.93 $0.22 $0.32 $4.58 $0.22 $0.32 0.84 15.3 10.4 1.20 100% $5.50 BUY
Centamin Egypt C$ $1.12 $1.67 $0.18 $0.22 $2.23 $0.18 $0.22 0.68 6.3 5.2 0.65 100% $1.45 BUY
Claude Resources C$ $0.64 $2.24 $0.18 $0.22 $2.88 $0.17 $0.22 0.29 3.6 3.0 0.77 100% $2.00 SPEC BUY
Endeavour C$ $2.25 $5.00 $0.10 $0.50 $5.10 $0.10 $0.63 0.46 23.5 4.6 0.70 100% $3.50 SPEC BUY
Galane Gold C$ $0.98 $1.78 $0.52 $0.57 $2.02 $0.51 $0.56 0.56 1.9 1.8 0.75 100% $1.50 SPEC BUY
Golden Star US$ $1.15 $2.54 $0.15 $0.50 $3.43 $0.16 $0.50 0.45 7.4 2.3 0.60 100% $2.00 HOLD
Lake Shore Gold C$ $0.98 $2.19 $0.05 $0.10 $2.68 $0.08 $0.12 0.46 21.2 10.3 0.60 100% $1.60 HOLD
Nevsun Resources US$ $3.24 $5.81 $0.52 $0.40 $5.95 $0.52 $0.40 0.56 6.3 8.1 0.70 100% $4.00 HOLD
New Gold US$ $9.77 $12.22 $0.50 $0.82 $13.02 $0.51 $0.82 0.80 19.4 12.0 1.20 100% $15.50 BUY
Primero Mining US$ $2.73 $5.38 $0.58 $0.89 $6.38 $0.59 $0.90 0.52 4.8 3.1 0.75 70% 10% 20% $4.80 BUY
Junior Average 0.94
SILVER PRODUCERS
Fortuna Silver C$ $3.72 $4.35 $0.32 $0.51 $7.03 $0.50 $0.72 0.87 11.8 7.4 1.00 100% $6.50 SPEC BUY
Hecla Mining US$ $4.65 $5.50 $0.25 $0.57 $6.79 $0.26 $0.58 0.85 18.5 8.2 0.70 21.0 9.5 60% 40% $4.75 HOLD
Pan American Silver US$ $15.80 $19.80 $2.05 $2.31 $25.05 $2.09 $2.36 0.80 7.7 6.8 0.75 12.5 9.5 60% 20% 20% $19.00 HOLD
Silvercrest C$ $1.79 $6.39 $0.30 $0.44 $6.94 $0.30 $0.44 0.29 6.1 4.2 0.85 100% $5.75 SPEC BUY
Silver Wheaton US$ $27.65 $27.42 $1.81 $2.07 $33.87 $1.84 $2.10 1.01 15.3 13.3 1.35 24.5 21.5 100% $45.50 BUY

*Price and target in Canadian dollars; all other figures in US dollars unless noted otherwise.
R – Restricted.
EPS, CFPS estimates based on $1,750/oz peak assumption for gold companies and $35.00/oz peak for silver companies.
Source: Canaccord Genuity estimates
 Precious Metals Weekly | 13
9 July 2012

Figure 13: Net Free Cash Flow Yield

9-Jul-12 TICKER- CLOSING PRICE NET FREE CASH FLOW/SHARE NET FREE CASH FLOW YIELD AVERAGE CURRENT DIVIDEND PAYOUT RATIO
EXCHANGE 6-Jul-12 2011A 2012E 2013E 2014E 2015E 2011A 2012E 2013E 2014E 2015E 2012-2015 PER SHARE YIELD % 2012E NI
SENIOR PRODUCERS
Barrick Gold ABX-N $36.86 $0.06 $0.10 $1.03 $4.64 $5.36 0.2% 0.3% 2.8% 12.6% 14.5% 7.6% $0.80 2.2% 17.5%
Goldcorp GG-N $37.76 $0.72 $0.07 $2.91 $3.16 $4.95 1.9% 0.2% 7.7% 8.4% 13.1% 7.3% $0.54 1.4% 22.1%
Kinross Gold KGC-N $8.27 ($0.18) ($0.90) ($0.29) $0.66 $0.90 -2.1% -10.9% -3.5% 8.0% 10.8% 1.1% $0.16 1.9% 18.0%
INTERMEDIATE PRODUCERS
African Barrick Gold ABG-L $4.16 $0.45 $0.24 $0.80 $0.50 $0.38 6.7% 3.6% 12.0% 7.5% 5.7% 7.2% $0.16 2.4% 30.2%
Agnico-Eagle Mines AEM-N $40.53 $0.76 $1.33 $0.50 $0.89 $2.51 1.9% 3.3% 1.2% 2.2% 6.2% 3.2% $0.80 2.0% 49.6%
Centerra Gold CG-T $7.69 $0.79 ($0.58) $2.52 $4.01 $2.78 10.2% -7.5% 32.7% 52.2% 36.1% 28.4% $0.16 2.0% 16.4%
Eldorado Gold EGO-N $12.20 $0.45 $0.11 $0.32 $0.55 $1.58 3.7% 0.9% 2.6% 4.5% 13.0% 5.2% $0.18 1.5% 27.2%
IAMGOLD IAG-N $11.32 $0.43 ($0.57) $0.35 $0.14 $1.56 3.8% -5.0% 3.1% 1.3% 13.8% 3.3% $0.25 2.2% 23.2%
Osisko Mining OSK-T $7.92 ($0.39) $0.52 ($0.46) ($0.92) $0.06 -5.0% 6.6% -5.8% -11.6% 0.7% -2.5%
Randgold Resources GOLD-Q $91.21 $2.20 $2.02 $4.02 $7.48 $6.76 2.4% 2.2% 4.4% 8.2% 7.4% 5.6% $0.40 0.4% 7.6%
Yamana Gold AUY-N $15.44 R R R R R R R R R R R R R R
JUNIOR PRODUCERS
Alamos Gold AGI-T $16.51 $0.25 $0.79 $0.74 ($0.86) $0.34 1.5% 4.8% 4.5% -5.2% 2.1% 1.5% $0.20 1.2% 16.1%
Allied Nevada ANV-A $28.22 ($1.22) ($1.31) ($0.10) ($1.08) $3.33 -4.3% -4.7% -0.4% -3.8% 11.8% 0.7%
Argonaut Gold AR-T $7.83 ($0.09) $0.19 $0.14 $1.15 $1.44 -1.1% 2.4% 1.8% 14.7% 18.3% 9.3%
Atna Resources ATN-T $1.01 $0.00 $0.06 $0.04 $0.42 $0.65 0.3% 6.1% 4.2% 41.5% 64.7% 29.1%
Aura Minerals ORA-T $0.42 ($0.34) ($0.14) $0.38 $0.44 $0.23 -82.1% -33.7% 89.9% 105.4% 55.7% 54.3%
AuRico Gold AUQ-N $8.55 ($0.61) ($0.41) $0.13 $0.68 $0.94 -7.2% -4.8% 1.5% 7.9% 11.0% 3.9%
Avion Gold AVR-T $0.56 ($0.28) ($0.15) $0.13 $0.19 $0.26 -50.9% -26.4% 23.2% 33.2% 46.1% 19.0%
B2Gold BTO-T $3.24 $0.02 ($0.07) $0.26 $0.16 $0.53 0.7% -2.3% 8.0% 4.8% 16.5% 6.7%
Centamin Egypt CEE-T $1.12 $0.01 ($0.01) $0.14 $0.16 $0.14 0.9% -0.6% 12.9% 14.6% 12.9% 9.9%
Claude Resources CRJ-T $0.64 ($0.02) $0.07 $0.08 $0.18 $0.17 -3.8% 11.4% 13.3% 28.1% 26.3% 19.8%
Endeavour EDV-T $2.25 ($0.44) ($0.05) ($0.30) $0.77 $0.67 -19.3% -2.4% -13.2% 34.1% 29.6% 12.0%
Galane Gold GG-V $0.98 ($0.08) $0.40 $0.47 $0.38 $0.50 -8.6% 40.4% 48.3% 39.1% 50.9% 44.7%
Golden Star GSS-A $1.15 ($0.52) ($0.34) $0.27 $0.18 $0.16 -45.4% -29.8% 23.9% 15.9% 13.7% 5.9%
Lake Shore Gold LSG-T $0.98 ($0.09) ($0.12) $0.08 $0.17 $0.17 -9.5% -12.7% 7.9% 17.5% 17.0% 7.4%
Nevsun Resources NSU-A $3.24 $0.55 $0.15 $0.61 $1.07 $0.98 17.0% 4.5% 18.9% 33.0% 30.3% 21.7% $0.10 3.1% 19.3%
New Gold NGD-A $9.77 ($0.33) ($0.40) $1.27 $1.01 $1.19 -3.3% -4.1% 13.0% 10.4% 12.2% 7.9%
Primero Mining PPP-N $2.73 $0.88 ($0.16) $0.27 $0.68 $0.44 32.2% -6.0% 9.9% 25.1% 16.1% 11.3%
SILVER PRODUCERS
Fortuna Silver FVI-T $3.72 ($0.25) $0.02 $0.56 $0.63 $0.69 -6.8% 0.6% 15.1% 17.0% 18.6% 12.8%
Hecla Mining HL-N $4.65 ($0.70) ($0.02) $0.69 $0.35 $0.54 -15.1% -0.5% 14.9% 7.6% 11.6% 8.4% $0.08 1.7% 31.7%
Pan American Silver PAAS-Q $15.80 $2.05 $1.88 $2.30 $2.63 $2.56 12.9% 11.9% 14.6% 16.6% 16.2% 14.8% $0.15 0.9% 7.4%
Silvercrest SVL-V $1.79 $0.03 $0.74 $0.30 $0.61 $0.60 1.5% 41.6% 16.5% 33.9% 33.7% 31.4%
Silver Wheaton SLW-N $27.65 $1.22 $1.45 $2.15 $2.15 $2.63 4.4% 5.3% 7.8% 7.8% 9.5% 7.6% $0.36 1.3% 19.9%

R – Restricted.
NFCF estimates based on Long Term Price Deck, as shown in Figure 11.
Source: Canaccord Genuity estimates
 Precious Metals Weekly | 14
9 July 2012

INK SPOTS
Canaccord Genuity employs an Insider News and Knowledge research database – INK
Research. This system reports, among other information, daily changes on insider
trading. We highlight recent changes below, noting that the acquisition or disposition of
a position is not to suggest that an insider is selling their entire position. Our intention is
not to evaluate or analyze any purchases or sales, but to note them for the interest of all
investors.

INK Research has created sector indices based on TSX sector definitions. The Gold and
Precious Metals sector indicator suggests that the ratio of buy volume to sell volume is
2.17:1, indicating a shift in balance towards net buying.

Figure 14: Insider buying/selling

2000 800%
1800 700%
1600
600%
1400
Spot Gold (US$)

1200 500%

1000 400%
800 300%
600
200%
400
200 100%

0 0%
Jun-09 Oct-0 9 Feb-10 Jun-10 Oct-1 0 Mar-11 Jul-11 Nov-11 Mar-12

Spot Gold price INK - Pre cious Metals Index (Insider BUY/SELL)

Buy/Sell index indicates volume of insider Buying divided by volume of insider Selling.
Source: Canaccord Genuity, INK Research
 Precious Metals Weekly | 15
9 July 2012

We have run a sector search to identify the net buy and sell position changes of
individual companies in our universe over the past few weeks (based on public market
transactions, including options exercised). We provide the data below.

Figure 15: Net change by dollar value – net buying/(net selling)

2012 Net Weekly 2011
Company Net Buying / Buying / Net Buying /
Name Ticker (Net Selling) C$ (Selling) C$ (Net Selling) C$
Agnico-Eagle AEM 8,169,754 0 (2,032,310)
Alamos Gold AGI (8,156,957) 0 (4,139,281)
Andina Minerals ADM 0 0 390,805
Aura Minerals ORA 33,400 0 437,998
Barrick Gold ABX 1,678,392 0 10,664,125
Centerra Gold CG (216,656) 0 (6,102,293)
Detour Gold DGC (5,533,163) (109,200) (2,361,636)
Eldorado Gold ELD 2,771,508 0 (13,954,335)
AuRico Gold AUQ 1,232,759 0 (712,004)
Goldcorp G 8,665,020 0 (32,218,974)
Golden Star GSC 717,081 0 365,803
IAMGOLD IMG 351,033 157,600 (1,727,266)
Kinross K 3,922,767 209,517 (6,511,755)
Nevsun NSU 0 0 (1,347,823)
New Gold NGD 4,377,265 0 (1,430,498)
Osisko Mining OSK (7,964,666) 0 (5,570,935)
Pan American PAA 5,341,711 0 (110,641)
Silver Wheaton SLW (759,157) (111,906) (10,512,229)

Source: INK Research, Canaccord Genuity estimates

 Precious Metals Weekly | 16
9 July 2012

APPENDIX I
Barrick Gold Goldcorp
S hare Price vs Spot Gold (ABX) y = 0.002x + 43.869 S hare Price vs Spot Gold (GG) y = 0.0109x + 28.998
R² = 0.0065 R² = 0.1613
$60.00 $60.00

$55.00 $55.00

$50.00 $50.00

Share Price (US$)

Share Price (US$)

$45.00 $45.00

$40.00 $40.00
$1, 584 , $36.86 $1,584 , $37.76
$35.00 $35.00

$30.00 $30.00
$1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000

Spot Gold (US$/oz) Spot Gold (US$/oz)

Kinross Gold Agnico-Eagle Mines

S hare Price vs Spot Gold (KGC) y = -0.0092x + 28.506 S hare Price vs Spot Gold (AEM) y = -0.0481x + 130.38
R² = 0.2371 R² = 0.3077
$21.00 $100.00

$19.00 $90.00

$17.00 $80.00

Share Price (US$)

Share Price (US$)

$70.00
$15.00
$60.00
$13.00
$50.00
$11.00 $1, 584 , $40.53
$40.00
$9.00
$30.00
$1, 584 , $8.27
$7.00 $20.00
$1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000
Spot Gold (US$/oz) Spot Gold (US$/oz)

Centerra Gold Eldorado Gold

Share Price vs Spot Gold (CG) y = 0.0054x + 8.982 S hare Price vs Spot Gold (EGO) y = -0.0022x + 19.668
R² = 0.0832 R² = 0.0278
$24.00 $24.00
$22.00
$22.00
$20.00

$18.00 $20.00
Share Price (US$)
Share Price (C$)

$16.00 $18.00

$14.00
$16.00
$12.00
$14.00
$10.00
$1, 584 , $12.20
$8.00 $12.00
$1, 584 , $7.69
$6.00 $10.00
$1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000

Spot Gold (US$/oz) Spot Gold (US$/oz)

IAMGOLD Osisko Mining

Share Price vs Spot Gold (IAG) y = -0.0007x + 18.83
R² = 0.0015 S hare Price vs Spot Gold (OSK) y = -0.0039x + 18.571
$24.00 R² = 0.1028
$18.00
$22.00
$16.00
$20.00
Share Price (US$)

$18.00 $14.00
Share Price (C$)

$16.00
$12.00
$14.00
$1, 584 , $11.32
$10.00
$12.00
$1,584 , $7.92
$10.00 $8.00

$8.00
$1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $6.00
$1,000 $1,200 $1,400 $1,600 $1,800 $2,000
Spot Gold (US$/oz)
Spot Gold (US$/oz)
 Precious Metals Weekly | 17
9 July 2012

Randgold Resources Yamana Gold (RESTRICTED)

Share Price vs Spot Gold (GOLD) y = 0.0363x + 37.644
R² = 0.271
$130.00

$120.00

$110.00
Share Price (US$)

$100.00

$90.00
$1, 584 , $91.21
$80.00

$70.00

$60.00
$1,000 $1,200 $1,400 $1,600 $1,800 $2,000

Spot Gold (US$/oz)

Alamos Gold Allied Nevada Gold

Share Price vs Spot Gold (AGI) y = 0.0029x + 12.647 Share Price vs Spot Gold (ANV) y = 0.0271x - 10.192
R² = 0.117 R² = 0.5811
$50.00
$22.00
$45.00
$20.00
$40.00

Share Price (C$)

$18.00 $35.00
Share Price (C$)

$30.00
$16.00
$25.00
$1, 584 , $28.22
$14.00
$20.00
$1,584 , $16.51
$12.00 $15.00

$10.00
$10.00 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000
$1,000 $1,200 $1,400 $1,600 $1,800 $2,000
Spot Gold (US$/oz)
Spot Gold (US$/oz)

Argonaut Gold Aura Minerals

y = 0.0081x - 6.6776
Share Price vs Spot Gold (AR) R² = 0.5539 Share Price vs Spot Gold (ORA) y = -0.0059x + 11.328
$11.00 R² = 0.6574
$5.00
$10.00 $4.50
$9.00 $4.00

$8.00 $3.50
Share Price (C$)

Share Price (C$)

$1, 584 , $7.83

$7.00 $3.00
$2.50
$6.00
$2.00
$5.00
$1.50
$4.00
$1.00
$3.00 $1, 584 , $0.42
$0.50
$2.00
$0.00
$1,000 $1,200 $1,400 $1,600 $1,800 $2,000
$1,000 $1,200 $1,400 $1,600 $1,800 $2,000
Spot Gold (US$/oz)
Spot Gold (US$/oz)

AuRico Gold Avion Gold

S hare Price vs Spot Gold (AUQ) y = 0.0071x - 2.0024 y = 0.0018x - 1.3436
Share Price vs Spot Gold (AVR)
R² = 0.5111 R² = 0.3008
$16.00 $3.00

$14.00 $2.50

$12.00 $2.00
Share Price (C$)

Share Price (C$)

$10.00 $1.50

$8.00 $1.00
$1, 584 , $8.55
$6.00 $0.50
$1, 584 , $0.56
$4.00 $0.00
$1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000
Spot Gold (US$/oz) Spot Gold (US$/oz)
 Precious Metals Weekly | 18
9 July 2012

B2Gold Golden Star Resources

y = 0.0037x - 2.6291 y = -0.0056x + 11.461
Share Price vs Spot Gold (BTO)
R² = 0.8253
Share Price vs Spot Gold (GSS)
R² = 0.6316
$5.00 $7.00

$4.50 $6.00

$4.00
$5.00
Share Price (C$)

Share Price (US$)

$3.50
$4.00
$3.00
$1, 584 , $3.24 $3.00
$2.50
$2.00
$2.00

$1.50 $1.00
$1, 584 , $1.15
$1.00 $0.00
$1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000
Spot Gold (US$/oz) Spot Gold (US$/oz)

Nevsun Resources New Gold

y = -0.0012x + 7.2427 y = 0.0064x + 0.1991
Shar e Price vs Spot Gold (NSU) R² = 0.0264 Share Price vs Spot Gold (NGD)
R² = 0.4764
$8.00 $15.00

$7.00 $13.00

$6.00 $11.00
Share Price (C$)

Share Price (US$)

$5.00 $9.00
$1,584 , $9.77
$4.00 $7.00
$1, 584 , $3.24
$3.00
$5.00

$2.00
$3.00
$1,000 $1,200 $1,400 $1,600 $1,800 $2,000
$1,000 $1,200 $1,400 $1,600 $1,800 $2,000
Spot Gold (US$/oz)
Spot Gold (US$/oz)

Primero Mining Chesapeake Gold

S hare Price vs Spot Gold (PPP) y = 0.0008x + 1.6996 Share Price vs Spot Gold (CKG) y = 0.0055x + 2.986
R² = 0.0066 R² = 0.2224
$5.50 $20.00

$5.00 $18.00

$4.50 $16.00
Share Price (US$)

Share Price (C$)

$4.00 $14.00

$3.50 $12.00

$3.00 $10.00

$2.50 $8.00
$1, 584 , $2.73 $1, 584 , $9.48
$2.00 $6.00
$1,200 $1,300 $1,400 $1,500 $1,600 $1,700 $1,800 $1,900 $2,000
Spot Gold (US$/oz) $4.00
$1,000 $1,200 $1,400 $1,600 $1,800 $2,000
Spot Gold (US$/oz)

Detour Gold Keegan Resources

Share Price vs Spot Gold (DGC) y = 0.0012x + 26.553
S hare Price vs Spot Gold (KGN)
R² = 0.0035 y = -0.0045x + 13.259
$45.00 R² = 0.1524
$10.00

$40.00 $9.00

$35.00 $8.00
Share Price (US$)

Share Price (C$)

$30.00 $7.00

$6.00
$25.00
$5.00
$20.00
$1, 584 , $21.98 $4.00
$15.00 $1, 584 , $2.93
$3.00
$10.00
$1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2.00
$1,000 $1,200 $1,400 $1,600 $1,800 $2,000
Spot Gold (US$/oz) Spot Gold (US$/oz)
 Precious Metals Weekly | 19
9 July 2012

Rio Novo Gold

Share Price vs Spot Gold (RN) y = -0.0025x + 5.0577
R² = 0.4221
$3.00

$2.50

$2.00
Share Price (C$)

$1.50

$1.00

$0.50
$1, 584 , $0.25
$0.00
$1,000 $1,200 $1,400 $1,600 $1,800 $2,000
Spot Gold (US$/oz)
 Precious Metals Weekly | 20
9 July 2012

Pan American Silver Hecla Mining

S har e Price vs Spot Silver (PAAS) y = 0.3624x + 17.182 Share Price vs Spot Silver (HL) y = 0.1094x + 3.4043
R² = 0.1204 R² = 0.1263
$49.00 $12.00

$44.00 $11.00
$10.00
Share Price (US$)

$39.00

Share Price (US$)

$9.00
$34.00 $8.00
$7.00
$29.00
$6.00
$24.00 $5.00
$4.00
$19.00
$27.11 , $4.65
$27.11 , $15.80 $3.00
$14.00
$2.00
$12.00 $17.00 $22.00 $27.00 $32.00 $37.00 $42.00 $47.00 $52.00
$12.00 $17.00 $22.00 $27.00 $32.00 $37.00 $42.00 $47.00 $52.00
Spot Silver (US$/oz)
Spot Silver (US$/oz)

Silver Wheaton Fortuna Silver

S hare Price vs Spot Silver (FVI) y = 0.1529x + 0.0535
S hare Price vs Spot Silver (SLW) y = 0.7992x + 7.7167 R² = 0.6035
R² = 0.7102
$8.00
$50.00

$45.00 $7.00

$40.00 $6.00
Share Price (US$)

Share Price (US$)

$35.00 $5.00

$30.00 $4.00

$25.00
$27.11 , $27.65 $3.00
$20.00 $27.11 , $3.72
$2.00
$15.00
$1.00
$10.00 $12.00 $17.00 $22.00 $27.00 $32.00 $37.00 $42.00 $47.00 $52.00
$12.00 $17.00 $22.00 $27.00 $32.00 $37.00 $42.00 $47.00 $52.00
Spot Silver (US$/oz)
Spot Silver (US$/oz)

Tahoe Resources
Share Price vs Spot Silver (THO) y = 0.5385x - 0.4399
R² = 0.69
$30.00

$25.00
Share Price (US$)

$20.00

$27.11 , $14.31
$15.00

$10.00

$5.00
$12.00 $17.00 $22.00 $27.00 $32.00 $37.00 $42.00 $47.00 $52.00

Spot Silver (US$/oz)

Source for all graphs in Appendix I: Bloomberg, Thomson Reuters

 Precious Metals Weekly | 21
9 July 2012

APPENDIX II: IMPORTANT DISCLOSURES

This Research Report was prepared by the affiliate company in the Canaccord Group named on the cover page.

Analyst Certification: Each authoring analyst of Canaccord Genuity whose name appears on the front page of this research hereby
certifies that (i) the recommendations and opinions expressed in this research accurately reflect the authoring
analyst’s personal, independent and objective views about any and all of the designated investments or
relevant issuers discussed herein that are within such authoring analyst’s coverage universe and (ii) no part
of the authoring analyst’s compensation was, is, or will be, directly or indirectly, related to the specific
recommendations or views expressed by the authoring analyst in the research.

Price Chart:* This is compendium research (covering six or more relevant issuers), and Canaccord Genuity and its affiliated
companies may choose to provide specific disclosures of the subject companies by reference, as well as its
policies and procedures regarding the dissemination of research. To access this material or for more
information, please send a request to Canaccord Genuity Research, Attn: Disclosures, P.O. Box 10337 Pacific
Centre, 2200-609 Granville Street, Vancouver, BC, Canada V7Y 1H2 or disclosures@canaccord.com

Distribution of Ratings: Coverage Universe

Global Stock Ratings IB Clients
(as of 3 July 2012) Rating # % %
Buy 590 60.9% 30.5%
Speculative Buy 88 9.1% 51.1%
Hold 263 27.1% 11.8%
Sell 28 2.9% 3.6%
969 100.0%

Canaccord Genuity BUY: The stock is expected to generate risk-adjusted returns of over 10% during the next 12 months.
Ratings System: HOLD: The stock is expected to generate risk-adjusted returns of 0-10% during the next 12 months.
SELL: The stock is expected to generate negative risk-adjusted returns during the next 12 months.
NOT RATED: Canaccord Genuity does not provide research coverage of the relevant issuer.

“Risk-adjusted return” refers to the expected return in relation to the amount of risk associated with the
designated investment or the relevant issuer.

Risk Qualifier: SPECULATIVE: Stocks bear significantly higher risk that typically cannot be valued by normal fundamental
criteria. Investments in the stock may result in material loss.

Canaccord Genuity is the business name used by certain subsidiaries of Canaccord Financial Inc., including
Canaccord Genuity Inc., Canaccord Genuity Limited, Canaccord Genuity Securities LLC, and Canaccord Genuity
Corp.
The authoring analysts who are responsible for the preparation of this research are employed by Canaccord
Genuity Corp. a Canadian broker-dealer with principal offices located in Vancouver, Calgary, Toronto,
Montreal, or Canaccord Genuity Inc., a US broker-dealer with principal offices located in Boston, New York,
San Francisco and Houston or Canaccord Genuity Securities LLC, a US broker-dealer with principal offices
located in New York, or Canaccord Genuity Limited., a UK broker-dealer with principal offices located in
London and Edinburgh (UK).
In the event that this is compendium research (covering six or more relevant issuers), Canaccord Genuity and
its affiliated companies may choose to provide specific disclosures of the subject companies by reference, as
well as its policies and procedures regarding the dissemination of research. To access this material or for more
information, please send a request to Canaccord Genuity Research, Attn: Disclosures, P.O. Box 10337 Pacific
Centre, 2200-609 Granville Street, Vancouver, BC, Canada V7Y 1H2 or disclosures@canaccordgenuity.com.
The authoring analysts who are responsible for the preparation of this research have received (or will receive)
compensation based upon (among other factors) the Corporate Finance/Investment Banking revenues and
general profits of Canaccord Genuity. However, such authoring analysts have not received, and will not
receive, compensation that is directly based upon or linked to one or more specific Corporate
Finance/Investment Banking activities, or to recommendations contained in the research.
Canaccord Genuity and its affiliated companies may have a Corporate Finance/Investment Banking or other
relationship with the company that is the subject of this research and may trade in any of the designated
investments mentioned herein either for their own account or the accounts of their customers, in good faith or
in the normal course of market making. Accordingly, Canaccord Genuity or their affiliated companies,
principals or employees (other than the authoring analyst(s) who prepared this research) may at any time have
 Precious Metals Weekly | 22
9 July 2012

a long or short position in any such designated investments, related designated investments or in options,
futures or other derivative instruments based thereon.
Some regulators require that a firm must establish, implement and make available a policy for managing
conflicts of interest arising as a result of publication or distribution of research. This research has been
prepared in accordance with Canaccord Genuity’s policy on managing conflicts of interest, and information
barriers or firewalls have been used where appropriate. Canaccord Genuity’s policy is available upon request.
The information contained in this research has been compiled by Canaccord Genuity from sources believed to
be reliable, but (with the exception of the information about Canaccord Genuity) no representation or
warranty, express or implied, is made by Canaccord Genuity, its affiliated companies or any other person as to
its fairness, accuracy, completeness or correctness. Canaccord Genuity has not independently verified the facts,
assumptions, and estimates contained herein. All estimates, opinions and other information contained in this
research constitute Canaccord Genuity’s judgement as of the date of this research, are subject to change
without notice and are provided in good faith but without legal responsibility or liability.
Canaccord Genuity’s salespeople, traders, and other professionals may provide oral or written market
commentary or trading strategies to our clients and our proprietary trading desk that reflect opinions that are
contrary to the opinions expressed in this research. Canaccord Genuity’s affiliates, principal trading desk, and
investing businesses may make investment decisions that are inconsistent with the recommendations or views
expressed in this research.
This research is provided for information purposes only and does not constitute an offer or solicitation to buy
or sell any designated investments discussed herein in any jurisdiction where such offer or solicitation would
be prohibited. As a result, the designated investments discussed in this research may not be eligible for sale in
some jurisdictions. This research is not, and under no circumstances should be construed as, a solicitation to
act as a securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to
carry on the business of a securities broker or dealer in that jurisdiction. This material is prepared for general
circulation to clients and does not have regard to the investment objectives, financial situation or particular
needs of any particular person. Investors should obtain advice based on their own individual circumstances
before making an investment decision. To the fullest extent permitted by law, none of Canaccord Genuity, its
affiliated companies or any other person accepts any liability whatsoever for any direct or consequential loss
arising from or relating to any use of the information contained in this research.

For Canadian Residents: This research has been approved by Canaccord Genuity Corp., which accepts sole responsibility for this
research and its dissemination in Canada. Canadian clients wishing to effect transactions in any Designated
Investment discussed should do so through a qualified salesperson of Canaccord Genuity Corp. in their
particular jurisdiction.

For United States Canaccord Genuity Inc. and Canaccord Securities LLC, US registered broker-dealers, accept responsibility for
Residents: this research and its dissemination in the United States. This research is intended for distribution in the United
States only to certain US institutional investors. US clients wishing to effect transactions in any Designated
Investment discussed should do so through a qualified salesperson of Canaccord Genuity Inc. or Canaccord
Genuity Securities LLC. Analyst(s) preparing this report that are not employed by Canaccord Genuity Inc or
Canaccord Genuity Securities LLC are resident outside the United States and are not associated persons or
employees of any US regulated broker-dealer. Such analyst(s) may not be subject to Rule 2711 restrictions on
communications with a subject company, public appearances and trading securities held by a research analyst
account.

For United Kingdom and This research is distributed in the United Kingdom and elsewhere in Europe as third-party research by
European Residents: Canaccord Genuity Limited, which is authorized and regulated by the Financial Services Authority. This
research is for distribution only to persons who are Eligible Counterparties or Professional Clients only and is
exempt from the general restrictions in section 21 of the Financial Services and Markets Act 2000 on the
communication of invitations or inducements to engage in investment activity on the grounds that it is being
distributed in the United Kingdom only to persons of a kind described in Article 19(5) (Investment
Professionals) and 49(2) (High Net Worth companies, unincorporated associations etc) of the Financial Services
and Markets Act 2000 (Financial Promotion) Order 2005 (as amended). It is not intended to be distributed or
passed on, directly or indirectly, to any other class of persons. This material is not for distribution in the
United Kingdom or elsewhere in Europe to retail clients, as defined under the rules of the Financial Services
Authority.
 Precious Metals Weekly | 23
9 July 2012

For Jersey, Guernsey This research is sent to you by Collins Stewart (CI) Limited ("CSCI") for information purposes and is not to be
and Isle of Man construed as a solicitation or an offer to purchase or sell investments or related financial instruments.
Residents: This research has been produced by a group company for circulation to its institutional clients and also CSCI.
Its contents have been approved by CSCI and we are providing it to you on the basis that we believe it to be of
interest to you. This statement should be read in conjunction with your client agreement, CSCI's current terms
of business and the other disclosures and disclaimers contained within this research. If you are in any doubt,
you should consult your financial adviser.
CSCI is licensed and regulated by the Guernsey Financial Services Commission, the Jersey Financial Services
Commission and the Isle of Man Financial Supervision Commission. CSCI is registered in Guernsey and is a
wholly owned subsidiary of Canaccord Financial Inc.
Additional information is available on request.
Copyright © Canaccord Genuity Corp. 2012. – Member IIROC/Canadian Investor Protection Fund
Copyright © Canaccord Genuity Limited 2012. – Member LSE, authorized and regulated by the Financial
Services Authority.
Copyright © Canaccord Genuity Inc. 2012. – Member FINRA/SIPC
Copyright © Canaccord Genuity LLC 2012. – Member FINRA/SIPC
All rights reserved. All material presented in this document, unless specifically indicated otherwise, is under
copyright to Canaccord Genuity Corp., Canaccord Genuity Limited, and Canaccord Genuity Inc. and Canaccord
Genuity LLC. None of the material, nor its content, nor any copy of it, may be altered in any way, or
transmitted to or distributed to any other party, without the prior express written permission of the entities
listed above.