stricted?

stricte NBCFM Research | Weekly Precious Metal Comps

January 4, 2022

NBF Precious Metals Producer Coverage Universe Comp Table

Price (C$) Forecast Stock performance (%) Market NAV/share NAV Sens. P/NAV3
Target at price Div Yield Cap to Au/Ag
Analyst1 Rating2 Ticker (C$) 31-Dec return (%) (%) 1m YTD (C$m) (C$) % (x)

Senior gold producers (>1 Moz pa)

Agnico Eagle Mines MP SP AEM.TO 80.00 67.19 19% 2.0% 5.5% -30.2% 30,486 46.73 16% 1.44x
Barrick Gold MP SP ABX.TO 29.00 24.05 21% 2.6% -0.9% -22.3% 42,785 21.47 16% 1.12x
B2Gold DD OP BTO.TO 8.50 4.98 71% 1.0% -1.6% -34.3% 5,253 5.24 23% 0.95x
Endeavour Mining DD OP EDV.TO 49.00 27.73 77% NA -7.5% -15.7% 6,906 38.04 19% 0.73x
Kinross Gold4 MP OP K.TO 12.50 7.34 70% 2.1% -3.2% -28.2% 8,800 12.19 29% 0.67x
Kirkland Lake Gold MP T KL.TO 56.00 53.01 6% 1.8% 4.9% -6.9% 13,979 36.30 20% 1.53x
Newmont MP OP NGT.TO 92.00 78.44 17% 3.6% 12.1% -2.9% 62,297 58.51 18% 1.34x
Average 1.3% -20.1% 20% 1.11x
Intermediate producers (>250koz pa)
Alamos Gold MP SP AGI.TO 11.50 9.73 18% 1.3% -0.4% -21.2% 3,818 10.78 27% 0.90x
Centerra Gold MP OP CG.TO 12.50 9.75 28% 2.9% 3.7% -36.5% 2,894 12.89 11% 0.66x
Dundee Precious Metals DD OP DPM.TO 11.50 7.82 47% 1.9% -3.8% -20.2% 1,498 10.79 18% 0.69x
Eldorado Gold MP OP ELD.TO 17.50 11.86 48% NA 3.2% -34.8% 2,166 20.61 22% 0.62x
Equinox Gold MP OP EQX.TO 12.25 8.56 43% NA -5.4% -39.7% 2,573 14.00 28% 0.66x
IAMGOLD MP OP IMG.TO 4.50 3.94 14% NA 0.3% -21.5% 1,878 5.66 55% 0.80x
Lundin Gold DD SP LUG.TO 13.50 10.42 30% NA 0.1% -11.8% 2,425 11.85 21% 0.89x
New Gold4 MP SP NGD.TO 2.50 1.89 32% NA 1.6% -36.8% 1,287 2.57 24% 0.76x
OceanaGold MP OP OGC.TO 3.25 2.20 48% 0.6% -5.2% -18.8% 1,549 2.89 37% 0.82x
Pretium Resources DD T PVG.TO 18.50 17.82 4% NA 3.1% 14.4% 3,333 14.95 19% 1.19x
SSR Mining4 MP OP SSRM.TO 32.00 22.39 43% 1.1% -3.4% -18.6% 4,716 31.53 30% 0.68x
Torex Gold DD SP TXG.TO 23.00 13.15 75% NA -6.0% -36.5% 1,128 20.63 15% 0.59x
Yamana Gold4 MP OP YRI.TO 6.75 5.32 27% 2.9% 4.3% -31.7% 5,027 4.89 28% 1.07x
Average -0.6% -24.1% 26% 0.80x

Junior gold producers (<250koz pa)

Argonaut Gold - UR AR.TO - 2.40 - - -31.4% -17.0% - - - -
Golden Star DD T GSC.TO 4.85 4.84 0% NA 1.0% -4.3% 557 6.76 56% 0.70x
K92 Mining DD OP KNT.TO 11.75 7.19 63% NA -2.8% -12.0% 1,588 9.86 19% 0.72x
Minera Alamos RN OP MAI.V 1.00 0.54 87% NA -0.9% -27.7% 236 0.98 23% 0.53x
Pure Gold Mining - UR PGM.V - 0.68 - - -9.3% -73.8% - - - -
Wesdome Gold DD OP WDO.TO 14.50 11.51 26% NA -7.9% 1.9% 1,608 11.62 31% 0.99x
Average -8.6% -22.2% 32% 0.73x
1
MP: Mike Parkin, DD: Don Demarco, SN: Shane Nagle, RN: Rabi Nizami, HP: Harmen Puri; 2OP: Outperform, SP: Sector perform, UP: Underperform, T: Tender, UR: Under Review, R: Restricted
3
P/NAV is adjusted for net-cash, on a per-share basis, this equates to: (Share price less net cash)/NBF estimate of mining asset value;
4
Production and cost figures refer to gold equivalent ounces (GEO) 5Royal Gold priced in USD Source: National Bank Financial, Refinitiv
Michael Parkin, MBA, P.Eng Don DeMarco, MBA, P.Eng, P.Geo. Shane Nagle, CFA
416.869.6766 | mike.parkin@nbc.ca 416.869.7572 | don.demarco@nbc.ca 416.869.7936 | shane.nagle@nbc.ca
Rabi Nizami, P.Geo Harmen Puri Lola Aganga, M.Eng.
416.869.7925 | rabi.nizami@nbc.ca 416.869.8045 | harmen.puri@nbc.ca 416.869.6516 | lola.aganga@nbc.ca
Alessandro Cairo, MBA Yi Liu Ahmed Al-Saidi
647.207.1599 | alessandro.cairo@nbc.ca 416.869.8524 | yi.liu@nbc.ca 416.869.7535 | ahmed.al-saidi@nbc.ca

For required disclosures, please refer to the end of the document.

 Weekly Precious Metal Comps
NBCFM Research | January 4, 2022

Royalty and Silver Producer Comparison Table

Target Price (C$) Forecast Stock performance (%) Market NAV/share NAV Sens. P/NAV3
at price Div Yield Cap to Au/Ag
Analyst1 Rating2 Ticker (C$) 31-Dec return (%) (%) 1m YTD (C$m) (C$) % (x)
Royalty companies
Franco-Nevada SN SP FNV.TO 205.00 174.94 17% 0.9% -0.1% 3.8% 33,432 66.31 7% 2.68x
Maverix Metals SN SP MMX.TO 7.75 5.52 40% 1.1% -6.1% -26.0% 810 4.91 9% 1.13x
Osisko Gold Royalties SN OP OR.TO 20.50 15.48 32% 1.8% -0.8% -8.0% 2,573 13.84 9% 1.10x
Royal Gold5 SN SP RGLD.O 155.00 105.21 47% 1.4% 5.2% -4.6% 6,863 62.78 9% 1.69x
Sandstorm Gold SN OP SSL.TO 10.75 7.85 37% 0.0% -0.8% -20.0% 1,513 7.47 8% 1.05x
Triple Flag Precious Metals SN SP TFPM.TO 17.00 15.19 12% 1.6% 3.5% -0.7% 2,373 12.19 9% 1.25x
Wheaton Precious Metals SN OP WPM.TO 65.00 54.28 20% 1.3% 1.6% -6.3% 24,454 22.70 13% 2.44x
Average 0.4% -8.8% 9% 1.62x

Silver producers
Aya Gold and Silver DD OP AYA.TO 13.00 9.55 36% NA -1.7% 127.4% 880 7.39 20% 1.30x
First Majestic Silver DD SP FR.TO 19.00 14.07 35% NA -7.6% -22.6% 3,416 6.98 15% 2.04x
Fortuna Silver Mines DD SP FVI.TO 6.50 4.94 32% NA 11.0% -58.2% 1,428 5.99 24% 0.82x
Pan American Silver DD OP PAAS.TO 48.00 31.56 52% 0.6% -3.3% -33.9% 6,631 18.87 23% 1.71x
Average 0.1% -38.3% 20% 1.53x

Developers Comparison Table

Price (C$) Forecast Stock performance (%) Market NAV/share NAV Sens. P/NAV3
Target at Price Div Yield Cap to Au/Ag
Analyst1 Rating2 Ticker (C$) 31-Dec Return (%) (%) 1m YTD (C$m) (C$) % (x)
AbraSilver Resource Corp. DD OP ABRA.V 0.70 0.38 84% NA 0.0% -36.7% 172 0.47 27% 0.80x
Artemis Gold Inc DD OP ARTG.V 11.00 6.90 59% NA 0.7% 7.1% 977 10.83 24% 0.62x
Barsele Minerals - UR BME.V - 0.53 - - 6.1% -3.6% - - - -
Bluestone Resources - UR BSR.V - 2.16 - - 26.9% 8.0% - - - -
Falco Resources - UR FPC.V - 0.29 - - -5.1% -32.6% - - - -
Gold Standard Ventures RN OP GSV.TO 1.30 0.56 132% NA -3.4% -43.4% 200 1.36 24% 0.38x
Integra Resources RN OP ITR.V 6.50 2.72 139% NA -3.2% -46.6% 169 6.44 21% 0.38x
Liberty Gold RN OP LGD.TO 1.80 0.97 86% NA -11.1% -45.8% 258 1.78 34% 0.53x
MAG Silver DD OP MAG.TO 32.00 19.83 61% NA -7.1% -28.7% 1,942 21.12 11% 0.94x
Marathon Gold DD OP MOZ.TO 4.25 3.24 31% NA 6.3% 9.8% 687 4.18 31% 0.77x
O3 Mining DD OP OIII.V 4.25 2.05 107% NA -1.0% -37.1% 139 5.46 18% 0.28x
Osisko Development DD OP ODV.V 9.50 4.06 134% NA -17.6% -48.7% 521 9.66 40% 0.35x
Osisko Mining DD OP OSK.TO 5.00 3.81 31% NA 21.5% -3.3% 1,357 5.15 16% 0.70x
Sabina Gold and Silver HP OP SBB.TO 3.25 1.45 124% NA -9.6% -57.1% 517 3.18 19% 0.44x
Average 0.2% -25.6% 24% 0.56x
1
MP: Mike Parkin, DD: Don Demarco, SN: Shane Nagle, RN: Rabi Nizami, HP: Harmen Puri; 2OP: Outperform, SP: Sector perform, UP: Underperform, T: Tender, UR: Under Review, R: Restricted
3
P/NAV is adjusted for net-cash, on a per-share basis, this equates to: (Share price less net cash)/NBF estimate of mining asset value;
4
Production and cost figures refer to gold equivalent ounces (GEO) 5Royal Gold priced in USD
Source: National Bank Financial, Refinitiv

2
 Weekly Precious Metal Comps
NBCFM Research | January 4, 2022

NBF Gold Producer Coverage Universe Comp Table

Price (C$) P/CFPS EV/EBITDA FCF Yield Au/Ag Prod (Attrib.) Total Cash Costs AISC
at 21E/22E 21E/22E 2021E 2022E 2021E 2022E 2021E 2022E 2021E 2022E
Analyst1 Ticker 31-Dec (x) (x) (%) (%) (koz) (koz) (US$/oz) (US$/oz) (US$/oz) (US$/oz)
Senior gold producers (>1 Moz pa)
Agnico Eagle Mines MP AEM.TO 67.19 7.6x / 7.3x 13.4x / 8.2x 1.4% 4.6% 2,145 3,166 752 694 1,022 973
Barrick Gold MP ABX.TO 24.05 7.4x / 7.6x 5.9x / 5.7x -0.5% 2.4% 4,435 4,525 723 753 1,030 1,062
B2Gold DD BTO.TO 4.98 5.8x / 4.4x 3.7x / 3.3x 9.9% 17.5% 962 981 592 605 879 839
Endeavour Mining DD EDV.TO 27.73 4.4x / 3.5x 4.1x / 3.2x 11.7% 19.3% 1,351 1,280 766 722 901 901
Kinross Gold4 MP K.TO 7.34 7.7x / 4.0x 5.2x / 3.3x 1.5% 14.6% 2,085 2,649 824 744 1,105 1,009
Kirkland Lake Gold MP KL.TO 53.01 8.6x / 8.5x 6.0x / 6.6x 3.0% 3.6% 1,415 1,321 459 502 766 849
Newmont MP NGT.TO 78.44 9.8x / 8.3x 7.7x / 6.9x 1.5% 4.4% 5,961 6,325 776 750 1,080 1,032
Average 7.3x / 6.2x 6.6x / 5.3x 4.1% 9.5% 699 681 969 952

Intermediate producers (>250koz pa)

Alamos Gold MP AGI.TO 9.73 7.1x / 7.1x 6.5x / 6.4x -0.4% -0.5% 470 483 797 816 1,125 1,119
Centerra Gold MP CG.TO 9.75 5.4x / 6.3x 5.7x / 3.3x 12.0% 9.7% 289 378 295 128 729 539
Dundee Precious Metals DD DPM.TO 7.82 3.8x / 4.3x 3.0x / 3.3x 13.1% 17.9% 299 260 483 486 697 648
Eldorado Gold MP ELD.TO 11.86 5.0x / 4.6x 4.1x / 4.0x 2.7% -5.5% 476 471 717 729 1,067 1,071
Equinox Gold MP EQX.TO 8.56 10.2x / 6.4x 7.2x / 5.3x -5.9% -13.2% 559 698 1,084 1,005 1,347 1,293
IAMGOLD MP IMG.TO 3.94 6.3x / 3.7x 4.5x / 2.7x -30.3% -39.5% 591 646 1,147 1,000 1,383 1,225
Lundin Gold DD LUG.TO 10.42 5.4x / 6.1x 5.3x / 5.4x 12.9% 12.7% 418 426 694 757 833 909
New Gold4 MP NGD.TO 1.89 3.3x / 2.5x 4.2x / 3.3x 0.6% 7.7% 417 461 973 823 1,451 1,184
OceanaGold MP OGC.TO 2.20 3.9x / 3.3x 4.2x / 3.3x -8.0% -0.6% 362 458 741 737 1,239 1,182
Pretium Resources DD PVG.TO 17.82 9.6x / 8.6x 9.2x / 8.2x 6.4% 8.5% 342 357 864 828 1,075 1,072
SSR Mining4 MP SSRM.TO 22.39 5.9x / 6.2x 4.8x / 4.5x 7.8% 7.7% 772 759 656 717 1,001 1,068
Torex Gold DD TXG.TO 13.15 2.4x / 2.7x 1.3x / 1.6x 13.2% -6.5% 469 450 733 806 975 954
Yamana Gold4 MP YRI.TO 5.32 5.5x / 4.6x 4.4x / 4.1x 4.4% 7.1% 882 923 695 703 1,033 996
Average 5.7x / 5.1x 5.0x / 4.3x 2.2% 0.4% 760 733 1,074 1,020

Junior gold producers (<250koz pa)

Argonaut Gold - AR.TO 2.40 -/- -/- - - - - - - - -
Golden Star DD GSC.TO 4.84 6.5x / 4.1x 4.7x / 2.9x -0.2% 7.3% 136 150 1,090 946 1,211 1,055
K92 Mining DD KNT.TO 7.19 24.7x / 9.7x 18.7x / 7.0x 0.4% -2.5% 88 138 717 572 932 966
Minera Alamos RN MAI.V 0.54 NA / 7.2x NA / 6.1x -5.3% 4.5% 7 44 1,556 923 1,990 1,080
Pure Gold Mining - PGM.V 0.68 -/- -/- 0.8% 34.5% 58 82 691 581 0 0
Wesdome Gold DD WDO.TO 11.51 13.9x / 7.1x 15.0x / 8.1x 2.9% 6.0% 121 170 751 587 1,141 1,253
Average 15.0x / 7.0x 12.8x / 6.0x -0.3% 10.0% 961 722 1,055 871
1
MP: Mike Parkin, DD: Don Demarco, SN: Shane Nagle, RN: Rabi Nizami, HP: Harmen Puri; 2OP: Outperform, SP: Sector perform, UP: Underperform, T: Tender, UR: Under Review, R: Restricted
3
P/NAV is adjusted for net-cash, on a per-share basis, this equates to: (Share price less net cash)/NBF estimate of mining asset value;
4
Production and cost figures refer to gold equivalent ounces (GEO) 5Royal Gold priced in USD
Source: National Bank Financial, Refinitiv

3
 Weekly Precious Metal Comps
NBCFM Research | January 4, 2022

Royalty and Silver Producer Comparison Table

Price (C$) P/CFPS EV/EBITDA FCF Yield Au/Ag Prod (Attrib.) Total Cash Costs AISC
at 21E/22E 21E/22E 2021E 2022E 2021E 2022E 2021E 2022E 2021E 2022E
Analyst1 Ticker 31-Dec (x) (x) (%) (%) (koz) (koz) (US$/oz) (US$/oz) (US$/oz) (US$/oz)

Royalty companies
Franco-Nevada SN FNV.TO 174.94 27.5x / 27.0x 24.2x / 22.9x 0.6% 3.4% 617 710 272 236 - -
Maverix Metals SN MMX.TO 5.52 16.5x / 12.4x 15.2x / 10.7x 2.4% 6.1% 31 38 206 166 - -
Osisko Gold Royalties SN OR.TO 15.48 14.7x / 12.1x 20.4x / 15.8x 4.1% 8.6% 81 102 133 111 - -
Royal Gold5 SN RGLD.O 105.21 15.6x / 15.4x 13.4x / 13.6x 0.5% 6.4% 344 363 311 337 - -
Sandstorm Gold SN SSL.TO 7.85 14.8x / 13.8x 12.7x / 11.1x -2.9% 6.2% 67 76 277 311 - -
Triple Flag Precious Metals SN TFPM.TO 15.19 15.2x / 14.3x 15.3x / 14.0x 4.3% 7.4% 82 94 171 177 - -
Wheaton Precious Metals SN WPM.TO 54.28 22.6x / 22.9x 22.1x / 22.4x 3.7% 3.5% 754 757 390 405 - -
Average 18.1x / 16.9x 17.6x / 15.8x 1.8% 5.9% 251 249

Silver producers
Aya Gold and Silver DD AYA.TO 9.55 61.8x / 46.8x 55.9x / 40.5x 0.3% -9.1% 1,316 1,597 11.10 11.41 12.69 12.47
First Majestic Silver DD FR.TO 14.07 20.5x / 9.7x 14.3x / 8.9x -1.4% 6.7% 13,185 18,649 9.82 10.94 16.22 16.84
Fortuna Silver Mines DD FVI.TO 4.94 5.1x / 2.7x 4.0x / 2.3x -1.4% 19.9% 7,331 8,758 7.81 5.56 11.94 5.03
Pan American Silver DD PAAS.TO 31.56 11.0x / 7.6x 7.9x / 6.1x 4.1% 6.7% 17,598 26,556 10.46 8.53 16.07 13.85
Average 12.8x / 6.2x 9.2x / 5.6x -1.4% 13.3% 9.36 8.34 14.74 11.91

Developers Comparison Table

Price (C$) Most Recent First Initial EV/GEO Global Global
at Economic Project Production Capex Reserves Resources Reserves Resources
Analyst1 Ticker 31-Dec Study Type (Year) (US$ mln) US$/GEO US$/GEO MGEO MGEO
AbraSilver Resource Corp. DD ABRA.V 0.38 PEA Open Pit 2026 280 - 0.73 - 160.0
Artemis Gold Inc DD ARTG.V 6.90 Feasibility Open Pit 2024 513 87 65 8.0 10.7
Barsele Minerals - BME.V 0.53 - - - - - - - -
Bluestone Resources - BSR.V 2.16 - - - - - - - -
Falco Resources - FPC.V 0.29 - - - - - - - -
Gold Standard Ventures RN GSV.TO 0.56 Pre-Feasibility Open Pit 2024 155 96 39 1.3 3.1
Integra Resources RN ITR.V 2.72 PEA Open pit 2026 170 - 24 - 4.4
Liberty Gold RN LGD.TO 0.97 NA Open pit 2026 220 - 31 - 6.1
MAG Silver DD MAG.TO 19.83 PEA Underground 2021 NA - 410 - 3.7
Marathon Gold DD MOZ.TO 3.24 Pre-Feasibility Open Pit 2023 229 247 122 2.1 4.1
O3 Mining DD OIII.V 2.05 PEA Open pit NA 200 - 10 - 5.9
Osisko Development DD ODV.V 4.06 PEA Underground NA NA - 37 - 7.0
Osisko Mining DD OSK.TO 3.81 Pre-Feasibility Underground 2024 432 - 137 - 6.1
Sabina Gold and Silver HP SBB.TO 1.45 Feasibility OP + UG 2025 575 103 40 3.6 9.2
Average 133 83
1
MP: Mike Parkin, DD: Don Demarco, SN: Shane Nagle, RN: Rabi Nizami, HP: Harmen Puri; 2OP: Outperform, SP: Sector perform, UP: Underperform, T: Tender, UR: Under Review, R: Restricted
3
P/NAV is adjusted for net-cash, on a per-share basis, this equates to: (Share price less net cash)/NBF estimate of mining asset value;
4
Production and cost figures refer to gold equivalent ounces (GEO) 5Royal Gold priced in USD
Source: National Bank Financial, Refinitiv

4
 Weekly Precious Metal Comps
NBCFM Research | January 4, 2022

Gold Price Outlook

####
Price (US$) at Forecast NBF Forecast
Forecaster 31-Dec-21 1Q21A 2Q21A 3Q21A 4Q21E 2021E 2022E 2023E 2024E Commodity/Currency 2019A 2020A 2021E 2022E 2023E 2024E 2025E 2026E
1,829 Gold (US$/oz) 1,392 1,770 1,803 1,810 1,700 1,590 1,475 1,475
NBF 1,810 1,803 1,810 1,700 1,590 Silver (US$/oz) 16.20 20.49 25.49 25.00 24.00 22.00 19.00 19.00
Consensus 1,828 1,800 1,798 1,713 1,650 1,600 Copper (US$/lb) 2.73 2.80 4.21 4.30 3.75 3.75 3.30 3.30
Forward curve 1,709 1,797 1,794 1,821 1,837 1,876 Lead (US$/lb) 0.91 0.83 0.99 1.05 0.90 0.90 0.90 0.90
QTD/YTD Actual 1,797 1,814 1,790 1,796 1,800 Zinc (US$/lb) 1.16 1.03 1.32 1.35 1.20 1.20 1.15 1.15
Source: National Bank Financial, Bloomberg, Refinitiv CAD/USD 1.33 1.34 1.25 1.26 1.26 1.26 1.26 1.26
Source: National Bank Financial, Bloomberg, Refinitiv

Gold Price vs the US$ Coverage NAV Sensitivity to 10% Change in Primary Metal
2,200 110 60%
Gold Price (USD/oz)

2,000 105 50%

1,800 100 40%

DXY
1,600 95
30%
1,400 90
20%
1,200 85
1,000 80 10%
Apr-17

Apr-18

Apr-19

Apr-20

Apr-21
Oct-17

Oct-18

Oct-19

Oct-20

Oct-21
Jan-17

Jan-18

Jan-19

Jan-20

Jan-21
Jul-17

Jul-18

Jul-19

Jul-20

Jul-21
0%
##### #####

LGD.TO

AGI.TO

ARTG.V

PAAS.TO

ITR.V
SSRM.TO

KNT.TO

ABX.TO

FR.TO

CG.TO
RGLD.O
IMG.TO

BTO.TO

PVG.TO

OSK.TO
GSV.TO

NGD.TO

AEM.TO
EQX.TO

WPM.TO
ODV.V

NGT.TO
DPM.TO

MAG.TO

MMX.TO

SSL.TO
MOZ.TO

MAI.V

ELD.TO

LUG.TO
AYA.TO

FNV.TO
OGC.TO

KL.TO
K.TO

YRI.TO

OR.TO
Gold Price (US$/oz) (LHS) DXY Dollar Index (RHS) Source: National Bank Financial
Source: Refinitiv

Global Gold ETF Holdings vs Gold Price Coverage 1 Month Share Price Performance
$2,400 4,000 30%
$2,200 3,500 20%
Gold Price (USD/oz)

$2,000 3,000
10%
$1,800 2,500

Tonnes of Gold
$1,600 2,000 0%

$1,400 1,500 -10%

$1,200 1,000
-20%
$1,000 Aggregate Stats: Current total tonnage: 3043 500
Week over week change: -1 (0%); year to date change: -288 (-8.6%) -30%
$800 0
Mar-17
May-17

Mar-18
May-18

Mar-19
May-19

Mar-20
May-20

Mar-21
May-21
Sep-17

Sep-18

Sep-19

Sep-20

Sep-21
Jan-17

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21
Nov-17
Jan-18

Nov-18
Jan-19

Nov-19
Jan-20

Nov-20
Jan-21

Nov-21

-40%

PAAS.TO
OIII.V

PGM.V
BME.V
BSR.V

ITR.V

FPC.V

ODV.V
OSK.TO

DPM.TO
NGT.TO

PVG.TO

AGI.TO

ABX.TO

BTO.TO

SSRM.TO

MMX.TO

MAG.TO
FR.TO
MOZ.TO
AEM.TO

NGD.TO
ELD.TO

IMG.TO
GSC.TO
ARTG.V
FNV.TO

MAI.V

GSV.TO

LUG.TO

AYA.TO
KL.TO
YRI.TO
RGLD.O

CG.TO

WPM.TO

OR.TO

K.TO

OGC.TO

EQX.TO

SBB.TO
WDO.TO
LGD.TO

AR.TO
Source: Bloomberg SPDR Holdings Other ETF Holdings Gold Price (US$/oz)
Source: Refinitiv
orm, SP: Sector perform, UP: Underperform, T: Tender, UR: Under Review, R: Restricted

5
 Weekly Precious Metal Comps
NBCFM Research | January 4, 2022

DISCLOSURES

Ratings and What They Mean: PRIMARY STOCK RATING: NBF has a three-tiered rating system that is relative to the coverage universe of the particular analyst. Here is a brief
description of each: Outperform – The stock is expected to outperform the analyst’s coverage universe over the next 12 months; Sector Perform – The stock is projected to perform in line
with the sector over the next 12 months; Underperform – The stock is expected to underperform the sector over the next 12 months. SECONDARY STOCK RATING: Under Review −
Our analyst has withdrawn the rating because of insufficient information and is awaiting more information and/or clarification; Tender − Our analyst is recommending that investors tender
to a specific offering for the company’s stock; Restricted − Because of ongoing investment banking transactions or because of other circumstances, NBF policy and/or laws or regulations
preclude our analyst from rating a company’s stock. INDUSTRY RATING: NBF has an Industry Weighting system that reflects the view of our Economics & Strategy Group, using its
sector rotation strategy. The three-tiered system rates industries as Overweight, Market Weight and Underweight, depending on the sector’s projected performance against broader
market averages over the next 12 months. RISK RATING: As of June 30, 2020, National Bank Financial discontinued its Below Average, Average and Above Average risk ratings. We
continue to use the Speculative risk rating which reflects higher financial and/or operational risk.

Company-Specific Disclosures
For Disclosures on stocks discussed in this report, please go to [Here].

Rating Distribution
Outperform Sector Perform Underperform
Coverage Universe Ratings Distribution 65% 32% 0%
Investment Banking Distribution 74% 67% 100%

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 Weekly Precious Metal Comps
NBCFM Research | January 4, 2022

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