Precious Metals & Minerals Weekly Valuation Tables: Chart of The Week: Sustaining FCF Margins Vs AISC Margins

RBC Mining & Materials Equity Team
EQUITY RESEARCH
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June 27, 2017
Precious Metals & Minerals Weekly Valuation Tables

Chart of the Week: Sustaining FCF margins vs AISC margins
This week, we highlight North American gold producers' sustaining free cash flow margins in contrast
with all-in sustaining cash cost margins. We had taken a look at sustaining free cash flow as a key
component of asset positioning in our June 12, 2017 note "Multiple Matrix: A multi-factor model for
aligning valuation with relative positioning on key attributes".
In our view, sustaining free cash flow margin is a key driver in determining asset positioning and avoids
inherent flaws in analyzing margins on all-in sustaining cash costs (AISC). This is due to the variable
nature of AISC and visual benefit of by-product credits on cash costs. We contrast the sustaining free
cash flow margins for North American producers over the next few years (Exhibit 1), along with implied
AISC margins at $1,300/oz (Exhibit 2). Companies with the highest sustaining FCF over the next few
years include TMR, PVG, OGC, ROXG, BTO, TXG, GUY, and AEM. Companies with the largest variance
between AISC margins and sustaining FCF include DPM, CG, TMR, ABX, NGD, GG, PVG, and AUY. We
believe that by focusing on a company's relative cost structure based on unlevered sustaining free cash
flow margins, investors can better analyze companies on an equal basis as it captures a company's cost
of production and tax structure while removing the effects of interest payments.
Exhibit 1: Sustaining FCF margins, 2017E-2019E

60%
Sustaining Free Cash Flow Margin (%)
50%
40%
2017-19E
30%
20%
10%
0%
TGZ
KDX
GUY
EDV
AR
OGC
AEM
NGD
NEM
DGC
KGC
THO
BTO
EGO
KL
ALO
TMR*
PVG*
ROXG
TXG
GG
AKG
IAG
CG
PG
ASR
ABX
AGI
SSRI
AUY
PPP
DPM
Source: RBC Capital Markets estimates. * Forecast sustaining free cash flow margin risked given need to demonstrate operational track record
Exhibit 2: Implied AISC margins at $1,300/oz, 2017E-2019E

60%
50%
Implied AISC Margin (%)
40%
2017-19E
30%
20%
10%
0%
TMR
NEM
KGC
EGO
BTO
KL
THO
ALO
PVG
ROXG
GG
TXG
CG
AKG
IAG
PG
TGZ
ABX
KDX
AGI
SSRI
GUY
AR
PPP
AUY
EDV
ASR
NGD
OGC
DPM
AEM
DGC
Source: RBC Capital Markets estimates
Priced as of prior trading day's market close, EST (unless otherwise noted).
Disseminated: Jun 27, 2017 10:35ET; Produced: Jun 27, 2017 10:35ET All values in USD unless otherwise noted.
For Required Non-U.S. Analyst and Conflicts Disclosures, see page 16.
Analyst Marketing
Date Analyst Coverage Universe Location
July 18 Toronto
Andrew Wong Fertilizers and Uranium
July 20 Montreal
July 29 Paul Hissey Australian Gold and Base Metals Mining Sydney
Corporate Marketing
Date Company Representatives Location
June 26 Boston
Sebastien de Montessus, President & CEO
June 27 Endeavour Mining New York
Martino De Ciccio, VP - Strategy & Investor Relations
June 29 Toronto
Gold Road Ian Murray, Managing Director & CEO
June 28 Sydney
Resources John Donaldson, General Manager, Geology
Wheaton Precious Randy Smallwood, President & CEO
June 29-30 New York
Metals Patrick Drouin, SVP, Investor Relations
July 10 London
Continental Gold Ari Sussman, President & CEO
July 11 Zurich
July 11 Singapore
July 12 Vale SA Andr Figueiredo, Head of Investor Relations Melbourne
July 13-14 Sydney
July 28 Mick Wilkes President & CEO Melbourne
OceanaGold
July 31 Aug 1 Jeffrey Sansom Investor Relations Sydney
RBC Events
Date Event Location Registration
Please contact your
November 14 Senior Gold Conference London RBCCM sales
representative
June 27, 2017 2

RBCCM Precious Metal Price Forecasts (US$/oz)

Metal 2016A 2017E 2018E 2019E 2020E 2021E Long-Term
Gold $1,250 $1,280 $1,300 $1,300 $1,300 $1,300 $1,300
Silver $17.11 $18.79 $19.25 $19.25 $19.25 $19.25 $19.25
Platinum $987 $1,032 $1,150 $1,200 $1,200 $1,200 $1,200
Palladium $613 $784 $825 $875 $850 $800 $800
RBCCM Base Metal Price Forecasts (US$/lb)

Metal 2016A 2017E 2018E 2019E 2020E 2021E Long-Term
Aluminum $0.73 $0.83 $0.85 $0.85 $0.90 $0.95 $0.90
Copper $2.21 $2.65 $2.75 $2.85 $3.25 $3.50 $2.85
Lead $0.85 $1.04 $1.04 $1.02 $1.00 $1.00 $0.85
Moly $6.43 $6.89 $7.00 $7.02 $7.02 $7.02 $7.50
Nickel $4.35 $5.00 $5.50 $6.00 $7.00 $8.00 $8.00
Uranium $26.37 $25.00 $30.00 $35.00 $40.00 $45.00 $65.00
Zinc $0.95 $1.35 $1.35 $1.40 $1.50 $1.50 $1.00
Weekly Gold ETF Inflows/Outflows (MMoz)

(MMoz) Total Known W/W Gold Flows SPDR W/W Gold Flows Rest of W/W Gold Flows
ETF Holdings (MMoz) (% Change) Gold ETF (MMoz) (% Change) World (MMoz) (% Change)
Current 60.2 -0.05 -0.1% 27.4 -0.09 -0.3% 32.8 0.04 0.1%
1 Week Ago 60.2 -0.42 -0.7% 27.4 -0.43 -1.5% 32.8 0.00 0.0%
2 Weeks Ago 60.7 0.70 1.2% 27.9 0.51 1.9% 32.8 0.18 0.6%
3 Weeks Ago 60.0 0.14 0.2% 27.4 0.11 0.4% 32.6 0.03 0.1%
4 Weeks Ago 59.8 27.2 32.6
Source: Bloomberg
June 27, 2017 3

Tier I, II, & III Gold Producers - Valuation Summary

RBC Estimates Performance Dividend Valuation 2017E Operations Leverage Liquidity
Rating & Target Ret. to 2017E Prod AISC '16-19E LTD (MM) Debt to Cash (MM)
Company Ticker Risk Price (12m) Target QTD YTD /sh Yield NAV P/NAV CFPS P/CF EPS P/E (000oz) (US$/oz) CAGR 2016A/E Capital 2016A/E
Tier I Gold Producers
Agnico-Eagle AEM SP $47.27 $54.00 15% 11% 13% $0.40 0.8% $28.66 1.65x $3.96 11.9x $1.01 46.9x 1,623 $787 2% $1,203 21% $548
AngloGold Ashanti ANG SP R134.88 R170.00 26% (6%) (12%) $0.00 0.0% R162.51 0.83x R2.55 4.1x R0.72 14.5x 3,575 $1,092 2% $2,144 44% $215
Barrick Gold ABX O $16.34 $21.00 29% (14%) 2% $0.12 0.7% $11.97 1.37x $2.59 6.3x $0.85 19.1x 5,414 $736 (6%) $7,931 43% $2,389
Gold Fields GFI U R45.42 R42.00 -5% (3%) 4% $0.08 2.1% R44.44 1.02x R0.97 3.6x R0.28 12.6x 2,096 $1,062 3% $1,804 36% $527
Goldcorp GG SP $13.67 $16.00 18% (6%) 1% $0.08 0.6% $9.68 1.41x $1.79 7.6x $0.54 25.4x 2,540 $852 (0%) $2,510 16% $200
Kinross Gold KGC O $4.24 $5.25 24% 21% 36% $0.00 0.0% $3.40 1.25x $0.78 5.4x $0.09 45.1x 2,693 $948 (4%) $1,733 29% $827
Newcrest Mining NCM SP A$21.02 A$22.00 5% (6%) 4% A$0.18 0.8% A$23.30 0.90x A$1.51 10.5x A$0.66 24.1x 2,387 $783 2% $2,160 23% $53
Newmont NEM SP $33.77 $40.00 19% 2% (1%) $0.30 0.9% $22.86 1.48x $4.04 8.4x $1.32 25.6x 5,118 $957 (0%) $4,615 30% $2,756
Polymetal POLY SP 8.97 8.30 -4% (10%) 5% $0.42 3.7% 8.16 1.10x $1.36 8.4x $0.94 12.1x 1,399 $890 10% $1,378 58% $48
Randgold Resources RRS U 70.00 59.00 -14% 1% 9% $1.21 1.4% 42.00 1.67x $5.57 16.0x $3.14 28.4x 1,096 $879 1% $3 0% $516
Sibanye Gold SGL SP R16.12 R19.00 27% (15%) (4%) R1.45 9.0% R15.98 1.01x R4.98 3.2x R1.22 13.2x 1,488 $1,116 0% R8,222 33% R968
Global 13% (2%) 5% 1.8% 1.24x 7.8x 24.3x $918 1% 30%
North American 21% 3% 10% 0.6% 1.43x 7.9x 32.4x $856 (2%) 28%
Tier II Gold Producers
Acacia Mining ACA U 2.99 3.15 8% (33%) (20%) $0.10 2.7% 4.65 0.64x $1.11 3.4x $0.55 6.9x 848 $942 (3%) $99 5% $318
Alamos Gold AGI SP $7.41 $9.00 22% (8%) 8% $0.02 0.3% $7.62 0.97x $0.55 13.4x $0.08 >50x 413 $967 4% $305 15% $252
B2Gold BTO O C$3.82 C$5.00 31% 1% 20% - - C$3.20 1.19x $0.28 10.3x $0.08 36.0x 563 $972 19% $487 25% $145
Centamin CEY O 1.60 1.80 20% (7%) 16% 0.16 7.6% 1.31 1.22x $0.30 6.7x $0.12 16.5x 540 $832 1% $0 0% $400
Centerra Gold CG U C$7.06 C$8.00 13% (8%) 12% - - C$8.20 0.86x $1.58 3.4x $0.69 7.7x 762 $843 7% $443 20% $160
Detour Gold DGC SP C$15.62 C$20.00 28% 2% (15%) - - C$21.32 0.73x $1.66 7.1x $0.58 20.3x 573 $1,039 2% $329 15% $129
Eldorado Gold EGO O $2.89 $3.75 30% (15%) (10%) $0.01 0.2% $3.79 0.76x $0.22 12.9x $0.09 33.3x 364 $869 7% $592 15% $889
Endeavour Mining EDV O C$22.50 C$33.00 47% (13%) 12% - - C$21.56 1.04x $2.65 6.4x $0.81 21.1x 551 $959 15% $145 14% $124
Evolution Mining EVN SP A$2.41 A$2.50 5% 15% 14% A$0.03 1.2% A$1.74 1.38x A$0.37 6.5x A$0.19 12.4x 827 $693 1% A$288 16% A$17
IAMGOLD IAG SP $5.23 $6.00 15% 31% 36% - - $4.96 1.05x $0.70 7.4x $0.12 44.4x 865 $1,015 4% $485 18% $652
Kirkland Lake Gold KL O C$11.77 C$13.00 11% 20% 68% A$0.03 0.3% C$10.03 1.17x $1.49 6.0x $0.66 13.5x 546 $871 18% $113 11% $235
New Gold NGD SP $3.01 $3.75 25% 1% (14%) - - $2.72 1.11x $0.42 7.2x $0.07 45.6x 383 $724 12% $1,050 34% $186
Northern Star NST O A$4.71 A$5.50 18% 16% 30% A$0.07 1.5% A$4.09 1.15x A$0.52 9.0x A$0.32 14.8x 486 $774 11% A$14 3% A$315
OceanaGold OGC-AU O A$4.23 A$6.00 43% 10% 1% $0.04 1.2% A$3.97 1.06x $0.58 5.5x $0.30 10.7x 553 $698 6% $324 20% $69
OceanaGold OGC-T O C$4.16 C$6.00 45% 6% 6% $0.04 1.3% C$3.97 1.05x $0.58 5.4x $0.30 10.5x 553 $698 6% $324 20% $69
Pretium PVG O - Spec C$12.64 C$18.00 42% (11%) 14% - - C$16.48 0.77x $0.27 >30x $0.10 >50x 131 $770 - $232 22% $142
Regis Resources RRL SP A$3.76 A$3.25 -10% 14% 27% A$0.13 3.5% A$2.70 1.39x A$0.37 10.1x A$0.25 15.0x 313 $742 4% A$3 1% A$100
Silver Standard SSRI SP $9.93 $13.00 31% (6%) 11% - - $11.28 0.88x $1.28 7.8x $0.39 25.5x 364 $1,009 (1%) $288 26% $327
Tahoe Resources THO O C$11.58 C$15.00 32% 8% (8%) $0.24 2.7% C$10.84 1.07x $1.25 7.0x $0.73 12.0x 412 $1,106 11% $35 1% $163
Torex Gold TXG O - Spec C$25.74 C$29.00 13% (2%) 24% - - C$25.40 1.01x $2.22 8.7x $0.71 27.3x 350 $854 9% $407 37% $104
Yamana Gold AUY O $2.61 $3.75 44% (5%) (7%) $0.02 0.8% $2.74 0.95x $0.54 4.9x $0.05 >50x 932 $948 (5%) $1,592 26% $97
Global 24% 0% 11% 1.1% 1.02x 7.6x 21.3x $881 6% 16%
North American 30% (1%) 6% 0.4% 0.96x 7.8x 25.8x $912 7% 20%
Tier III Gold Producers
Alacer Gold ASR O C$2.26 C$3.25 44% (16%) 1% - - C$3.38 0.67x $0.32 5.3x $0.33 5.2x 133 $851 33% - 0% $215
Alio Gold ALO SP - Spec $7.08 $8.00 13% 42% 71% - - C$7.72 0.92x $0.52 10.2x $0.19 27.8x 75 $1,025 (19%) $1 1% $34
Argonaut Gold AR SP C$2.36 C$3.50 48% 1% 11% - - C$3.14 0.75x $0.29 6.1x $0.05 33.1x 113 $949 11% $1 0% $42
Asanko Gold AKG SP - Spec C$1.94 C$3.50 80% (44%) (53%) - - C$3.38 0.57x $0.47 3.1x $0.07 19.6x 212 $932 19% $155 27% $60
Dundee Precious Metals DPM O C$2.62 C$4.50 72% (7%) 16% - - C$4.21 0.62x $0.43 4.6x -$0.02 n.m. 121 $887 16% $43 7% $12
Guyana Goldfields GUY O C$5.90 C$9.00 53% (18%) (4%) - - C$7.95 0.74x $0.58 7.7x $0.29 15.6x 174 $773 7% $94 22% $73
Klondex Mines KDX O - Spec C$4.63 C$7.50 62% (11%) (26%) - - C$4.99 0.93x $0.45 7.8x $0.16 22.2x 197 $1,001 29% $30 10% $48
Premier Gold PG O - Spec C$3.09 C$4.50 46% (4%) 21% - - C$4.54 0.68x C$0.41 7.5x (C$0.14) n.m. 139 $1,074 (9%) $56 13% $120
Primero Mining PPP SP - Spec $0.35 $0.60 71% (36%) (55%) - - $0.87 0.40x $0.20 1.8x -$0.03 n.m. 130 $1,370 (14%) $104 18% $20
Resolute Mining RSG O A$1.21 A$1.75 47% (7%) (7%) A$0.02 1.4% A$2.03 0.59x A$0.23 5.2x A$0.18 6.6x 326 $833 6% A$0 0% A$80
Roxgold ROXG O - Spec C$1.13 C$1.80 59% (18%) (7%) - - C$1.23 0.92x $0.18 4.8x $0.08 10.9x 104 $819 22% $77 41% $69
Saracen Mineral Holdings SAR O A$1.17 A$1.40 20% 19% 18% - - A$1.43 0.82x A$0.17 6.7x A$0.08 15.0x 258 $1,030 17% A$4 1% A$34
Silver Lake Resources SLR SP - Spec A$0.47 A$0.80 70% (19%) (27%) - - A$0.87 0.54x A$0.13 3.6x A$0.03 16.5x 133 $974 (1%) A$6 3% A$39
Teranga TGZ SP $3.50 $5.50 57% (18%) (15%) - - C$5.68 0.62x $0.71 3.7x $0.27 10.0x 219 $932 3% $14 2% $95
TMAC Resources TMR O C$15.27 C$20.00 31% (6%) (0%) - - C$16.01 0.95x C$1.50 10.2x C$1.07 14.3x 151 $563 - $156 16% $40
Global 52% (10%) (4%) 0.1% 0.72x 5.9x 16.4x $934 9% 11%
North American 54% (12%) (5%) 0.0% 0.74x 5.9x 17.6x $918 11% 13%
Indices and Gold
Gold $1,252 0% 9%
S&P/TSX Gold Index 205 (1%) 5%
S&P 500 2,439 3% 9%
Long-Term Price Assumptions: Gold: 2017 = $1,280; 2018 = $1,300; 2019 = $1,300; 2020 = $1,300; 2021+ = $1,300; Silver: 2017 = $18.79; 2018 = $19.25; 2019 = $19.25; 2020 = $19.25; 2021+ = $19.25
Priced as of market close June 26 2017.
Source: Company Reports, RBC Capital Markets estimates. Please see footnotes on page 12
June 27, 2017 4

Emerging Gold Producers - Valuation Summary

RBC Estimates Performance Mineralization Valuation Liquidity
Rating & Target Ret. to 52wk 52wk Reserve Resource EV/ EV/ Cash (MM) Shares Mkt Cap
Company Ticker Risk Price (12m) Target Low High QTD YTD (P&P) (3) (M&I) (3) NAV P/NAV Rsrv Rsrc 2016A/E (MM) (US$M)
Emerging Gold Producers

Continental Gold CNL O - Spec C$3.88 C$6.00 55% C$2.62 C$5.75 (3%) (12%) 3.7 4.5 $4.38 0.89x $107 $88 $19 141.6 $415
Dalradian DNA O - Spec C$1.63 C$2.50 53% C$0.97 C$1.78 16% 39% 1.4 2.1 C$2.49 0.65x $190 $130 C$32 241.5 $297
Gold Road Resources GOR O A$0.69 A$0.90 30% A$0.50 A$0.75 25% 20% - 4.7 A$0.85 0.81x n.m. $83 A$91 871.2 $456
Integra Gold ICG O - Spec C$1.00 C$1.00 0% C$0.52 C$1.16 10% 79% - 0.9 C$1.07 0.93x n.m. $376 C$31 477.0 $360
Midas Gold Corp. MAX SP - Spec C$0.73 C$1.25 71% C$0.62 C$1.22 (10%) (16%) 4.6 6.6 C$1.21 0.61x $30 $21 $34 177.9 $98
NovaGold Resources NG SP - Spec C$6.06 C$9.00 49% C$5.09 C$9.56 (6%) (1%) 19.7 28.5 C$9.02 0.67x $75 $52 C$37 317.3 $1,451
Osisko Mining OSK O - Spec C$4.51 C$6.50 44% C$2.03 C$5.65 (7%) 85% - 3.9 C$6.38 0.71x n.m. $144 C$81 181.5 $618
Liberty Gold LGD O - Spec C$0.40 C$0.90 128% C$0.38 C$0.95 (31%) (11%) - 1.3 C$0.85 0.46x n.m. $26 $12 151.6 $45
S2 Resources S2R SP - Spec A$0.16 A$0.40 158% A$0.15 A$0.86 (28%) (30%) - 0.1 A$0.37 0.42x n.m. $187 A$16 215.8 $25
Sabina Gold & Silver SBB SP - Spec C$1.89 C$2.25 19% C$0.84 C$2.00 23% 93% 2.5 5.3 C$2.23 0.85x $115 $54 C$40 223.6 $319
Global 61% (1%) 25% 0.70x $103 $116 299.9 $408
Indices and Gold

Gold $1,252 0% 9%
S&P 500 2,439 3% 9%
Silver Producers and Royalty & Streaming Companies - Valuation Summary

RBC Estimates Performance Dividend Valuation 2017E Operations Leverage Liquidity
Rating & Target Ret. to 2017E Prod AISC '16-19E LTD (MM) Debt to Cash (MM)
Company Ticker Risk Price (12m) Target QTD YTD /sh Yield NAV P/NAV CFPS P/CF EPS P/E (000oz) (US$/oz) CAGR 2016A/E Capital 2016A/E
Silver Producers
Coeur Mining CDE O $8.61 $13.00 51% 7% (5%) - 0.0% $8.13 1.06x $1.20 7.2x $0.16 28.8x 17.2 $12.2 7% $211 22% $162
Fresnillo FRES U 15.55 10.90 -28% (0%) 27% $0.34 1.7% 7.47 2.08x $1.10 18.0x $0.69 28.8x 59.7 $9.9 14% $797 24% $382
Hecla Mining HL SP $5.31 $6.00 13% 0% 1% $0.01 0.2% $3.79 1.40x $0.56 9.6x $0.23 22.9x 13.5 $8.7 (10%) $507 26% $199
Hochschild Mining HOC O 2.82 3.10 10% 2% 34% $0.01 0.4% 2.23 1.26x $0.54 6.7x $0.07 49.9x 20.8 $11.6 15% $291 27% $140
Pan American Silver PAAS O $17.06 $22.00 30% (3%) 13% $0.10 0.6% $14.72 1.16x $1.67 10.2x $0.56 30.4x 25.6 $10.4 6% $43 3% $218
Wheaton Precious Metals WPM O $20.14 $27.00 35% (3%) 4% $0.28 1.4% $12.44 1.62x $1.34 15.0x $0.73 27.5x 51.1 $5.9 (1%) $1,193 19% $124
Tahoe Resources THO O C$11.58 C$15.00 32% 8% (8%) C$0.24 2.7% C$10.84 1.07x $1.25 7.0x $0.73 12.0x 20.6 $8.9 0% $35 1% $163
Global 20% 2% 9% 1.0% 1.38x 10.5x 28.6x $9.7 4% 17%
Royalties & Streaming

Franco-Nevada FNV O C$97.42 C$102.00 6% 12% 21% $0.88 1.2% $36.04 2.70x $2.73 26.9x $1.08 >50x 489 $277 7% - 0% $253
Osisko Gold Royalties OR O C$16.22 C$21.00 30% 10% 24% $0.16 1.0% C$11.21 1.45x C$0.63 25.6x C$0.31 >50x 62 $461 40% $46 4% C$499
Royal Gold RGLD O $77.88 $83.00 8% 11% 23% $0.94 1.2% $29.33 2.66x $4.20 18.5x $1.46 >50x 348 $390 3% $601 21% $117
Sandstorm Gold SSL SP - Spec C$4.92 C$7.50 52% (14%) (7%) $0.00 - C$4.59 1.07x $0.27 13.8x $0.07 >50x 53 $472 6% - 0% $21
Wheaton Precious Metals WPM O $20.14 $27.00 35% (3%) 4% $0.28 1.4% $12.44 1.62x $1.34 15.0x $0.73 27.5x 753 $399 1% $1,193 19% $124
Global 26% 3% 13% 1.0% 1.90x 20.0x 27.5x $400 11% 9%
Indices and Commodities

Gold $1,252 0% 9%
Silver $16.71 (9%) 5%
S&P 500 2,439 3% 9%
Source: Company Reports, RBC Capital Markets estimates. Please see footnotes on page 12
June 27, 2017 5

Tier I, II, & III Gold Producers - Corporate Summary (1/4)

Price Report Target Rt. to Performance 52 Wk 52 Wk Shares Mkt Cap EV (1)
Company Tick Curr Curr Analyst Rating Price (12m) Target QTD YTD Low High NAV P/NAV (MM) (US$M) (US$M)

Barrick Gold ABX USD USD SW O $16.34 $21.00 29% (14%) 2% $13.81 $23.47 $11.97 1.37x 1,165 $19,028 $25,178
Kinross Gold KGC USD USD SW O $4.24 $5.25 24% 21% 36% $2.88 $5.81 $3.40 1.25x 1,247 $5,286 $6,154
Sibanye Gold SGL ZAR ZAR RH SP R16.12 R19.00 27% (15%) (4%) R14.14 R47.98 R15.98 1.01x 2,125 $2,667 $3,291
AngloGold Ashanti ANG ZAR USD RH SP R134.88 R170.00 26% (6%) (12%) R125.02 R317.75 R162.51 0.83x 408 $4,288 $6,359
Newmont NEM USD USD SW SP $33.77 $40.00 19% 2% (1%) $30.19 $46.07 $22.86 1.48x 533 $17,999 $18,775
Goldcorp GG USD USD SW SP $13.67 $16.00 18% (6%) 1% $11.91 $20.38 $9.68 1.41x 867 $11,852 $14,159
Agnico-Eagle AEM USD USD SW SP $47.27 $54.00 15% 11% 13% $35.05 $60.10 $28.66 1.65x 231 $10,919 $11,061
Newcrest Mining NCM AUD USD PH SP A$21.02 A$22.00 5% (6%) 4% A$16.35 A$27.20 A$23.30 0.90x 766 $12,209 $10,414
Polymetal POLY GBP USD RH SP 8.97 8.30 -4% (10%) 5% 7.12 13.68 8.16 1.10x 428 $4,886 $6,137
Gold Fields GFI ZAR USD RH U R45.42 R42.00 -5% (3%) 4% R36.80 R91.30 R44.44 1.02x 815 $2,884 $4,104
Randgold Resources RRS GBP USD TB U 70.00 59.00 -14% 1% 9% 54.10 98.20 42.00 1.67x 94 $8,342 $7,804
Global 13% (2%) 5% 1.24x $100,360 $113,435
North American 21% 3% 10% 1.43x $65,084 $75,327

Endeavour Mining EDV CAD USD DR O C$22.50 C$33.00 47% (13%) 12% C$17.37 C$28.81 C$21.56 1.04x 97 $1,640 $1,881
OceanaGold OGC-T AUD USD SC/PH O C$4.16 C$6.00 45% 6% 6% C$3.24 C$5.56 C$3.97 1.05x 611 $1,927 $2,133
Yamana Gold AUY USD USD DR O C$2.61 C$3.75 44% (5%) (7%) C$2.33 C$5.99 C$2.74 0.95x 948 $2,474 $4,072
OceanaGold OGC-AU AUD USD SC/PH O A$4.23 A$6.00 43% 10% 1% A$3.30 A$5.79 A$3.97 1.06x 611 $1,959 $2,166
Tahoe Resources THO CAD USD SW O C$11.58 C$15.00 32% 8% (8%) C$9.58 C$22.13 C$10.84 1.07x 313 $2,733 $2,610
B2Gold BTO CAD USD SC O C$3.82 C$5.00 31% 1% 20% C$2.69 C$4.74 C$3.20 1.19x 965 $2,782 $3,159
Eldorado Gold EGO USD USD DR O $2.89 $3.75 30% (15%) (10%) $2.54 $5.13 $3.79 0.76x 794 $2,293 $2,383
Centamin CEY GBP USD RH O 1.60 1.80 20% (7%) 16% 1.15 1.94 1.31 1.22x 1,153 $2,346 $1,641
Northern Star NST AUD AUD PH O A$4.71 A$5.50 18% 16% 30% A$2.96 A$5.84 A$4.09 1.15x 601 $2,144 $1,826
Kirkland Lake Gold KL CAD USD DR O C$11.77 C$13.00 11% 20% 68% C$6.33 C$11.84 C$10.03 1.17x 206 $1,832 $1,641
Pretium PVG CAD USD DR O - Spec C$12.64 C$18.00 42% (11%) 14% C$9.17 C$16.48 C$16.48 0.77x 181 $1,725 $1,987
Torex Gold TXG CAD USD DR O - Spec C$25.74 C$29.00 13% (2%) 24% C$17.05 C$35.17 C$25.40 1.01x 80 $1,556 $1,712
Silver Standard SSRI USD USD DR SP $9.93 $13.00 31% (6%) 11% $7.70 $15.84 $11.28 0.88x 119 $1,187 $1,023
Detour Gold DGC CAD USD DR SP C$15.62 C$20.00 28% 2% (15%) C$14.35 C$35.93 C$21.32 0.73x 175 $2,058 $2,194
New Gold NGD USD USD DR SP $3.01 $3.75 25% 1% (14%) $2.39 $6.04 $2.72 1.11x 575 $1,732 $2,677
Alamos Gold AGI USD USD DR SP $7.41 $9.00 22% (8%) 8% $5.95 $10.41 $7.62 0.97x 299 $2,216 $2,092
IAMGOLD IAG USD USD DR SP $5.23 $6.00 15% 31% 36% $3.14 $5.87 $4.96 1.05x 465 $2,430 $2,150
Evolution Mining EVN AUD AUD PH SP A$2.41 A$2.50 5% 15% 14% A$2.54 A$5.13 A$1.74 1.38x 1,683 $3,075 $2,628
Regis Resources RRL AUD AUD PH SP A$3.76 A$3.25 -10% 14% 27% A$2.32 A$4.32 A$2.70 1.39x 500 $1,425 $1,254
Centerra Gold CG CAD USD SW U C$7.06 C$8.00 13% (8%) 12% C$5.56 C$8.32 C$8.20 0.86x 291 $1,552 $2,002
Acacia Mining ACA GBP USD TB U 2.99 3.15 8% (33%) (20%) 2.50 6.15 4.65 0.64x 410 $1,560 $1,506
Global 24% 0% 11% 1.02x $40,686 $42,574
North American 30% (1%) 6% 0.96x $28,305 $32,077

Dundee Precious Metals DPM CAD USD SC O C$2.62 C$4.50 72% (7%) 16% C$1.87 C$4.14 C$4.21 0.62x 125 $248 $288
Guyana Goldfields GUY CAD USD SC O C$5.90 C$9.00 53% (18%) (4%) C$4.56 C$9.68 C$7.95 0.74x 168 $749 $802
Resolute Mining RSG AUD AUD PH O A$1.21 A$1.75 47% (7%) (7%) A$0.94 A$2.35 A$2.03 0.59x 735 $672 $903
Alacer Gold ASR CAD USD DR O C$2.26 C$3.25 44% (16%) 1% C$1.75 C$3.79 C$3.38 0.67x 292 $498 $523
TMAC Resources TMR CAD CAD SC O C$15.27 C$20.00 31% (6%) (0%) C$13.05 C$20.18 C$16.01 0.95x 88 $1,015 $1,007
Saracen Mineral Holdings SAR AUD AUD PH O A$1.17 A$1.40 20% 19% 18% A$0.79 A$1.86 A$1.43 0.82x 794 $705 $306
Klondex Mines KDX CAD USD SC O - Spec C$4.63 C$7.50 62% (11%) (26%) C$3.88 C$7.95 C$4.99 0.93x 175 $612 $590
Roxgold ROXG CAD USD DR O - Spec C$1.13 C$1.80 59% (18%) (7%) C$1.05 C$1.76 C$1.23 0.92x 371 $317 $289
Premier Gold PG CAD CAD SC O - Spec C$3.09 C$4.50 46% (4%) 21% C$1.87 C$5.05 C$4.54 0.68x 197 $460 $347
Teranga TGZ CAD USD SW SP C$3.50 C$5.50 57% (18%) (15%) C$2.97 C$7.00 C$5.68 0.62x 107 $284 $299
Argonaut Gold AR CAD USD SC SP C$2.36 C$3.50 48% 1% 11% C$1.48 C$4.45 C$3.14 0.75x 158 $282 $194
Asanko Gold AKG CAD USD DR SP - Spec C$1.94 C$3.50 80% (44%) (53%) C$1.75 C$6.09 C$3.38 0.57x 202 $295 $295
Primero Mining PPP USD USD DR SP - Spec $0.35 $0.60 71% (36%) (55%) $0.33 $2.63 $0.87 0.40x 192 $67 $210
Silver Lake Resources SLR AUD AUD PH SP - Spec A$0.47 A$0.80 70% (19%) (27%) A$0.43 A$0.80 A$0.87 0.54x 503 $179 $206
Alio Gold ALO CAD USD SC SP - Spec C$7.08 C$8.00 13% 42% 71% C$3.70 C$8.00 C$7.72 0.92x 18 $95 $104
Global 52% (10%) (4%) 0.72x $6,477 $6,364
North American 53% (11%) (3%) 0.73x $4,922 $4,949
Note: Stocks are sorted based on a combination of Rating and Return to Target
Continued
June 27, 2017 6

Tier I, II, & III Gold Producers - Cash Flow Metrics (2/4)
CFPS (2) P/CF AdjCFPS (after sustaining capital) EV/AdjCF
Company Tick 16A/E 17E 18E 19E 16A/E 17E 18E 19E 16A/E 17E 18E 19E 16A/E 17E 18E 19E

Barrick Gold ABX $2.56 $2.59 $2.37 $2.32 6.4x 6.3x 6.9x 7.1x $1.99 $1.99 $1.75 $1.76 10.9x 10.8x 12.4x 12.3x
Kinross Gold KGC $0.59 $0.78 $0.78 $0.74 7.2x 5.4x 5.4x 5.7x $0.28 $0.49 $0.52 $0.47 17.5x 10.1x 9.5x 10.4x
Sibanye Gold SGL R5.03 R4.98 R5.05 R5.29 3.2x 3.2x 3.2x 3.0x R4.36 R3.85 R4.12 R4.30 4.6x 5.2x 4.8x 4.6x
AngloGold Ashanti ANG $2.57 $2.55 $3.08 $2.81 4.1x 4.1x 3.4x 3.7x $1.56 $0.75 $1.51 $1.43 10.0x 20.9x 10.3x 10.9x
Newmont NEM $5.00 $4.04 $3.85 $3.96 6.8x 8.4x 8.8x 8.5x $3.54 $3.18 $2.90 $2.99 9.9x 11.1x 12.2x 11.8x
Goldcorp GG $1.52 $1.79 $1.96 $2.75 9.0x 7.6x 7.0x 5.0x $0.46 $0.79 $1.05 $1.89 35.5x 20.8x 15.5x 8.6x
Agnico-Eagle AEM $3.17 $3.96 $4.27 $4.79 14.9x 11.9x 11.1x 9.9x $2.33 $2.94 $3.26 $3.75 20.6x 16.3x 14.7x 12.8x
Newcrest Mining NCM $1.62 $1.51 $1.87 $1.81 9.8x 10.5x 8.5x 8.8x $1.29 $1.18 $1.52 $1.50 10.5x 11.5x 8.9x 9.1x
Polymetal POLY $1.31 $1.36 $1.63 $1.77 8.7x 8.4x 7.0x 6.4x $1.08 $1.11 $1.37 $1.47 13.3x 12.9x 10.4x 9.7x
Gold Fields GFI $1.14 $0.97 $1.05 $1.22 3.1x 3.6x 3.4x 2.9x $0.78 $0.64 $0.70 $0.85 6.5x 7.9x 7.1x 5.9x
Randgold Resources RRS $5.57 $5.57 $5.66 $5.38 16.0x 16.0x 15.7x 16.5x $3.72 $3.45 $4.40 $4.62 22.4x 24.1x 18.9x 18.0x
Global 8.1x 7.8x 7.3x 7.1x 14.7x 13.8x 11.3x 10.4x
North American 8.8x 7.9x 7.8x 7.2x 18.9x 13.8x 12.8x 11.2x

Endeavour Mining EDV $2.39 $2.65 $4.76 $4.43 7.1x 6.4x 3.6x 3.8x $1.43 $1.50 $3.32 $2.98 13.6x 13.0x 5.9x 6.5x
OceanaGold OGC-T $0.45 $0.58 $0.51 $0.49 7.1x 5.4x 6.2x 6.4x $0.37 $0.47 $0.43 $0.41 9.4x 7.5x 8.2x 8.6x
Yamana Gold AUY $0.52 $0.54 $0.75 $0.93 5.1x 4.9x 3.5x 2.8x $0.24 $0.32 $0.47 $0.63 17.6x 13.4x 9.2x 6.8x
OceanaGold OGC-AU $0.45 $0.58 $0.51 $0.49 7.2x 5.5x 6.3x 6.5x $0.37 $0.47 $0.43 $0.41 9.5x 7.6x 8.3x 8.7x
Tahoe Resources THO $1.09 $1.25 $1.20 $1.36 8.1x 7.0x 7.3x 6.4x $0.70 $0.75 $0.72 $1.01 11.9x 11.1x 11.5x 8.3x
B2Gold BTO $0.30 $0.28 $0.53 $0.56 9.5x 10.3x 5.4x 5.1x $0.35 $0.19 $0.41 $0.51 9.3x 17.3x 7.9x 6.4x
Eldorado Gold EGO $0.08 $0.22 $0.35 $0.41 >30x 12.9x 8.2x 7.0x $0.03 $0.16 $0.29 $0.32 >50x 18.8x 10.3x 9.4x
Centamin CEY $0.32 $0.30 $0.31 $0.34 6.3x 6.7x 6.6x 6.1x $0.27 $0.23 $0.24 $0.26 5.2x 6.2x 6.0x 5.4x
Northern Star NST A$0.64 A$0.52 A$0.82 A$0.91 7.4x 9.0x 5.7x 5.2x A$0.45 A$0.35 A$0.73 A$0.82 8.9x 11.4x 5.5x 4.9x
Kirkland Lake Gold KL $1.11 $1.49 $1.56 $1.32 8.0x 6.0x 5.7x 6.7x $0.46 $0.85 $0.91 $0.69 17.2x 9.4x 8.7x 11.5x
Pretium PVG -$0.05 $0.27 $1.61 $2.04 n.m. >30x 5.9x 4.7x -$0.05 $0.20 $1.50 $1.89 n.m. >50x 7.3x 5.8x
Torex Gold TXG $1.44 $2.22 $3.00 $3.04 13.5x 8.7x 6.5x 6.4x $1.30 $1.52 $2.33 $2.53 16.4x 14.0x 9.2x 8.5x
Silver Standard SSRI $1.56 $1.28 $0.98 $1.55 6.4x 7.8x 10.1x 6.4x $0.98 $0.84 $0.65 $1.06 8.7x 10.2x 13.1x 8.1x
Detour Gold DGC $1.10 $1.66 $2.25 $1.89 10.7x 7.1x 5.2x 6.2x $0.68 $0.84 $1.13 $0.67 18.5x 15.0x 11.1x 18.9x
New Gold NGD $0.48 $0.42 $0.59 $0.69 6.3x 7.2x 5.1x 4.4x $0.41 $0.35 $0.45 $0.54 11.3x 13.4x 10.4x 8.6x
Alamos Gold AGI $0.52 $0.55 $0.64 $0.74 14.4x 13.4x 11.6x 10.1x $0.38 $0.42 $0.48 $0.61 18.4x 16.8x 14.6x 11.5x
IAMGOLD IAG $0.59 $0.70 $0.71 $0.75 8.9x 7.4x 7.4x 7.0x $0.21 $0.37 $0.41 $0.42 21.7x 12.4x 11.4x 11.1x
Evolution Mining EVN A$0.39 A$0.37 A$0.44 A$0.44 6.2x 6.5x 5.5x 5.5x A$0.30 A$0.29 A$0.38 A$0.40 6.8x 7.1x 5.4x 5.2x
Regis Resources RRL A$0.41 A$0.37 A$0.48 A$0.50 9.2x 10.1x 7.9x 7.5x A$0.32 A$0.30 A$0.42 A$0.45 10.4x 11.2x 7.8x 7.4x
Centerra Gold CG $1.30 $1.58 $1.33 $1.45 4.1x 3.4x 4.0x 3.7x $0.56 $0.63 $0.55 $0.71 12.2x 10.9x 12.5x 9.7x
Acacia Mining ACA $0.80 $1.11 $0.89 $0.94 4.8x 3.4x 4.3x 4.1x $0.51 $0.82 $0.59 $0.65 7.2x 4.5x 6.2x 5.7x
Global 7.9x 7.6x 6.3x 5.8x 12.5x 11.8x 9.1x 8.4x

Dundee Precious Metals DPM $0.56 $0.43 $0.61 $0.85 3.5x 4.6x 3.2x 2.3x $0.37 $0.31 $0.48 $0.69 6.1x 7.5x 4.8x 3.3x
Guyana Goldfields GUY $0.37 $0.58 $0.71 $0.49 12.2x 7.7x 6.3x 9.1x $0.42 $0.42 $0.67 $0.44 11.3x 11.4x 7.2x 10.9x
Resolute Mining RSG A$0.29 A$0.23 A$0.18 A$0.27 4.1x 5.2x 6.7x 4.4x A$0.25 A$0.18 A$0.12 A$0.20 6.6x 8.9x 13.2x 8.1x
Alacer Gold ASR $0.13 $0.32 $0.08 $0.51 12.6x 5.3x 21.9x 3.3x $0.05 $0.21 $0.03 $0.34 33.3x 8.4x >50x 5.3x
TMAC Resources TMR (C$0.09) C$1.50 C$2.45 C$2.17 n.m. 10.2x 6.2x 7.0x (C$0.35) C$1.29 C$2.20 C$1.88 n.m. 11.8x 6.9x 8.1x
Saracen Mineral Holdings SAR A$0.14 A$0.17 A$0.27 A$0.24 8.5x 6.7x 4.4x 4.8x A$0.09 A$0.08 A$0.21 A$0.20 5.3x 6.0x 2.4x 2.5x
Klondex Mines KDX $0.23 $0.45 $0.91 $0.97 14.9x 7.8x 3.8x 3.6x $0.03 $0.25 $0.72 $0.74 >50x 13.3x 4.7x 4.5x
Roxgold ROXG $0.04 $0.18 $0.22 $0.24 20.4x 4.8x 3.8x 3.6x $0.03 $0.11 $0.16 $0.17 27.2x 6.8x 4.8x 4.5x
Premier Gold PG C$0.37 C$0.41 C$0.10 C$0.08 8.4x 7.5x 30.0x >30x C$0.14 C$0.23 C$0.00 C$0.00 16.7x 10.2x >50x >50x
Teranga TGZ $0.72 $0.71 $0.58 $0.69 3.7x 3.7x 4.5x 3.8x $0.12 $0.48 $0.40 $0.51 23.6x 5.8x 7.0x 5.5x
Argonaut Gold AR $0.22 $0.29 $0.48 $0.60 8.1x 6.1x 3.7x 3.0x $0.12 $0.21 $0.36 $0.48 10.2x 5.8x 3.4x 2.6x
Asanko Gold AKG $0.25 $0.47 $0.70 $0.60 5.9x 3.1x 2.1x 2.5x $0.07 $0.28 $0.47 $0.34 22.0x 5.3x 3.1x 4.3x
Primero Mining PPP $0.04 $0.20 $0.32 $0.25 8.0x 1.8x 1.1x 1.4x -$0.26 -$0.11 $0.10 $0.13 n.m. n.m. 10.9x 8.4x
Silver Lake Resources SLR A$0.11 A$0.13 A$0.14 A$0.15 4.3x 3.6x 3.4x 3.2x A$0.08 A$0.10 A$0.12 A$0.12 6.9x 5.5x 4.7x 4.4x
Alio Gold ALO $1.32 $0.52 $0.51 $0.17 4.0x 10.2x 10.5x >30x $1.26 $0.41 $0.45 $0.11 4.6x 14.3x 13.0x >50x
Global 8.5x 5.9x 7.5x 4.0x 14.5x 8.6x 6.6x 5.6x
Continued
June 27, 2017 7

Tier I, II, & III Gold Producers - Financial Metrics (3/4)

EPS P/E Free CF Yield (2)(3) Dividend ROE
Company Tick 16A/E 17E 18E 19E 16A/E 17E 18E 19E 16A/E 17E 18E 19E /sh Yield Payout '17E

Barrick Gold ABX $0.70 $0.85 $0.92 $0.81 23.3x 19.1x 17.7x 20.1x 10.3% 9.0% 7.4% 7.2% $0.12 0.7% 14% 13%
Kinross Gold KGC $0.07 $0.09 $0.11 $0.13 >50x 45.1x 38.6x 33.2x 7.5% 1.5% 1.2% 8.9% $0.00 - n.m. 3%
Sibanye Gold SGL R4.02 R1.22 R2.48 R2.73 4.0x 13.2x 6.5x 5.9x 1.7% 9.7% 15.1% 18.3% R1.45 9.0% 119% 5%
AngloGold Ashanti ANG $0.35 $0.72 $1.14 $0.83 30.0x 14.5x 9.2x 12.7x 6.4% 2.1% 8.6% 7.6% $0.00 - n.m. 10%
Newmont NEM $1.40 $1.32 $1.53 $1.67 24.1x 25.6x 22.0x 20.3x 7.7% 5.7% 6.3% 7.8% $0.30 0.9% 23% 4%
Goldcorp GG $0.30 $0.54 $0.56 $1.07 45.1x 25.4x 24.3x 12.8x 0.9% 0.7% 4.5% 13.0% $0.08 0.6% 15% 3%
Agnico-Eagle AEM $0.56 $1.01 $1.18 $1.58 >50x 46.9x 40.0x 30.0x 2.5% 0.8% 0.5% 4.9% $0.40 0.8% 40% 5%
Newcrest Mining NCM $0.45 $0.66 $0.93 $0.92 35.4x 24.1x 17.1x 17.3x 6.4% 5.0% 8.0% 7.7% $0.18 0.8% 20% 7%
Polymetal POLY $0.93 $0.94 $1.19 $1.32 12.3x 12.1x 9.6x 8.7x 2.7% 4.0% 8.2% 10.3% $0.42 3.7% 45% 34%
Gold Fields GFI $0.20 $0.28 $0.42 $0.56 17.7x 12.6x 8.4x 6.3x 9.3% -2.9% 0.3% 9.6% $0.08 2.1% 27% 7%
Randgold Resources RRS $2.66 $3.14 $3.31 $3.07 33.5x 28.4x 26.9x 29.0x 4.2% 2.9% 4.6% 4.9% 1.21 1.4% 39% 8%
Global 25.0x 24.3x 20.0x 17.8x 5.4% 3.5% 5.9% 9.1% 1.8% 38% 9%
North American 30.8x 32.4x 28.5x 23.3x 5.8% 3.6% 4.0% 8.4% 0.6% 23% 6%

Endeavour Mining EDV $1.14 $0.81 $2.46 $2.15 14.9x 21.1x 6.9x 7.9x -1.1% -9.4% 8.5% 8.9% - - n.m. 8%
OceanaGold OGC-T $0.22 $0.30 $0.20 $0.16 14.4x 10.5x 15.5x 19.9x -8.6% 12.2% 8.4% 8.2% $0.04 1.3% 13% 13%
Yamana Gold AUY $0.05 $0.05 $0.16 $0.27 >50x >50x 15.8x 9.7x -0.8% -4.6% 7.5% 20.3% $0.02 0.8% 40% 1%
OceanaGold OGC-AU $0.22 $0.30 $0.20 $0.16 14.6x 10.7x 15.7x 20.2x -8.5% 12.0% 8.2% 8.1% $0.04 1.2% 13% 13%
Tahoe Resources THO $0.62 $0.73 $0.61 $0.67 14.2x 12.0x 14.3x 13.0x 4.9% 3.1% 5.5% 11.1% $0.24 2.7% 33% 9%
B2Gold BTO $0.10 $0.08 $0.28 $0.29 28.1x 36.0x 10.4x 9.9x 0.9% -2.7% 13.5% 16.1% - - n.m. 4%
Eldorado Gold EGO $0.07 $0.09 $0.11 $0.11 43.7x 33.3x 26.9x 26.1x -9.7% -11.6% -8.4% -0.4% $0.01 0.2% 7% 2%
Centamin CEY $0.19 $0.12 $0.11 $0.12 10.9x 16.5x 18.0x 16.8x 10.3% 5.5% 5.7% 5.9% 0.16 7.6% 126% 9%
Northern Star NST A$0.27 A$0.32 A$0.50 A$0.56 17.2x 14.8x 9.4x 8.4x 9.0% 5.4% 10.2% 16.1% A$0.07 1.5% 22% 32%
Kirkland Lake Gold KL $0.60 $0.66 $0.59 $0.53 14.9x 13.5x 15.1x 16.8x 1.6% 6.3% 8.5% 2.3% $0.03 0.3% 3% 14%
Pretium PVG $0.04 $0.10 $0.83 $1.11 >50x >50x 11.6x 8.6x -24.6% -6.3% 14.4% 18.6% - - n.m. 2%
Torex Gold TXG $0.19 $0.71 $0.95 $0.90 >50x 27.3x 20.6x 21.7x 3.3% 4.1% 10.4% 11.9% - - n.m. 8%
Silver Standard SSRI $0.98 $0.39 $0.17 $0.43 10.2x 25.5x >50x 23.2x 7.4% 4.0% -0.9% 8.4% - - n.m. 5%
Detour Gold DGC $0.06 $0.58 $0.89 $0.63 >50x 20.3x 13.2x 18.7x 4.2% 6.5% 8.5% 4.6% - - n.m. 5%
New Gold NGD $0.03 $0.07 $0.05 $0.12 >50x 45.6x >50x 24.7x -20.7% -20.9% 8.0% 9.7% - - n.m. 2%
Alamos Gold AGI -$0.08 $0.08 $0.24 $0.32 n.m. >50x 31.1x 23.1x -0.5% -0.5% -0.4% -1.5% C$0.02 0.3% 24% 1%
IAMGOLD IAG -$0.01 $0.12 $0.14 $0.17 n.m. 44.4x 36.9x 31.1x -1.2% 2.6% 3.1% 6.7% - - n.m. 2%
Evolution Mining EVN A$0.16 A$0.19 A$0.23 A$0.22 14.7x 12.4x 10.4x 10.9x 10.6% 9.1% 12.7% 13.1% A$0.03 1.2% 15% 15%
Regis Resources RRL A$0.22 A$0.25 A$0.34 A$0.37 16.8x 15.0x 10.9x 10.1x 7.4% 6.4% 10.2% 10.8% A$0.13 3.5% 52% 24%
Centerra Gold CG $0.63 $0.69 $0.42 $0.39 8.4x 7.7x 12.7x 13.7x 8.5% 7.4% -22.6% -14.6% - - n.m. 10.2%
Acacia Mining ACA $0.23 $0.55 $0.47 $0.54 16.4x 6.9x 8.1x 7.1x 10.7% 14.8% 12.8% 16.0% C$0.10 2.7% 19% 11%
Global 17.3x 21.3x 16.0x 16.1x 0.6% 1.6% 5.8% 8.6% 1.1% 32% 9%
North American 19.1x 25.8x 18.0x 17.9x -2.7% -1.2% 4.0% 7.7% 0.4% 23% 5%

Dundee Precious Metals DPM -$0.13 -$0.02 $0.13 $0.28 n.m. n.m. 15.2x 7.2x 12.1% -8.0% -3.0% 33.0% - - n.m. -1%
Guyana Goldfields GUY $0.20 $0.29 $0.31 $0.20 21.8x 15.6x 14.4x 21.8x 4.5% 6.2% 9.2% 8.5% - - n.m. 14%
Resolute Mining RSG A$0.22 A$0.18 A$0.12 A$0.20 5.4x 6.6x 9.9x 6.1x 9.0% 19.1% -9.0% 4.0% A$0.02 1.4% 9% 21%
Alacer Gold ASR -$0.14 $0.33 $0.13 $0.16 n.m. 5.2x 13.3x 10.9x -22.0% -58.1% -43.6% 22.3% - - n.m. 14%
TMAC Resources TMR (C$0.11) C$1.07 C$1.67 C$1.40 n.m. 14.3x 9.2x 10.9x -17.6% 7.8% 14.1% 12.3% - - n.m. 11%
Saracen Mineral Holdings SAR A$0.03 A$0.08 A$0.18 A$0.16 36.0x 15.0x 6.6x 7.2x -0.3% 2.4% 15.4% 15.9% - - n.m. 19%
Klondex Mines KDX -$0.01 $0.16 $0.44 $0.42 n.m. 22.2x 7.9x 8.4x -21.6% 1.8% 15.9% 19.6% - - n.m. 10%
Roxgold ROXG $0.02 $0.08 $0.11 $0.13 36.3x 10.9x 8.0x 6.7x -6.8% 12.0% 12.0% 17.0% - - n.m. 24%
Premier Gold PG (C$0.00) (C$0.14) (C$0.08) (C$0.13) n.m. n.m. n.m. n.m. -24.3% 4.5% -45.9% -51.6% - - n.m. -8%
Teranga TGZ $0.31 $0.27 $0.18 $0.19 8.6x 10.0x 14.7x 14.3x -3.5% 6.8% -31.5% 1.6% - - n.m. 5%
Argonaut Gold AR $0.04 $0.05 $0.11 $0.03 40.2x 33.1x 16.9x >50x -1.6% -8.8% 13.3% 21.4% - - n.m. 2%
Asanko Gold AKG -$0.04 $0.07 $0.13 $0.19 n.m. 19.6x 11.0x 7.8x -55.4% -10.4% 7.9% 20.3% - - n.m. 4%
Primero Mining PPP -$0.12 -$0.03 $0.00 -$0.03 n.m. n.m. >50x n.m. -96.4% -42.7% 11.8% 23.9% - - n.m. -1%
Silver Lake Resources SLR A$0.01 A$0.03 A$0.06 A$0.07 >50x 16.5x 8.1x 7.1x 13.4% 16.2% 24.5% 26.4% - - n.m. 7%
Alio Gold ALO $0.50 $0.19 $0.13 -$0.08 10.6x 27.8x 41.6x n.m. 14.8% 6.1% 8.4% 2.1% - - n.m. 5%
Global 22.7x 16.4x 13.6x 9.9x -13.1% -3.0% 0.0% 11.8% 0.1% 9% 8%
North American 23.5x 17.6x 15.2x 11.0x -18.2% -6.9% -2.6% 10.9% 0.0% 0% 6%
Continued
June 27, 2017 8

Tier I, II, & III Gold Producers - Operational and Reserve/Resource Metrics (4/4)
Production (Koz) Cash Costs ($/oz) All-in Sustaining Costs ($/oz) Reserve Resource EV/ EV/
Company Tick 16A/E 17E 18E 19E 3yr CAGR 16A/E 17E 18E 19E 16A/E 17E 18E 19E (P&P) (4) (M&I) (4) Rsrv Rsrc

Barrick Gold ABX 5,516 5,414 4,776 4,565 -6.1% $546 $521 $519 $542 $730 $736 $741 $750 80.1 166.0 $314 $152
Kinross Gold KGC 2,789 2,693 2,533 2,485 -3.8% $712 $699 $725 $739 $984 $948 $990 $1,003 25.2 54.6 $245 $113
Sibanye Gold SGL 1,512 1,488 1,523 1,521 0.2% $801 $911 $879 $916 $957 $1,116 $1,056 $1,105 31.0 76.7 $106 $43
AngloGold Ashanti ANG 3,620 3,575 3,733 3,882 2.4% $738 $781 $767 $796 $1,016 $1,092 $1,037 $1,058 51.7 153.9 $123 $41
Newmont NEM 5,082 5,118 5,058 5,070 -0.1% $665 $716 $722 $714 $886 $957 $970 $962 68.5 102.1 $274 $184
Goldcorp GG 2,872 2,540 2,476 2,844 -0.3% $573 $491 $468 $330 $856 $852 $819 $615 52.3 100.1 $271 $141
Newcrest Mining NCM 2,439 2,387 2,541 2,559 1.6% $596 $582 $566 $561 $760 $783 $742 $716 65.9 116.5 $158 $89
Polymetal POLY 1,269 1,399 1,541 1,698 10.2% $571 $654 $582 $623 $774 $890 $800 $835 19.8 24.1 $310 $255
Gold Fields GFI 2,145 2,096 2,108 2,364 3.3% $649 $689 $653 $646 $1,015 $1,062 $1,029 $996 52.1 94.0 $79 $44
Randgold Resources RRS 1,083 1,096 1,152 1,129 1.4% $637 $718 $704 $718 $808 $879 $801 $815 23.0 33.0 $339 $236
Agnico-Eagle AEM 1,664 1,623 1,646 1,788 2.4% $573 $538 $526 $508 $824 $787 $772 $739 19.9 36.3 $555 $305
Global 1.0% $642 $664 $647 $645 $874 $918 $887 $872 $252 $146
North American -1.6% $614 $593 $592 $567 $856 $856 $858 $814 $332 $179

Endeavour Mining EDV 485 551 732 744 15.3% $751 $741 $661 $681 $925 $959 $839 $865 6.3 10.9 $300 $173
OceanaGold OGC-T 404 553 512 485 6.3% $450 $431 $489 $504 $749 $698 $750 $762 6.5 11.0 $329 $194
Yamana Gold AUY 1,269 932 1,027 1,091 -4.9% $602 $577 $511 $450 $973 $948 $877 $791 22.5 45.3 $181 $90
OceanaGold OGC-AU 404 553 512 485 6.3% $450 $431 $489 $504 $749 $698 $750 $762 6.5 11.0 $334 $197
Tahoe Resources THO 369 412 421 507 11.1% $620 $696 $683 $676 $975 $1,106 $1,091 $965 3.7 11.0 $704 $236
B2Gold BTO 550 563 924 933 19.2% $526 $641 $550 $529 $794 $972 $791 $693 7.4 16.1 $429 $196
Eldorado Gold EGO 466 364 448 568 6.8% $612 $497 $427 $486 $903 $869 $756 $809 18.4 28.7 $129 $83
Centamin CEY 551 540 543 567 1.0% $513 $588 $579 $554 $765 $832 $833 $799 8.2 11.9 $199 $138
Northern Star NST 558 486 653 761 10.9% $592 $594 $545 $548 $759 $774 $680 $702 1.7 4.0 n.m. $458
Kirkland Lake Gold KL 314 546 532 520 18.2% $629 $540 $532 $569 $923 $871 $877 $915 3.4 12.1 $488 $135
Pretium PVG 0 131 405 480 - n.m. $569 $420 $401 n.m. $770 $576 $542 8.7 10.0 $228 $199
Torex Gold TXG 280 350 409 419 14.3% $542 $579 $563 $566 $729 $854 $794 $765 3.6 4.1 $472 $416
Silver Standard SSRI 393 364 305 379 -1.2% $652 $697 $734 $680 $929 $1,009 $1,066 $957 4.6 20.8 $223 $49
Detour Gold DGC 538 573 643 563 1.5% $746 $693 $614 $664 $1,010 $1,039 $1,011 $1,151 16.5 20.3 $133 $108
New Gold NGD 381 383 507 535 11.9% $349 $316 $410 $354 $693 $724 $758 $672 14.7 20.9 $182 $128
Alamos Gold AGI 392 413 418 446 4.4% $797 $782 $744 $685 $1,015 $967 $946 $893 7.7 17.0 $272 $123
IAMGOLD IAG 813 865 857 908 3.8% $737 $764 $778 $759 $1,056 $1,015 $998 $1,011 11.6 20.9 $185 $103
Evolution Mining EVN 803 827 843 837 1.4% $526 $487 $435 $455 $739 $693 $601 $603 6.8 12.2 $389 $216
Regis Resources RRL 305 313 331 348 4.4% $562 $625 $562 $545 $674 $742 $679 $661 2.1 6.9 $590 $181
Centerra Gold CG 599 762 699 738 7.2% $535 $415 $411 $413 $852 $843 $830 $792 14.1 22.0 $142 $91
Acacia Mining ACA 830 848 746 752 -3.2% $645 $621 $608 $633 $983 $942 $915 $915 8.7 16.8 $172 $90
Global 6.8% $599 $593 $563 $558 $866 $881 $833 $813 $303 $170
North American 7.4% $609 $600 $571 $561 $892 $912 $863 $833 $279 $156

Dundee Precious Metals DPM 128 121 143 201 16.2% $817 $795 $751 $679 $738 $887 $737 $662 3.1 3.3 $93 $87
Guyana Goldfields GUY 152 174 240 186 7.0% $612 $553 $669 $752 $725 $773 $746 $851 3.5 6.5 $227 $123
Resolute Mining RSG 315 326 326 376 6.1% $655 $730 $843 $753 $861 $833 $1,046 $942 5.1 9.6 $178 $94
Alacer Gold ASR 95 133 106 222 32.6% $738 $573 $812 $642 $1,100 $851 $1,273 $891 3.7 5.5 $141 $94
TMAC Resources TMR 0 151 240 218 - n.m. $386 $419 $466 n.m. $563 $530 $589 3.5 4.5 $287 $223
Saracen Mineral Holdings SAR 189 258 302 302 17.0% $543 $717 $568 $588 $800 $1,030 $746 $739 1.5 6.3 $200 $48
Klondex Mines KDX 141 197 289 302 28.8% $503 $629 $531 $566 $864 $1,001 $750 $780 1.3 2.8 $445 $210
Roxgold ROXG 69 104 110 126 22.0% $461 $527 $476 $486 $723 $819 $736 $710 0.6 0.7 $486 $436
Premier Gold PG 112 139 86 86 -8.5% $444 $662 $792 $797 $1,145 $1,074 $1,300 $1,298 2.8 4.8 $125 $72
Teranga TGZ 216 219 196 239 3.3% $619 $725 $773 $820 $971 $932 $1,013 $1,015 3.7 7.4 $81 $40
Argonaut Gold AR 120 113 145 164 11.1% $899 $750 $644 $623 $1,096 $949 $834 $790 0.3 8.0 $646 $24
Asanko Gold AKG 147 212 240 249 19.3% $680 $681 $674 $658 $1,021 $932 $923 $905 4.9 7.2 $60 $41
Primero Mining PPP 156 130 134 99 -14.2% $809 $722 $568 $441 $1,325 $1,370 $1,077 $953 1.3 3.7 $157 $57
Silver Lake Resources SLR 131 133 128 128 -0.7% $766 $792 $703 $711 $952 $974 $869 $880 0.8 2.4 $249 $85
Alio Gold ALO 100 75 86 52 -19.4% $677 $881 $970 $1,207 $785 $1,025 $1,072 $1,245 0.9 3.1 $115 $34
Global 8.6% $659 $675 $680 $679 $936 $934 $910 $883 $233 $111
North American 8.9% $660 $657 $673 $678 $954 $931 $916 $891 $239 $120
Continued
June 27, 2017 9

Royalty Companies
Wheaton Precious Metals WPM USD USD DR O $20.14 $27.00 35% (3%) 4% $16.94 $31.35 $12.44 1.62x 442 $8,892 $9,521
Osisko Gold Royalties OR CAD CAD DR O C$16.22 C$21.00 30% 10% 24% C$11.90 C$18.64 C$11.21 1.45x 157 $1,919 $1,504
Royal Gold RGLD USD USD SW O $77.88 $83.00 8% 11% 23% $60.21 $87.74 $29.33 2.66x 65 $5,059 $5,620
Franco-Nevada FNV CAD USD SW O C$97.42 C$102.00 6% 12% 21% C$71.44 C$105.69 C$36.04 2.70x 178 $13,120 $12,760
Sandstorm Gold SSL CAD USD DR SP - Spec C$4.92 C$7.50 52% (14%) (7%) C$4.29 C$8.73 C$4.59 1.07x 152 $564 $476
Global 26% 3% 13% 1.90x $29,554 $29,881
CFPS P/CF AdjCFPS (after sustaining capital) EV/AdjCF

Wheaton Precious Metals WPM $1.34 $1.34 $1.46 $1.49 15.0x 15.0x 13.8x 13.5x $1.39 $1.39 $1.48 $1.49 15.5x 15.5x 14.6x 14.4x
Osisko Gold Royalties OR C$0.52 C$0.63 C$0.76 C$0.89 31.4x 25.6x 21.3x 18.2x C$0.51 C$0.66 C$0.79 C$0.90 24.7x 19.2x 16.1x 14.1x
Royal Gold RGLD $3.76 $4.20 $4.05 $4.51 20.7x 18.5x 19.2x 17.3x $2.49 $4.55 $4.50 $4.97 34.7x 19.0x 19.2x 17.4x
Franco-Nevada FNV $2.56 $2.73 $3.04 $3.27 28.7x 26.9x 24.2x 22.5x $2.54 $2.76 $3.07 $3.29 28.1x 25.9x 23.3x 21.7x
Sandstorm Gold SSL $0.27 $0.27 $0.24 $0.32 13.7x 13.8x 15.4x 11.7x $0.27 $0.27 $0.24 $0.32 11.6x 11.5x 12.8x 9.8x
Global 21.9x 20.0x 18.8x 16.6x 22.9x 18.2x 17.2x 15.5x
EPS P/E Free CF Yield (2) Dividend ROE

Wheaton Precious Metals WPM $0.62 $0.73 $0.83 $0.86 32.5x 27.5x 24.2x 23.3x -2.5% 6.6% 7.3% 7.4% $0.28 1.4% 38% 6%
Osisko Gold Royalties OR C$0.33 C$0.31 C$0.39 C$0.48 49.9x >50x 41.9x 34.0x -0.1% n.m. 12.3% 5.5% C$0.16 1.0% 51% 3%
Royal Gold RGLD $1.00 $1.46 $1.75 $2.15 >50x >50x 44.5x 36.3x -16.7% 1.4% 4.9% 5.8% $0.94 1.2% 65% 4%
Franco-Nevada FNV $0.92 $1.08 $1.23 $1.34 >50x >50x >50x >50x -2.3% 1.3% 2.1% 4.1% $0.88 1.2% 81% 5%
Sandstorm Gold SSL $0.04 $0.07 $0.06 $0.09 >50x >50x >50x 41.7x 5.1% 7.3% 6.5% 8.5% $0.00 0.0% n.m. 2%
Global 41.2x 27.5x 36.9x 33.8x -3.3% 4.1% 6.6% 6.3% 1.0% 59% 4%
Gold Equivalent Production (Koz) Cash Costs ($/oz AuE) All-in Sustaining Costs ($/oz AuE) Reserve Resource EV/ EV/
Wheaton Precious Metals WPM 766 753 782 800 1.5% $354 $351 $356 $362 $402 $399 $404 $409 22.4 37.1 $424 $257
Osisko Gold Royalties OR 38 62 91 105 40.1% $0 $114 $156 $167 $417 $461 $391 $361 n.a. n.a. n.m. n.m.
Royal Gold RGLD 334 348 354 365 3.1% $250 $266 $272 $268 $376 $390 $388 $375 n.a. n.a. n.m. n.m.
Franco-Nevada FNV 463 489 533 561 6.6% $228 $229 $255 $264 $280 $277 $300 $306 n.a. n.a. n.m. n.m.
Sandstorm Gold SSL 50 53 48 59 6.1% $258 $275 $273 $256 $461 $472 $494 $433 n.a. n.a. n.m. n.m.
Global 11.5% $218 $247 $263 $263 $387 $400 $395 $377
Continued
June 27, 2017 10

Emerging Gold Producers

Gold Road Resources GOR AUD AUD PH O A$0.69 A$0.90 30% 25% 20% A$0.50 A$0.75 A$0.85 0.81x 871 $456 $387
Liberty Gold LGD CAD USD DR O - Spec C$0.40 C$0.90 128% (31%) (11%) C$0.38 C$0.95 C$0.85 0.46x 152 $45 $33
Continental Gold CNL CAD USD DR O - Spec C$3.88 C$6.00 55% (3%) (12%) C$2.62 C$5.75 C$4.38 0.89x 142 $415 $395
Dalradian DNA CAD CAD SW O - Spec C$1.63 C$2.50 53% 16% 39% C$0.97 C$1.78 C$2.49 0.65x 241 $297 $273
Osisko Mining OSK CAD CAD DR O - Spec C$4.51 C$6.50 44% (7%) 85% C$2.03 C$5.65 C$6.38 0.71x 181 $618 $556
Integra Gold ICG CAD CAD SC O - Spec C$1.00 C$1.00 0% 10% 79% C$0.52 C$1.16 C$1.07 0.93x 477 $360 $337
S2 Resources S2R AUD AUD PH SP - Spec A$0.16 A$0.40 158% (28%) (30%) A$0.15 A$0.86 A$0.37 0.42x 216 $25 $13
Midas Gold Corp. MAX CAD USD SW SP - Spec C$0.73 C$1.25 71% (10%) (16%) C$0.62 C$1.22 C$1.21 0.61x 178 $98 $135
NovaGold Resources NG CAD CAD SW SP - Spec C$6.06 C$9.00 49% (6%) (1%) C$5.09 C$9.56 C$9.02 0.67x 317 $1,451 $1,482
Sabina Gold & Silver SBB CAD CAD SC SP - Spec C$1.89 C$2.25 19% 23% 93% C$0.84 C$2.00 C$2.23 0.85x 224 $319 $289
Global 61% (1%) 25% 0.70x $4,084 $3,902
Production (Koz) Cash Cost ($/oz) All-in Sustaining Costs ($/oz) Reserve Resource EV/ EV/
Gold Road Resources GOR - - - 121 - n.m. n.m. n.m. $1,033 n.m. n.m. n.m. $1,342 - 4.7 n.m. $83
Liberty Gold LGD - - - - - n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. - 1.3 n.m. $26
Continental Gold CNL - - - - - n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. 3.7 4.5 $107 $88
Dalradian DNA - - - - - n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. 1.4 2.1 $190 $130
Osisko Mining OSK - - - - - n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. - 3.9 n.m. $144
Integra Gold ICG - - 49 98 - n.m. n.m. $454 $454 n.m. n.m. $1,012 $730 - 0.9 n.m. $376
S2 Resources S2R - - - - - n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. - 0.1 n.m. $187
Midas Gold Corp. MAX - - - - - n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. 4.6 6.6 $30 $21
NovaGold Resources NG - - - - - n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. 19.7 28.5 $75 $52
Sabina Gold & Silver SBB - - - - - n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. 2.5 5.3 $115 $54
Global n.m. n.m. n.m. $454 $744 n.m. n.m. $1,012 $1,036 $103 $116
Continued
June 27, 2017 11

Silver Producers
Coeur Mining CDE USD USD MM O $8.61 $13.00 51% 7% -5% $7.30 $16.41 $8.13 1.06x 181 $1,562 $1,547
Wheaton Precious Metals WPM USD USD DR O $20.14 $27.00 35% (3%) 4% $16.94 $31.35 $12.44 1.62x 442 $8,892 $8,662
Tahoe Resources THO CAD USD SW O C$11.58 C$15.00 32% 8% (8%) C$9.58 C$22.13 C$10.84 1.07x 313 $2,733 $3,070
Pan American Silver PAAS USD USD MM O $17.06 $22.00 30% (3%) 13% $13.80 $21.59 $14.72 1.16x 153 $2,612 $2,346
Hochschild Mining HOC GBP USD TB O 2.82 3.10 10% 2% 34% 1.61 3.28 2.23 1.26x 506 $1,816 $2,007
Hecla Mining HL USD USD MM SP $5.31 $6.00 13% 0% 1% $4.60 $7.64 $3.79 1.40x 396 $2,102 $2,458
Fresnillo FRES GBP USD TB U 15.55 10.90 -28% (0%) 27% 10.52 20.57 7.47 2.08x 737 $14,573 $14,979
Global 20% 2% 9% 1.38x $34,291 $35,069
CFPS P/CF AdjCFPS (after sustaining capital) EV/AdjCF

Coeur Mining CDE $0.83 $1.20 $1.58 $1.54 10.4x 7.2x 5.4x 5.6x $0.69 $1.13 $1.43 $1.33 12.3x 7.5x 6.0x 6.4x
Wheaton Precious Metals WPM $1.34 $1.34 $1.46 $1.49 15.0x 15.0x 13.8x 13.5x $1.39 $1.39 $1.48 $1.49 14.1x 14.1x 13.3x 13.1x
Tahoe Resources THO $1.09 $1.25 $1.20 $1.36 8.1x 7.0x 7.3x 6.4x $0.70 $0.75 $0.72 $1.01 13.9x 13.0x 13.6x 9.8x
Pan American Silver PAAS $1.44 $1.67 $2.26 $2.31 11.8x 10.2x 7.6x 7.4x $0.93 $1.21 $1.79 $1.84 16.4x 12.7x 8.6x 8.3x
Hochschild Mining HOC $0.59 $0.54 $0.65 $0.61 6.1x 6.7x 5.5x 5.9x $0.34 $0.28 $0.45 $0.42 11.8x 14.1x 8.8x 9.6x
Hecla Mining HL $0.48 $0.56 $0.62 $0.59 11.1x 9.6x 8.5x 9.0x $0.20 $0.36 $0.46 $0.43 30.3x 17.1x 13.6x 14.4x
Fresnillo FRES $1.02 $1.10 $1.33 $1.40 19.4x 18.0x 14.8x 14.1x $0.81 $0.90 $0.00 $0.00 24.9x 22.7x n.m. n.m.
Global 11.7x 10.5x 9.0x 8.8x 17.7x 14.5x 10.6x 10.3x
EPS P/E Free CF Yield (2) Dividend ROE

Coeur Mining CDE $0.29 $0.16 $0.39 $0.40 29.5x >50x 21.8x 21.3x 2.5% 6.8% 12.8% 12.9% $0.00 - n.m. 4%
Wheaton Precious Metals WPM $0.62 $0.73 $0.83 $0.86 32.5x 27.5x 24.2x 23.3x -2.5% 6.6% 7.3% 7.4% $0.28 1.4% 39% 9%
Tahoe Resources THO $0.62 $0.73 $0.61 $0.67 14.2x 12.0x 14.3x 13.0x 4.9% 3.1% 5.5% 11.1% $0.24 2.7% 33% 6%
Pan American Silver PAAS $0.52 $0.56 $0.77 $0.83 32.8x 30.4x 22.0x 20.5x 0.4% 4.5% 9.0% 9.3% $0.10 0.6% 18% 6%
Hochschild Mining HOC $0.11 $0.07 $0.22 $0.22 32.7x 49.9x 16.4x 16.6x 10.4% 7.2% 11.8% 11.7% $0.01 0.4% 19% 4%
Hecla Mining HL $0.18 $0.23 $0.23 $0.19 30.1x 22.9x 23.2x 27.3x 2.9% 4.8% 7.0% 6.5% $0.01 0.2% 4% 6%
Fresnillo FRES $0.50 $0.69 $0.92 $0.82 39.8x 28.8x 21.5x 24.2x 0.4% -0.2% 3.1% 3.6% $0.34 1.7% 50% 18%
Global 30.2x 28.6x 20.5x 20.9x 2.7% 4.7% 8.1% 8.9% 1.0% 27% 8%
Production (Moz) Cash Cost ($/oz) All-in Sustaining Costs ($/oz) Reserve Resource EV/ EV/
Coeur Mining CDE 14.8 17.2 18.0 18.3 7.2% $9.3 $6.8 $5.4 $7.0 $15.0 $12.2 $10.1 $11.1 177 382 $8.76 $4.04
Wheaton Precious Metals WPM 55.8 51.1 52.8 54.0 -1.1% $4.9 $5.2 $5.2 $5.3 $5.5 $5.9 $5.9 $6.0 1,516 2,505 $5.72 $3.46
Tahoe Resources THO 20.3 20.6 20.8 20.4 0.2% $5.8 $6.3 $7.1 $6.9 $8.1 $8.9 $10.3 $9.7 292 398 $10.52 $7.71
Pan American Silver PAAS 25.4 25.6 28.7 30.1 5.8% $4.8 $6.0 $4.5 $4.6 $11.9 $10.4 $8.8 $8.7 286 981 $8.21 $2.39
Hochschild Mining HOC 16.7 20.8 25.3 25.2 14.7% $7.8 $8.1 $7.7 $8.3 $11.0 $11.6 $10.0 $10.6 152 936 $13.19 $2.14
Hecla Mining HL 17.2 13.5 14.2 12.4 -10.4% $3.1 ($0.3) $1.1 $0.5 $11.7 $8.7 $9.3 $9.6 172 344 $14.27 $7.15
Fresnillo FRES 50.7 59.7 68.9 74.5 13.7% $5.6 $6.3 $5.2 $5.7 $9.2 $9.9 $9.2 $0.0 1,074 1,085 $13.95 $13.81
Global 4.3% $5.9 $5.5 $5.2 $5.5 $10.3 $9.7 $9.1 $8.0 $10.66 $5.82
Footnotes:
Source: Company Reports, RBCCM Estimates RBCCM's gold price forecast is $1,280/oz, $1,300/oz, $1,300/oz, and $1,300/oz for 2017, 2018, 2019, and 2020 respectively, with $1,300/oz long-term
TP - Top Pick; O - Outperform; SP - Sector Perform; U - Underperform; R - Restricted RBCCM's silver price forecast is $18.79/oz, $19.25/oz, $19.25/oz, and $19.25/oz for 2017, 2018, 2019, and 2020 respectively, with $19.25/oz long-term
Spec - Speculative Risk RBCCM's platinum price forecast is $1,032/oz, $1,150/oz, $1,200/oz, and $1,200/oz for 2017, 2018, 2019, and 2020 respectively, with $1,200/oz long-term
DR - Dan Rollins; MM - Mark Mihaljevic; PH - Paul Hissey; RH - Richard Hatch; SW - Stephen Walker; SC - Sam Crittenden; TB - Tyler Broda RBCCM's palladium price forecast is $784/oz, $825/oz, $875/oz, and $850/oz for 2017, 2018, 2019, and 2020 respectively, with $800/oz long-term
(1) Enterprise Value (EV) calcualted as market cap plus debt, reclamation and employee obligations less cash, investments at market value, and working capital * June year-end companies have been converted to December year-end for comparison purposes.
(2) CFPS and FCF for Barrick, Goldcorp and Newmont shown on an adjusted attributable basis. Please note that we do not include Diamond names in our comp tables.
(3) Free Cash Flow is calculated as: Operating Cash Flow - Capex
(4) Reserves and Resources in gold only for gold companies, in silver only for silver companies
June 27, 2017 12

Exhibit 3: P/NAV versus 3-year production growth Exhibit 4: 3-year EV/AdjCF versus 3-year production growth
1.75x
RRS 20x RRS

AEM
1.50x 18x ALO

NEM
GG
ABX RRL
EVN 16x
3-year EV/AdjCF (2017-19E)

1.25x KGC Tier I AEM
CEY 14x DGC
BTO AGI
KL
NST GG
POLY NGD ANG
THO IAG
P/NAV
EDV 12x Tier I EGO

OGC ABX NEM
1.00x SGL TXG IAG POLY
GFI Tier II
AUY AGI NCM CG NGD
ALO ROXG KDX 10x KGC RSG THO TXG
NCM KL
SSRI CG SSRI
AUY Tier II GUY ASR
ANG SAR BTO
EGO RRL
DGC 8x OGC
0.75x GUY AR
Tier III EDV
PG ACA ASR GFI Tier III
DPM EVN NST
RSG 6x CEY TGZ KDX
TGZ AKG ACA
SLR ROXG
0.50x SGL DPM
SLR
4x AKG
PPP AR
SAR
2x
0.25x (20%) (10%) 0% 10% 20% 30% 40%
(20%) (10%) 0% 10% 20% 30% 40%
3-year production CAGR (2016-19E)
3-year production CAGR (2016-19E)
Source: RBC Capital Markets estimates Source: RBC Capital Markets estimates
June 27, 2017 13

Exhibit 5: 3-year FCF Yield versus 3-year production growth Exhibit 6: P/NAV versus 3-year EV/AdjCF
1.75x
20%
AEM
15% 1.50x
ACA SGL NEM
3-year Avg Operating FCF Yield (2017-19E)
ROXG
GG
KDX EVN RRL
EVN ABX
SAR
NST
10%
RRL OGC BTO 1.25x
AUY AR TXG KGC Tier I
ABX DGC GUY CEY
P/NAV
NEM NCM POLY DPM BTO
KL
GG THO NST
ALO ANG KL AKG NGD
5% Tier I CEY Tier II OGC POLY
RSG EDV THO IAG
KGC
SSRI RRS IAG EDV 1.00x SGL GFI Tier II TXG
GFI Tier III
AGI
AEM TMR AUY
ROXG KDX
0% NCM SSRI
AGI NGD CG
SAR ANG
PPP
0.75x AR EGO
GUY DGC
-5% Tier III
ACA ASR
EGO DPM TGZ
TGZ RSG
AKG
CG SLR
-10% 0.50x
(20%) (10%) 0% 10% 20% 30% 2x 4x 6x 8x 10x 12x 14x 16x 18x
3-year production CAGR (2016-19E) 3-year EV/AdjCF (2017-19E)
Source: RBC Capital Markets estimates Source: RBC Capital Markets estimates
June 27, 2017 14

Contributing Authors
RBC Dominion Securities Inc.
Stephen D. Walker (Head of Global Mining Research) (416) 842-4120 stephen.walker@rbccm.com
Dan Rollins (Analyst) (416) 842-9893 dan.rollins@rbccm.com
Sam Crittenden (Analyst) (416) 842-7886 sam.crittenden@rbccm.com
Mark Mihaljevic (Analyst) (416) 842-3804 mark.mihaljevic@rbccm.com
Wayne Lam (Senior Associate) (416) 842-7840 wayne.lam@rbccm.com
Melissa Oliphant (Associate) (416) 842-8934 melissa.oliphant@rbccm.com
Royal Bank of Canada - Sydney Branch

Paul Hissey (Analyst) +61 3 8688 6512 paul.hissey@rbccm.com
Connor O'Brien (Associate) +61 3 8688 6519 connor.obrien@rbccm.com
Alexander Hislop (Associate) +61 3 8688 6551 alexander.hislop@rbccm.com
RBC Europe Limited

Tyler Broda (Analyst) +44 20 7653 4866 tyler.broda@rbccm.com
Richard Hatch (Analyst) +44 20 7002 2111 richard.hatch@rbccm.com
June 27, 2017 15

Required disclosures
Non-U.S. analyst disclosure
Stephen D. Walker, Dan Rollins, Sam Crittenden, Mark Mihaljevic, Paul Hissey, Tyler Broda, Richard Hatch, Wayne Lam, Melissa
Oliphant, Connor O'Brien and Alexander Hislop (i) are not registered/qualified as research analysts with the NYSE and/or FINRA and
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SELL [Underperform] 101 6.22 8 7.92
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June 27, 2017 16
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Precious Metals & Minerals Weekly Valuation Tables: Chart of The Week: Sustaining FCF Margins Vs AISC Margins

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Precious Metals & Minerals Weekly Valuation Tables: Chart of The Week: Sustaining FCF Margins Vs AISC Margins

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June 27, 2017

Precious Metals & Minerals Weekly Valuation Tables

Exhibit 1: Sustaining FCF margins, 2017E-2019E

Exhibit 2: Implied AISC margins at $1,300/oz, 2017E-2019E

Source: RBC Capital Markets estimates

June 27, 2017 2

RBCCM Precious Metal Price Forecasts (US$/oz)

RBCCM Base Metal Price Forecasts (US$/lb)

Weekly Gold ETF Inflows/Outflows (MMoz)

June 27, 2017 3

Tier I, II, & III Gold Producers - Valuation Summary

June 27, 2017 4

Emerging Gold Producers - Valuation Summary

Emerging Gold Producers

Indices and Gold

Silver Producers and Royalty & Streaming Companies - Valuation Summary

Royalties & Streaming

Indices and Commodities

June 27, 2017 5

Tier I, II, & III Gold Producers - Corporate Summary (1/4)

Tier I Gold Producers

Tier II Gold Producers

Tier III Gold Producers

June 27, 2017 6

Tier I Gold Producers

Tier II Gold Producers

Tier III Gold Producers

June 27, 2017 7

Tier I, II, & III Gold Producers - Financial Metrics (3/4)

Tier I Gold Producers

Tier II Gold Producers

Tier III Gold Producers

June 27, 2017 8

Tier I Gold Producers

Tier II Gold Producers

Tier III Gold Producers

June 27, 2017 9

CFPS P/CF AdjCFPS (after sustaining capital) EV/AdjCF

EPS P/E Free CF Yield (2) Dividend ROE

June 27, 2017 10

Emerging Gold Producers

June 27, 2017 11

CFPS P/CF AdjCFPS (after sustaining capital) EV/AdjCF

EPS P/E Free CF Yield (2) Dividend ROE

June 27, 2017 12

RRS 20x RRS

1.50x 18x ALO

3-year EV/AdjCF (2017-19E)

EDV 12x Tier I EGO

June 27, 2017 13

June 27, 2017 14

Royal Bank of Canada - Sydney Branch

RBC Europe Limited

June 27, 2017 15

Dissemination of research and short-term trade ideas

June 27, 2017 17

June 27, 2017 18

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