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

450 1500 95 1500

S&P/TSX Global Gold I ndex Gold
S&P/TSX Global Gold Index

DXY I ndex Gold

350 1300 90 1340

Spot gold (US$/oz)

Spot Gold (US$)

DXY US$ Index
250 1100 85 1180

80 1020
150 900
75 860
50 700
70 700
May-08

May-09

May-10
Jul-08

Jul-09

Jul-10
Aug-10

Feb-11
Oct-10
Sep-08
Nov-08

Sep-09
Nov-09

Dec-10
Jan-08
Mar-08

Jan-09
Mar-09

Jan-10
Mar-10

May-08

May-10
Aug-08

Feb-09

Jul-09

Feb-10

Jul-10
Aug-10
Oct-08
Nov-08

Apr-09

Sep-09
Oct-09

Oct-10
Nov-10
Jan-08

Jan-09

Dec-09

Jan-11
Mar-08

Jun-08

Jun-09

Mar-10

Mar-11
Source: Bloomberg, Canaccord Genuity Source: Bloomberg, Canaccord Genuity

Figure 3: Commodity and index performance

HIGHLIGHTS
Last week, gold increased by 0.8% to close at $1,429.74/oz.
Last Price Weekly
Weekly YTD
25-
25-Mar Change Average High Low SPDR Gold Trust holdings were down 0.3% to close the
Gold $1,429.74 0.8% $1,385.27 $1,437.40 $1,313.93 week at 1,213.96 tonnes in trust, while net long non-
Silver $37.33 5.9% $31.61 $37.37 $26.84
Platinum $1,752 1.7% $1,795 $1,859 $1,695 commercial COMEX contracts increased by 2.4% to
Palladium $751 2.6% $793 $859 $699 210,535. The S&P/TSX Global Gold Index increased by
DXY Index 76 0.7% 78 81 75
Gold ETF GLD-N (tonnes) 1,213.96 (0.3%) 1,232 1,281 1,211 4.2% to close at 397.
Silver ETF SLV-A (M oz) 358 1.6% 343 358 333
S&P/TSX Global Gold Index 397 4.2% 389 421 368 The best weekly performers were: Harmony Gold ($14.10,
XAU Index 215 5.1% 209 224 197 18.79%, Not Rated), Gammon Gold ($9.72, 14.35%, HOLD),
Net Long Non-Com. (000s) 210.535 2.4% 203 230 171
Sr./ Int. P/NAV (5%/Spot) 1.08 3.0% 1.11 1.14 1.05 European Goldfields Limited ($13.47, 14.06%, Not Rated),
Commodity Prices 2008A 2009A 2010E 2011E 2012E US Gold Corp. ($8.48, 13.22%, Not Rated), and OceanaGold
Gold (US$/oz) $873 $973 $1,226 $1,450 $1,450
Silver (US$/oz) $14.99 $14.68 $20.21 $29.75 $29.00 ($2.74, 12.76%, Not Rated), while the weakest performers
Source: Bloomberg, Canaccord Genuity were: Greystar Resources ($2.49, -9.45%, SPECULATIVE
BUY), Sulliden Gold Corporation ($2.19, -8.75%, Not
Inside this Issue Rated), China Gold Intl. Resources ($5.41, -6.40%, Not
Highlights by Steven Butler pg. 1
Regression Analysis pg. 2 Rated), CGA Mining ($2.94, -1.67%, Not Rated), and
In the news pg. 4 Golden Star Resources Ltd. ($2.91, -1.36%, HOLD).
Charts and Trends pg. 5
Comparables pg. 6 In this week’s edition, we discuss last week’s release of
INK Spots – Insider Trading Review pg. 11 Silver Wheaton’s year-end reserves/resources update.
Appendix I pg. 13
Upcoming Events pg. 17

Steven Butler Rahul Paul John Kratochwil, PEng

Managing Director & Senior Analyst Associate Analyst Associate
sbutler@canaccordgenuity.com
sbutler@canaccordgenuity.com rpaul@canaccordgenuity.com jkratochwil@canaccordgenuity.com
416.869.7918 416.869.7289 416.869.6592

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

The recommendations and opinions expressed in this Investment Research accurately reflect the Investment Analyst’
Analyst’s personal, independent
and objective views about any and all the Designated Investments and Relevant Issuers
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.
ase.

28 M a r ch 2011
 Precious Metals Weekly | 2
28 March 2011

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

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

$1,500 2.00

$1,400 1.90
Spot Gold US$/Oz
Sr./Int. P/NAV Multiple
$1,300 1.80

$1,200 1.70
P/NAV Avg. + 1 STDEV
$1,100 1.60

P/NAV Multiple (5%/Spot)

P/NAV Avg.

Spot Gold (US$/Oz)

$1,000 1.50
P
$900 1.40

$800 1.30
P/NAV Avg. - 1 STDEV
$700 1.20

$600 1.10

$500 1.00

$400 0.90

$300 0.80
Jul-03 Jan-04 Jul-04 Jan-05 Jun-05 Nov-05 May-06 Oct-06 Apr-07 Sep-07 Mar-08 Aug-08 Jan-09 Jul-09 Jan-10 Jul-10 Dec-10

Source: 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: Golden Star Resources (GSS
: TSX | GSC : AMEX | HOLD), Aura Minerals (ORA : TSX | SPECULATIVE BUY), Randgold
Resources (GOLD : NASDAQ | RRS : LSE | BUY), Northgate Minerals (NGX : AMEX | NXG
: TSX | BUY), and Eldorado Gold (EGO : NYSE | ELD : TSX | HOLD), and 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 gold)
I mp l i e d
La te st Po te nti a l
Ti ck e r Co m p a n y Na me Sp o t Go l d Sl o p e / B e ta I nte r ce p t R2 B e st F i t
Cl o se r e tu r n
Pr i ce
GSS-A Golden Star Resources, Ltd. $2.97 $1,430 0.005 -2.240 0.624 $4.87 64%
ORA-T Aura Minerals Inc. $3.26 $1,430 0.003 -0.202 0.435 $4.36 34%
GOLD-Q Randgold Resources Ltd. $76.10 $1,430 0.064 3.945 0.611 $95.88 26%
NXG-A Northgate Minerals Corp. $2.68 $1,430 0.002 0.517 0.437 $3.27 22%
EGO-N Eldorado Gold Corp. $16.27 $1,430 0.019 -8.321 0.835 $19.39 19%
NEM-N Newmont Mining Corp. $53.96 $1,430 0.040 5.907 0.777 $62.46 16%
AGI-T Alamos Gold Inc. $16.35 $1,430 0.019 -8.806 0.889 $18.87 15%
CG-T Centerra Gold Inc. $17.16 $1,430 0.027 -18.553 0.914 $19.42 13%
AEM-N Agnico-Eagle Mines Ltd. $67.69 $1,430 0.040 15.790 0.605 $73.48 9%
KGC-N Kinross Gold Corporation $16.07 $1,430 -0.003 21.256 0.062 $17.35 8%
OSK-T Osisko Mining Corporation $14.12 $1,430 0.018 -10.590 0.889 $15.07 7%
KGN-T Keegan Resources Inc. $8.61 $1,430 0.011 -6.796 0.864 $8.90 3%
ABX-N Barrick Gold Corporation $51.51 $1,430 0.037 -1.483 0.935 $51.74 0%
DGC-T Detour Gold Corporation $32.61 $1,430 0.045 -31.133 0.903 $32.55 0%
AUY-N Yamana Gold, Inc. $12.32 $1,430 0.005 4.528 0.452 $12.20 -1%
GG-N Goldcorp Inc. $48.90 $1,430 0.024 13.113 0.732 $46.87 -4%
IAG-N IAMGOLD Corp. $22.50 $1,430 0.020 -7.113 0.812 $20.79 -8%
ANV-A Allied Nevada Gold Corp. $34.18 $1,430 0.046 -36.665 0.944 $29.69 -13%
NGD-A New Gold, Inc. $11.25 $1,430 0.017 -14.989 0.908 $9.71 -14%
GAM-T Gammon Gold, Inc. $9.72 $1,430 -0.002 10.446 0.037 $7.83 -19%

Priced to close of market on March 25, 2011.

Source: Canaccord Genuity estimates, Canaccord Genuity Limited estimates, Bloomberg, Capital IQ
 Precious Metals Weekly | 3
28 March 2011

Figure 6: Silver producers ranked by R-squared (share price versus spot silver)
Impli ed
Late st Po te nti a l
Ti ck e r Co m p a ny Na m e Spo t Si l v e r Sl o p e I n te r ce p t R2 B e st F i t
Cl o s e r e tu r n
Pr i ce
HL-N Hecla Mining Co. $8.98 $37.33 0.363 -1.386 0.852 $12.15 35%
PAAS-Q Pan American Silver Corp. $37.20 $37.33 1.023 5.805 0.912 $44.00 18%
SLW-N Silver Wheaton Corp. $43.80 $37.33 1.642 -12.588 0.958 $48.73 11%
FVI-T Fortuna Silver Mines Inc. $5.54 $37.33 0.201 -1.512 0.921 $6.00 8%

Priced to close of market on March 25, 2011.

Source: Canaccord Genuity estimates, Bloomberg, Capital IQ

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 $94/oz lower gold price on average ($1,338/oz versus spot price of $1,430/oz).

Figure 7: What gold price are equities discounting?

Sy m b o l Cl o s e P r i c e 5% P / NA V @5% / SP O T Go l d Pr i ce (Di s c)/ Pr e m
Ex ch a n ge 25- M a r - 11 Cu r r e n t 52- wk A v g D i s co u n te d * to Sp o t Go l d
SPOT GOLD PRICE $1, 430
SENIOR PRODUCERS
Barrick Gold ABX-N $51.51 1.03 1.07 $1, 394 ($36)
Goldcorp GG-N $48.90 1.24 1.30 $1, 378 ($51)
Kinross Gold KGC-N $16.07 0.80 0.95 $1, 286 ($144)
INTERMEDIATE PRODUCERS
African Barrick Gold ABG-L £5.39 0.73 0.84 $1, 318 ($112)
Agnico-Eagle Mines AEM-N $67.69 1.36 1.55 $1, 329 ($101)
Centerra Gold CG-T $17.16 0.94 1.05 $1, 344 ($86)
Eldorado Gold EGO-N $16.27 1.42 1.67 $1, 275 ($155)
IAMGOLD IAG-N $22.50 1.02 1.00 $1, 453 $23
Randgold Resources GOLD-Q $76.10 1.15 1.42 $1, 237 ($193)
Yamana Gold AUY-N $12.32 0.87 0.95 $1, 311 ($118)
Sr./Int Cap-Wtd Average 1.08 1.20 $1, 336 ($94)
JUNIOR PRODUCERS
Alamos Gold AGI-T $16.35 1.36 1.49 $1, 285 ($144)
Aura Minerals ORA-T $3.26 0.47 0.61 $1, 057 ($372)
Gammon Gold GAM-T $9.72 1.02 1.01 $1, 437 $7
Golden Star GSS-A $2.97 0.78 1.00 $1, 309 ($121)
Minefinders MFL-T $12.52 0.73 0.73 $1, 435 $5
New Gold NGD-A $11.25 1.24 1.16 $1, 537 $107
Northgate Minerals NXG-A $2.68 0.59 0.72 $1, 307 ($123)
Junior Weighted Avg** 0.84 0.93 $1, 296 ($133)

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

** Weighted-average calculations based on equities listed above.
Source: Canaccord Genuity estimates, Canaccord Genuity Limited estimates, Capital IQ, Bloomberg
 Precious Metals Weekly | 4
28 March 2011

IN THE NEWS
Silver Wheaton (SLW : NYSE | SLW : TSX | HOLD, Target: US$46.50)
We maintain our HOLD rating on Silver Wheaton based on relative valuation following
the release of updated year-end mineral reserves and resources.

Investment Highlights
• Proven and Probable reserves increased by 9% (net of depletions), taking into the
account the acquisition of the silver stream at the Rosemont mine and the divesture
of La Negra. Excluding the Rosemont acquisition, reserves at the other assets
increased by approximately 2% (18 Moz).

• Key highlights included the acquisition of the silver stream at the Rosemont mine
(adding 62.9 Moz Ag in reserves), partially offset by a reserve decrease of 43 Moz
Ag at Pierina. While the update included reserve increases of 32.4 Moz Ag and 28.9
Moz Ag at Los Filos and Veladero, respectively, these are muted by the low process
recovery rates (5% and 6%).

• Year-end reserves and resources are still forthcoming at the Cozamin, Campo
Morado, and Aljustrel mines, and have therefore not been updated in Silver
Wheaton’s release.

• Our valuation had previously been updated to include year-end reserves and
resources provided by Goldcorp (Penasquito), Barrick (Pasqua-Lama) and Primero
(San Dimas).

The impact of the reserves update is largely neutral to our valuation, which will be
revisited as part of our quarterly scorecard update due mid-April.

Investment risks
The typical investment risks associated with any mining investment include commodity
and exchange rate risk, permitting and technical (developmental/operating) risk. In
particular, investors in Silver Wheaton should consider the absence of operational
control and thus reliance on future purchase agreements/acquisitions for growth.
Despite the minor penalties that would be paid to Silver Wheaton if guaranteed
minimum silver deliveries are not met, the company will not be entitled to any
compensation if Luismin or Zinkgruvan do not attain annual production targets or shut
down operations on a temporary or permanent basis. Development risk and timing of
production at Penasquito and Pascua Lama is somewhat protected by a completion
guarantee by Goldcorp with minimum production hurdles by specified dates. Downside
silver price risk is mitigated by virtue of the purchase contracts which allow for the
minimum of the prevailing silver price or $3.90/oz (subject to inflation adjustments).
 $/bbl) Expected Inflation (%)
Spot gold price, US$/oz
Precious Metals Weekly | 5

-1.0

-4.0

-7.0
5.0

2.0

OIL (USCRWTIC Comdty

1450
1250
1050
850
650
450
250

Spot silver price, US$/oz

28 March 2011

150
126
102

37

30

23

16
78
54
30

2
Feb-11

Spot Silver Price

Dec-10
Feb-11 Oct-10 Jul-10 Jul-10
Dec-10 Aug-10
Oct-10 Jun-10 May-09 May-09

Silver Non-Commercial Long/Short Contracts

Aug-10
Gold Non-Commercial Long/Short Contracts

Jun-10 Apr-10
USGGBE02 Index

Jan-10 Mar-08 Mar-08

Apr-10
Jan-10 Nov-09
USCRWTIC
Gold $/oz

Jan-07
Gold $/oz

Nov-09 Sep-09 Jan-07

Gold and Expected Inflation (1 Year)

Sep-09 Jul-09
Jul-09 Nov-05

Net Long Non-Commercial Contracts

May-09 Nov-05
May-09 Mar-09
Mar-09 Oct-04 Oct-04
Jan-09 Jan-09
Nov-08 Nov-08
Sep-08 Sep-08 Aug-03 Aug-03
Jul-08 Jul-08
May-08 May-08 Jun-02 Jun-02
Mar-08 Mar-08
Jan-08 Apr-01
Nov-07 Jan-08 Apr-01
Gold and Oil

Nov-07

80

60

40

20

-20
0
450
325
200

-50
-175
-300
75
1500
1340
1180
1020
860
700

900 contracts (000s)

700
1500

1300

1100
contracts (000s) Net long non-commercial
Gold $/oz Gold $/oz Net long non-commercial
DXY IBOXUMAE Index
300
252
204
156
108
Spot Silver (US$/oz)

40
36
32
28
24
20
16
12
90
86
82
78
74
70

60

8
4

40
37
34
31
28
25
22
19
16
13
10
7
Feb-11 Feb-11 Jan-11 Mar-11
Dec-10 Dec-10 Jan-11
Oct-10 Oct-10
Oct-10 Nov-10

IBOXUMAE Index
Aug-10 Aug-10 Aug-10 Sep-10
Jun-10 Jun-10 May-10 Jul-10

Gold $/oz
Apr-10 Apr-10 Apr-10
Mar-10
Jan-10 Jan-10 Feb-10
Nov-09 Dec-09

Gold/Silv Ratio
Nov-09 Dec-09

Silver
Sep-09 Sep-09 Oct-09 Oct-09

Silver
Jul-09 Jul-09 Aug-09
Jul-09
CHARTS AND TRENDS

May-09 May-09 Jun-09

Mar-09 Mar-09 May-09
Apr-09
Jan-09

Spot Gold/Spot Silver Ratio

Gold
Gold $/oz Jan-09 Feb-09 Feb-09
Nov-08 Nov-08 Dec-08 Dec-08
Sep-08 Sep-08

DXY
Oct-08

Gold and Silver Prices

Jul-08 Sep-08
Jul-08

Gold and Credit Risk

Aug-08
May-08 May-08 Jul-08
Jun-08
Mar-08 Mar-08 Apr-08 Apr-08
Jan-08 Jan-08

Source: Bloomberg
Gold and DXY
Jan-08 Jan-08
Nov-07 Nov-07

90
85
80
75
70
65
60
55
50
45
40
35
1500
1400
1300
1200
1100
1000
900
800
700
600
860
700
1500
1340
1180
1020

860
700
1500
1340
1180
1020
Gold/Silver Ratio
Gold $/oz Gold $/oz Gold Price
 Precious Metals Weekly | 6
28 March 2011

PRECIOUS METALS COMPARABLES TABLES

Figure 9: Precious metals companies – Summary comparables

BASIC MKT. CAP ADJUSTED LONG TERM DECK AMC*/oz AMC*/oz AMC/oz
28-Mar-11 SYMBOL- 25-Mar 52 WEEK TARGET IMPLIED SH. O/S BASIC MKT. CAP 5% $950 Au/ $17.25 Ag 2011E P&P LOM 2010
EXCHANGE CURR. CLOSE HIGH LOW $1500/oz Au RETURN RATING (mm) (US$mm) (US$mm) NAVPS P/NAV P/E P/CF recov recov. prod'n
SENIOR PRODUCERS
Barrick Gold ABX-N US$ $51.51 $55.72 $37.34 $67.00 30% BUY 986.2 $50,802 $62,878 $32.58 1.58 10.5 7.7 $628 $629 $6,308
Goldcorp GG-N US$ $48.90 $50.80 $36.63 $67.50 38% BUY 736.1 $35,997 $41,813 $27.70 1.77 24.5 16.4 $1,197 $780 $14,144
Kinross Gold KGC-N US$ $16.07 $19.90 $14.27 $25.00 56% BUY 1,133.3 $18,212 $24,699 $11.89 1.35 24.5 13.0 $479 $382 $7,223
INTERMEDIATE PRODUCERS
African Barrick Gold ABG-L GBP £5.39 £6.85 £4.86 £7.70 43% BUY 410.1 $3,546 $5,202 £4.48 1.20 11.5 6.5 $344 $344 $4,487
Agnico-Eagle Mines AEM-N US$ $67.69 $88.20 $54.12 $86.00 27% HOLD 168.8 $11,424 $14,360 $28.03 2.42 25.1 13.2 $851 $810 $11,727
Centerra Gold CG-T C$ $17.16 $23.60 $10.00 $21.00 22% HOLD 235.8 $4,126 $4,901 $12.54 1.40 11.8 9.8 $901 $712 $5,378
Eldorado Gold EGO-N US$ $16.27 $20.23 $9.37 $18.50 14% HOLD 547.7 $8,911 $9,104 $7.67 2.12 23.7 16.8 $1,752 $1,505 $12,987
IAMGOLD IAG-N US$ $22.50 $23.38 $9.91 $28.50 27% BUY 295.6 $6,652 $7,894 $14.07 1.60 16.0 11.0 $483 $383 $5,856
Randgold Resources GOLD-Q US$ $76.10 $106.44 $70.18 $98.00 29% BUY 90.6 $6,895 $7,289 $44.65 1.70 16.3 13.0 $944 $944 $20,082
Yamana Gold AUY-N US$ $12.32 $14.37 $8.42 $18.50 50% BUY 741.4 $9,134 $8,272 $10.87 1.13 11.5 7.9 $789 $639 $5,933
Sr./Int. Average 35% $854 $717 $9,766
JUNIOR PRODUCERS
Alamos Gold AGI-T C$ $16.35 $21.65 $13.57 $17.90 9% HOLD 116.3 $1,940 $1,971 $10.18 1.64 26.2 19.4 $913 $913 $11,255
Allied Nevada ANV-A US$ $34.18 $35.74 $15.50 $42.00 23% BUY 103.8 $3,547 $4,265 $20.23 1.69 34.0 28.0 NA $545 $22,731
Aura Minerals ORA-T C$ $3.26 $4.81 $2.86 $5.85 79% SPEC BUY 226.4 $753 NA $6.25 0.53 6.9 4.5 NA NA NA
Centamin Egypt CEE-T C$ $2.22 $3.28 $1.87 UR NA HOLD 1,081.9 $2,450 $2,432 $1.95 1.16 9.1 8.3 $343 $210 $14,799
Endeavour EDV-T C$ $2.68 $3.13 $2.06 $5.00 87% SPEC BUY 113.3 $310 $228 $4.15 0.66 18.7 6.8 $167 $168 $917
Gammon Gold GAM-T C$ $9.72 $9.96 $5.42 $9.95 2% HOLD 138.9 $1,377 $1,924 $5.77 1.72 11.8 8.6 $560 $560 $6,696
Golden Star GSS-A US$ $2.97 $6.01 $2.69 $4.00 35% HOLD 258.5 $768 $1,092 $1.22 2.44 19.0 5.6 $386 $276 $2,199
Lake Shore Gold LSG-T C$ $4.06 $4.42 $2.48 $3.80 (6%) HOLD 379.0 $1,569 $2,098 $1.84 2.25 28.6 22.7 $707 $707 $33,723
Minefinders MFL-T C$ $12.52 $12.78 $8.51 $14.45 15% SPEC BUY 79.7 $1,018 $1,365 $9.93 1.29 16.4 12.5 $561 $561 $14,660
Minera Andes MAI-T C$ $3.00 $3.24 $0.71 $3.70 23% SPEC BUY 279.9 $857 $590 $2.83 1.08 13.8 11.9 $485 $485 $6,767
New Gold NGD-A US$ $11.25 $11.51 $2.68 $13.00 16% BUY 399.0 $4,489 $5,006 $7.17 1.57 25.0 16.1 $1,117 $959 $11,115
Northgate Minerals NXG-A US$ $2.68 $3.54 $2.41 $4.50 68% BUY 291.1 $780 $1,446 $2.69 0.99 NA 8.1 $2,297 $1,957 $2,358
Primero Mining P-T C$ $3.91 $8.30 $3.00 $7.75 98% BUY 87.7 $350 $751 $4.42 0.90 41.5 9.4 $874 $231 $10,704
Junior Average 25% $641 $648 $12,643
SILVER PRODUCERS
Hecla Mining HL-N US$ $8.98 $11.56 $4.52 $11.00 22% HOLD 258.5 $2,321 $2,637 $4.57 1.97 20.9 10.7 $25.76 $13.17 $203
Pan American Silver PAAS-Q US$ $37.20 $42.33 $18.11 $47.50 28% BUY 107.2 $3,987 $4,883 $18.35 2.03 14.2 10.7 $15.60 $14.04 $152
Silver Wheaton SLW-N US$ $43.80 $46.38 $8.44 $46.50 6% HOLD 352.8 $15,453 $15,395 $18.62 2.35 27.6 23.7 $52.26 $23.00 $802
Fortuna Silver FVI-T C$ $5.54 $5.98 $1.85 $6.60 19% SPEC BUY 122.5 $692 $759 $6.62 0.85 27.7 13.4 $37.42 $11.63 $331
EMERGING PRODUCERS
Nevsun Resources NSU-T C$ $5.75 $7.54 $2.75 $8.00 39% HOLD 193.1 $1,111 $1,294 $6.82 0.84 6.7 6.2 $1,370 $1,370 NA
Osisko Mining OSK-T C$ $14.12 $16.39 $8.55 $21.00 49% SPEC BUY 379.6 $5,467 $6,389 $10.61 1.36 10.7 9.8 $373 $677 ($1,039)

* 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, Canaccord Genuity Limited estimates
 Precious Metals Weekly | 7
28 March 2011

Figure 10: Precious metals companies – Production, cost, and reserve summary
Production Prod'n Total Cash Costs Total Production Costs Recov. Reserves
28-Mar-11 (000 oz Au, mm oz Ag) Growth % (US$/oz) (US$/oz) P&P LOM* Reserve

2010A/E 2011E 2012E 2013E (11-13) 2010A/E 2011E 2012E 2013E 2010A/E 2011E 2012E 2013E (M oz) Growth %
SENIOR PRODUCERS
Barrick Gold 7,771 7,704 7,708 8,401 9% $457 $479 $514 $453 $577 $593 $635 $591 100.1 100.0 0%
Goldcorp 2,423 2,652 2,997 3,298 24% $272 $163 $98 $97 $526 $443 $334 $319 34.9 53.6 54%
Kinross Gold 2,343 2,560 2,573 2,818 10% $508 $594 $488 $478 $776 $886 $755 $759 51.6 64.6 25%
INTERMEDIATE PRODUCERS
African Barrick Gold 701 746 829 842 13% $569 $597 $488 $443 $712 $768 $675 $630 15.1 15.1 0%
Agnico-Eagle Mines 982 1,176 1,300 1,386 18% $460 $389 $408 $400 $642 $636 $639 $632 16.9 17.7 5%
Centerra Gold 679 624 862 1,042 67% $473 $475 $351 $382 $597 $718 $504 $562 5.4 6.9 26%
Eldorado Gold 633 741 841 888 20% $424 $438 $405 $402 $490 $502 $465 $459 5.2 6.0 16%
IAMGOLD 967 1,156 1,064 1,228 6% $574 $587 $548 $536 $744 $748 $728 $727 16.3 20.6 26%
Randgold Resources 440 721 971 975 35% $699 $573 $521 $468 $769 $650 $598 $535 7.7 7.7 0%
Yamana Gold 1,047 1,101 1,199 1,713 56% $441 $467 $462 $398 $766 $670 $656 $587 10.5 12.9 23%
JUNIOR PRODUCERS
Alamos Gold 156 162 190 219 35% $358 $443 $412 $357 $491 $557 $554 $508 2.2 2.2 0%
Allied Nevada 101 130 268 282 116% $417 $461 $509 $498 $486 $612 $664 $693 0.0 7.8 NA
Aura Minerals 138 210 273 296 41% $864 $661 $586 $594 $1001 $884 $826 $972 1.1 1.1 0%
Centamin Egypt 158 317 455 584 84% NA $422 $402 $393 $596 $480 $460 $451 7.1 11.6 63%
Endeavour 82 84 98 179 113% $656 $633 $723 $607 $913 $935 $983 $831 1.4 1.4 0%
Gammon Gold 193 253 363 360 42% $497 $420 $468 $495 $738 $620 $668 $695 3.4 3.4 0%
Golden Star 355 334 289 291 -13% $803 $908 $998 $974 $1025 $1085 $1168 $1146 2.8 4.0 40%
Lake Shore Gold 43 126 159 164 29% NA $582 $481 $450 $510 $693 $600 $585 3.0 3.0 0%
Minefinders 76 135 163 162 20% $620 $521 $466 $463 $753 $611 $567 $572 2.4 2.4 0%
Minera Andes 84 106 118 118 11% $495 $394 $371 $380 $593 $492 $469 $478 1.2 1.2 0%
New Gold 383 382 398 395 3% $428 $369 $145 $ (47) $586 $576 $411 $302 4.5 5.2 16%
Northgate Minerals 273 199 292 348 75% $660 $840 $741 $601 $1012 $1406 $1164 $1130 0.6 0.7 17%
Primero Mining 37 117 164 129 10% $657 $557 $400 $372 $541 $875 $717 $690 0.9 3.2 278%
SILVER PRODUCERS
Hecla Mining 10.6 9.5 9.8 10.3 8% $ (1.46) $ (1.20) $ (0.62) $0.67 $5.29 $5.85 $6.00 $6.78 102.4 200.2 96%
Pan American Silver 24.3 23.6 21.6 40.8 73% $5.68 $6.25 $7.20 $7.63 $9.85 $9.90 $10.74 $11.04 313.0 347.7 11%
Silver Wheaton 18.9 25.1 28.1 31.9 27% $3.97 $4.00 $4.04 $4.07 $6.34 $6.10 $6.17 $6.17 294.6 669.3 127%
Fortuna Silver 1.8 2.6 4.7 4.6 79% $ (7.61) $ (3.56) $2.43 $2.91 $ (3.90) $0.48 $7.14 $7.71 20.3 65.2 222%
EMERGING PRODUCERS
Nevsun Resources 0.0 212.0 261.5 74.0 -65% NA $171.57 $179.82 $- NA $228.65 $252.36 $403.22 0.9 0.9 0%
Osisko Mining 0.0 494.8 687.7 769.5 56% NA $327.76 $335.81 $301.49 NA $321.78 $445.40 $417.80 6.3 9.4 50%

* 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, Canaccord Genuity Limited estimates
 Precious Metals Weekly | 8
28 March 2011

Figure 11: Precious metal companies – Estimated earnings and cash flows

28-Mar-11 25-Mar EPS (fd) EPS Growth P/E CFPS(fd) CFPS Growth P/CF
Currency CLOSE 2010A/E 2011E 2012E 2013E 13/11E 2010A/E 2011E 2012E 2013E 2010A/E 2011E 2012E 2013E 13/11E 2010A/E 2011E 2012E 2013E
SENIOR PRODUCERS
Barrick Gold US$ $51.51 $3.29 $4.92 $4.58 $4.31 (12%) 15.7 10.5 11.3 12.0 $4.29 $6.66 $6.24 $6.22 (7%) 12.0 7.7 8.3 8.3
Goldcorp US$ $48.90 $1.35 $2.00 $2.73 $2.68 34% 36.2 24.5 17.9 18.3 $2.53 $2.98 $3.84 $3.74 26% 19.3 16.4 12.7 13.1
Kinross Gold US$ $16.07 $0.58 $0.66 $1.07 $0.97 48% 27.5 24.5 15.0 16.6 $1.40 $1.23 $1.68 $1.65 34% 11.5 13.0 9.6 9.7
INTERMEDIATE PRODUCERS
African Barrick Gold GBP £5.39 $0.53 $0.75 $0.89 $0.75 (0%) 16.3 11.5 9.7 11.5 $0.85 $1.33 $1.28 $1.13 (15%) 10.2 6.5 6.7 7.6
Agnico-Eagle Mines US$ $67.69 $1.60 $2.70 $3.43 $3.05 13% 42.4 25.1 19.7 22.2 $3.73 $5.14 $5.88 $5.20 1% 18.2 13.2 11.5 13.0
Centerra Gold C$ $17.16 $1.20 $1.48 $2.72 $2.55 72% 14.6 11.8 6.4 6.9 $1.48 $1.79 $3.28 $3.34 87% 11.8 9.8 5.3 5.2
Eldorado Gold US$ $16.27 $0.38 $0.69 $0.91 $0.82 20% 42.7 23.7 17.8 19.7 $0.65 $0.97 $1.28 $1.21 25% 25.2 16.8 12.7 13.5
IAMGOLD US$ $22.50 $0.76 $1.41 $1.34 $1.31 (7%) 29.5 16.0 16.8 17.2 $1.13 $2.04 $1.92 $2.03 (1%) 19.9 11.0 11.7 11.1
Randgold Resources US$ $76.10 $1.12 $4.68 $6.20 $4.98 6% 67.9 16.3 12.3 15.3 $1.43 $5.87 $7.88 $6.59 12% 53.2 13.0 9.7 11.6
Yamana Gold US$ $12.32 $0.60 $1.07 $1.21 $1.32 23% 20.4 11.5 10.2 9.4 $1.01 $1.57 $1.76 $1.97 26% 12.2 7.9 7.0 6.3
Sr./Int. Average 31.6 18.8 14.6 15.7 18.5 12.1 10.0 10.4
JUNIOR PRODUCERS
Alamos Gold C$ $16.35 $0.56 $0.64 $0.85 $0.88 38% 29.7 26.2 19.6 19.0 $0.81 $0.86 $1.12 $1.19 38% 20.7 19.4 15.0 14.0
Allied Nevada US$ $34.18 $0.43 $1.01 $1.29 $1.01 (0%) 78.8 34.0 26.4 34.0 $0.46 $1.22 $1.73 $1.56 28% 74.0 28.0 19.8 21.9
Aura Minerals C$ $3.26 $ (0.13) $0.47 $0.73 $1.60 240% NA 6.9 4.5 2.0 $0.03 $0.74 $1.06 $2.14 190% 118.6 4.5 3.1 1.6
Centamin Egypt C$ $2.22 $0.07 $0.25 $0.36 $0.26 4% 30.9 9.1 6.4 8.8 $0.09 $0.27 $0.42 $0.47 72% 26.3 8.3 5.4 4.8
Endeavour C$ $2.68 $0.64 $0.15 $0.26 $0.73 396% 4.3 18.7 10.3 3.8 $ (0.90) $0.40 $0.52 $1.11 175% NA 6.8 5.2 2.5
Gammon Gold C$ $9.72 $ (1.13) $0.84 $1.06 $0.80 (5%) NA 11.8 9.3 12.5 $0.73 $1.15 $1.47 $1.21 5% 13.6 8.6 6.7 8.2
Golden Star US$ $2.97 $ (0.03) $0.16 $0.08 $0.02 (87%) NA 19.0 37.1 142.8 $0.38 $0.53 $0.35 $0.24 (55%) 7.9 5.6 8.5 12.6
Lake Shore Gold C$ $4.06 $0.03 $0.14 $0.21 $0.18 26% 121.4 28.6 19.6 22.7 $0.04 $0.18 $0.26 $0.24 32% 110.3 22.7 15.8 17.2
Minefinders C$ $12.52 $0.07 $0.78 $1.07 $0.87 12% 171.3 16.4 11.9 14.6 $0.38 $1.02 $1.37 $1.19 16% 33.6 12.5 9.3 10.8
Minera Andes C$ $3.00 NA $0.22 $0.26 $0.22 (1%) NA 13.8 11.7 14.0 NA $0.26 $0.30 $0.26 1% NA 11.9 10.1 11.8
New Gold US$ $11.25 $0.28 $0.45 $0.55 $0.53 17% 39.7 25.0 20.3 21.3 $0.43 $0.70 $0.96 $1.06 52% 26.3 16.1 11.7 10.6
Northgate Minerals US$ $2.68 $0.08 $ (0.04) $0.15 $0.11 NA 33.4 NA 18.0 25.5 $0.63 $0.33 $0.66 $0.73 122% 4.3 8.1 4.1 3.7
Primero Mining C$ $3.91 $ (0.25) $0.10 $0.46 $0.65 NA NA 41.5 8.7 6.2 $0.30 $0.43 $0.85 $1.09 157% 13.4 9.4 4.7 3.7
Junior Average 36.7 15.8 13.1 19.2 39.0 14.3 10.5 10.8
SILVER PRODUCERS
Hecla Mining US$ $8.98 $0.33 $0.43 $0.43 $0.35 (19%) 27.5 20.9 20.8 25.8 $0.72 $0.84 $0.83 $0.71 (15%) 12.5 10.7 10.8 12.7
Pan American Silver US$ $37.20 $1.01 $2.61 $2.15 $2.90 11% 36.8 14.2 17.3 12.8 $2.02 $3.48 $2.74 $4.45 28% 18.4 10.7 13.6 8.4
Silver Wheaton US$ $43.80 $0.75 $1.59 $1.77 $1.67 5% 58.2 27.6 24.7 26.2 $0.92 $1.85 $2.05 $1.99 8% 47.5 23.7 21.3 22.0
Fortuna Silver C$ $5.54 $0.12 $0.20 $0.45 $0.33 60% 48.1 27.7 12.6 17.2 $0.20 $0.42 $0.77 $0.64 51% 27.6 13.4 7.4 8.9
EMERGING PRODUCERS
Nevsun Resources C$ $5.75 $ (0.06) $0.86 $1.09 $1.04 20% NA 6.7 5.3 5.5 $ (0.03) $0.92 $1.18 $1.14 24% NA 6.2 4.9 5.0
Osisko Mining C$ $14.12 $ (0.03) $1.32 $1.77 $1.09 (17%) NA 10.7 8.0 12.9 $ (0.03) $1.45 $1.97 $1.32 (8%) NA 9.8 7.2 10.7

* Price and target in Canadian dollars, all other figures in US dollars unless noted otherwise.
R – Restricted.
Source: Bloomberg, Company reports, Canaccord Genuity estimates, Canaccord Genuity Limited estimates
 Precious Metals Weekly | 9
28 March 2011

Figure 12: NAV sensitivity

NAV SENSITIVITY Leverage
28-Mar-11 SYMBOL- 25-Mar TARGET SPOT $1429.74 Au/ $37.33 Ag 52 wk Hi 52 wk Low Avg LONG TERM DECK $950 Au/ $17.25 Ag % Change in NAV
ANALYST EXCHANGE Currency CLOSE $1500/oz Au RATING NAV 0% P/NAV NAV 5% P/NAV P/NAV @5%/SPOT NAV 0% P/NAV NAV 5% P/NAV @0% @5%
SENIOR PRODUCERS
Barrick Gold SB ABX-N US$ $51.51 $67.00 BUY $70.63 0.73 $50.16 1.03 1.17 0.98 1.07 $43.67 1.18 $32.58 1.58 (38.2%) (35.0%)
Goldcorp SB GG-N US$ $48.90 $67.50 BUY $58.99 0.83 $39.28 1.24 1.48 1.11 1.30 $40.32 1.21 $27.70 1.77 (31.6%) (29.5%)
Kinross Gold SB KGC-N US$ $16.07 $25.00 BUY $28.48 0.56 $20.11 0.80 1.16 0.74 0.95 $16.03 1.00 $11.89 1.35 (43.7%) (40.9%)
INTERMEDIATE PRODUCERS
African Barrick Gold TB ABG-L GBP £5.39 £7.70 BUY £9.87 0.55 £7.34 0.73 1.01 0.70 0.84 £5.00 1.08 £4.48 1.20 (49.4%) (39.0%)
Agnico-Eagle Mines SB AEM-N US$ $67.69 $86.00 HOLD $70.53 0.96 $49.66 1.36 1.70 1.36 1.56 $37.58 1.80 $28.03 2.42 (46.7%) (43.6%)
Centerra Gold SB CG-T C$ $17.16 $21.00 HOLD $24.02 0.73 $18.58 0.94 1.21 0.87 1.05 $15.28 1.15 $12.54 1.40 (36.4%) (32.5%)
Eldorado Gold SB EGO-N US$ $16.27 $18.50 HOLD $16.22 1.00 $11.46 1.42 1.93 1.34 1.68 $10.14 1.60 $7.67 2.12 (37.5%) (33.0%)
IAMGOLD SB IAG-N US$ $22.50 $28.50 BUY $33.54 0.67 $21.96 1.02 1.17 0.82 1.00 $20.79 1.08 $14.07 1.60 (38.0%) (35.9%)
Randgold Resources TB GOLD-Q US$ $76.10 $98.00 BUY $110.06 0.69 $66.16 1.15 1.67 1.12 1.43 $68.94 1.10 $44.65 1.70 (37.4%) (32.5%)
Yamana Gold SB AUY-N US$ $12.32 $18.50 BUY $17.67 0.70 $14.20 0.87 1.01 0.86 0.95 $13.01 0.95 $10.87 1.13 (26.4%) (23.5%)
Sr./Int Cap-Wtd Average 1. 08 1.37 1.05 1.22 1.67
JUNIOR PRODUCERS
Alamos Gold WZ AGI-T C$ $16.35 $17.90 HOLD $16.38 1.02 $12.28 1.36 1.73 1.29 1.50 $13.34 1.25 $10.18 1.64 (18.6%) (17.1%)
Allied Nevada SB ANV-A US$ $34.18 $42.00 BUY $79.03 0.43 $51.03 0.67 0.69 0.53 0.61 $28.78 1.19 $20.23 1.69 (63.6%) (60.4%)
Aura Minerals SB ORA-T C$ $3.26 $5.85 SPEC BUY $8.03 0.41 $7.01 0.47 0.78 0.47 0.62 $7.11 0.47 $6.25 0.53 (11.4%) (10.9%)
Centamin Egypt TB CEE-T C$ $2.22 UR HOLD $4.76 0.48 $3.01 0.75 1.13 0.68 0.93 $2.87 0.79 $1.95 1.16 (39.7%) (35.3%)
Endeavour NCa EDV-T C$ $2.68 $5.00 SPEC BUY $5.86 0.47 $5.28 0.52 0.60 0.49 0.56 $4.43 0.62 $4.15 0.66 (24.3%) (21.4%)
Gammon Gold WZ GAM-T C$ $9.72 $9.95 HOLD $12.07 0.82 $9.74 1.02 1.23 0.80 1.00 $6.83 1.45 $5.77 1.72 (43.4%) (40.8%)
Golden Star RP GSS-A US$ $2.97 $4.00 HOLD $5.01 0.59 $3.83 0.78 1.44 0.62 1.01 $1.20 2.47 $1.22 2.44 (75.9%) (68.3%)
Lake Shore Gold WZ LSG-T C$ $4.06 $3.80 HOLD $4.34 0.95 $3.08 1.34 1.38 1.02 1.16 $2.40 1.73 $1.84 2.25 (44.8%) (40.3%)
Minefinders WZ MFL-T C$ $12.52 $14.45 SPEC BUY $23.07 0.55 $17.42 0.73 0.90 0.58 0.74 $12.38 1.03 $9.93 1.29 (46.4%) (43.0%)
Minera Andes WZ MAI-T C$ $3.00 $3.70 SPEC BUY $5.13 0.66 $3.42 0.90 1.20 0.77 0.96 $4.33 0.71 $2.83 1.08 (15.6%) (17.3%)
New Gold SB NGD-A US$ $11.25 $13.00 BUY $8.57 1.31 $9.10 1.24 1.41 0.96 1.15 $7.22 1.56 $7.17 1.57 (15.7%) (21.2%)
Northgate Minerals RP NXG-A US$ $2.68 $4.50 BUY $6.38 0.42 $4.51 0.59 0.93 0.59 0.73 $3.72 0.72 $2.69 0.99 (41.7%) (40.3%)
Primero Mining SB P-T C$ $3.91 $7.75 BUY $9.68 0.41 $6.21 0.64 1.03 0.57 0.69 $6.68 0.60 $4.42 0.90 (31.0%) (28.8%)
Junior Average 0. 94 1.29 0.84 1.02 1.50
SILVER PRODUCERS
Hecla Mining SB HL-N US$ $8.98 $11.00 HOLD $13.55 0.66 $9.90 0.91 1.64 0.90 1.36 $5.95 1.51 $4.57 1.97 (56.1%) (53.9%)
Pan American Silver SB PAAS-Q US$ $37.20 $47.50 BUY $59.54 0.62 $43.02 0.86 1.49 0.86 1.29 $22.92 1.62 $18.35 2.03 (61.5%) (57.3%)
Silver Wheaton SB SLW-N US$ $43.80 $46.50 HOLD $62.24 0.70 $39.78 1.10 1.34 1.07 1.20 $27.52 1.59 $18.62 2.35 (55.8%) (53.2%)
Fortuna Silver NCa FVI-T C$ $5.54 $6.60 SPEC BUY $9.97 0.60 $8.25 0.69 0.73 0.65 0.69 $7.98 0.71 $6.62 0.85 (20.0%) (19.8%)
EMERGING PRODUCERS
Nevsun Resources SB NSU-T C$ $5.75 $8.00 HOLD $7.65 0.75 $6.89 0.83 1.10 0.65 0.86 $7.55 0.76 $6.82 0.84 (1.3%) (1.1%)
Osisko Mining SB OSK-T C$ $14.12 $21.00 SPEC BUY $25.48 0.57 $16.02 0.90 1.32 0.87 1.01 $15.96 0.90 $10.61 1.36 (37.4%) (33.8%)
EXPLORATION / DEVELOPMENT COMPANIES
Andina Minerals SB ADM-V C$ $1.44 $3.00 SPEC BUY $10.12 0.15 $5.62 0.26 0.36 0.23 0.28 $5.07 0.29 $1.60 0.92 (49.9%) (71.5%)
Detour Gold SB DGC-T C$ $32.61 $42.00 SPEC BUY $80.36 0.41 $44.70 0.74 1.03 0.61 0.78 $36.78 0.90 $19.96 1.67 (54.2%) (55.4%)
Keegan Resources NCa KGN-T C$ $8.61 $14.00 SPEC BUY $19.47 0.45 $14.38 0.61 $10.71 0.82 $8.37 1.05 (45.0%) (41.8%)
Rio Novo Gold RP RN-T C$ $1.90 $3.25 SPEC BUY $5.94 0.33 $4.49 0.43 0.66 0.43 0.54 $3.27 0.59 $2.54 0.76 (45.0%) (43.5%)
Tahoe Resources SB THO-T C$ $20.35 $21.75 SPEC BUY $56.17 0.37 $32.96 0.63 0.66 0.50 0.60 $22.14 0.94 $13.72 1.51 (60.6%) (58.4%)

Price and Target in CDN (CG, AGI, GAM, MFL, KGN, ADM, DGC, OSK, P, AXR, RN, ORA, THO), all other figures in USD unless noted. CEE, EDV estimates expressed on calendar year basis; company reports year end in June
African Barrick closing price, target price, and NAVPS estimates for ABG are shown in GBP
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
Spot NAV's for GAM, MFL, P calculated at Spot Gold, Spot Silver and Long Term Price Deck for Base Metals Due to High Silver Content
NAV 5% - AVR, THO discounted at 7.5%, AXR discounted at 6%, ADM discounted at 12.5%
Long Term Price Deck - Gold (US$/oz) 2008A: 873, 2009A: 973, 2010A: 1226, 2011E: 1450, 2012E: 1450, 2013E: 1300, 2014E: 1150, 2015E: 1000, 2016E+: 950
Long Term Price Deck - Silver (US$/oz) 2008A: 14.99, 2009A: 14.68, 2010A: 20.21, 2011E: 29.75, 2012E: 29, 2013E: 25, 2014E: 21, 2015E: 18.25, 2016E+: 17.25
Long Term Price Deck - Copper (US$/lb) 2008A: 3.16, 2009A: 2.34, 2010A: 3.42, 2011E: 4.75, 2012E: 4.75, 2013E: 4, 2014E: 3.5, 2015E: 3, 2016E+: 2.5
Long Term Price Deck - Zinc (US$/lb) 2008A: 0.86, 2009A: 0.75, 2010A: 0.98, 2011E: 1.1, 2012E: 1.1, 2013E: 1.1, 2014E: 1.1, 2015E: 1, 2016E+: 0.9

Source: Bloomberg, Capital IQ, Canaccord Genuity estimates, Canaccord Genuity Limited estimates
 Precious Metals Weekly | 10
28 March 2011

Figure 13: Target prices and ratings

Estimates (LTD) Estimates (@$1,500 Au/$30 Ag) Multiples (LTD) Target Multiples @ Peak Multiple weighting
25-Mar NAVPS EPS CFPS NAVPS EPS CFPS P/NAV P/E P/CF Price / P/E P/CF Price / P/E P/CF CG
Currency CLOSE @5% 2011E 2011E @5% 2011E 2011E @5% 2011E 2011E 5% NAV 2011E 2011E NAV 2011E 2011E Target Rating
SENIOR PRODUCERS
Barrick Gold US$ $51.51 $32.58 $4.92 $6.66 $55.85 $5.21 $6.98 1.58 10.5 7.7 1.20 12.0 9.5 70% 10% 20% $67.00 BUY
Goldcorp US$ $48.90 $27.70 $2.00 $2.98 $45.12 $2.11 $3.09 1.77 24.5 16.4 1.50 20.0 80% 20% $67.50 BUY
Kinross Gold US$ $16.07 $11.89 $0.66 $1.23 $21.84 $0.73 $1.32 1.35 24.5 13.0 1.15 24.0 15.0 70% 10% 20% $25.00 BUY
INTERMEDIATE PRODUCERS
African Barrick Gold GBP £5.39 £4.48 $0.75 $1.33 £7.94 $0.82 $1.40 1.20 7.1 4.1 1.00 9.5 5.5 70% 20% 10% £7.70 BUY
Agnico-Eagle Mines US$ $67.69 $28.03 $2.70 $5.14 $55.65 $2.91 $5.44 2.42 25.1 13.2 1.55 29.0 16.0 70% 30% $86.00 HOLD
Centerra Gold C$ $17.16 $12.54 $1.48 $1.79 $20.03 $1.59 $1.90 1.40 11.8 9.8 1.05 14.0 11.0 70% 10% 20% $21.00 HOLD
Eldorado Gold US$ $16.27 $7.67 $0.69 $0.97 $12.30 $0.73 $1.01 2.12 23.7 16.8 1.50 26.0 19.5 60% 20% 20% $18.50 HOLD
IAMGOLD US$ $22.50 $14.07 $1.41 $2.04 $23.62 $1.51 $2.15 1.60 16.0 11.0 1.20 18.0 11.5 70% 10% 20% $28.50 BUY
Randgold Resources US$ $76.10 $44.65 $4.68 $5.87 $70.74 $4.89 $6.11 1.70 16.3 13.0 1.35 22.0 16.5 70% 20% 10% $98.00 BUY
Yamana Gold US$ $12.32 $10.87 $1.07 $1.57 $15.35 $1.12 $1.62 1.13 11.5 7.9 1.20 15.5 10.5 60% 20% 20% $18.50 BUY
Sr./Int. Average 1.31
JUNIOR PRODUCERS
Alamos Gold C$ $16.35 $10.18 $0.64 $0.86 $12.78 $0.68 $0.90 1.64 26.2 19.4 1.40 100% $17.90 HOLD
Allied Nevada US$ $34.18 $20.23 $1.01 $1.22 $46.74 $0.88 $1.06 1.69 34.0 28.0 0.90 100% $42.00 BUY
Aura Minerals C$ $3.26 $6.25 $0.47 $0.74 $7.33 $0.50 $0.77 0.53 7.1 4.5 0.80 100% $5.85 SPEC BUY
Centamin Egypt C$ $2.22 $1.95 $0.25 $0.27 UR $0.26 $0.29 1.16 9.1 8.3 1.10 100% UR HOLD
Endeavour C$ $2.68 $4.15 $0.15 $0.40 $5.57 $0.17 $0.42 0.66 18.7 6.8 0.90 100% $5.00 SPEC BUY
Gammon Gold C$ $9.72 $5.77 $0.84 $1.15 $9.03 $0.88 $1.19 1.72 11.8 8.6 1.10 100% $9.95 HOLD
Golden Star US$ $2.97 $1.22 $0.16 $0.53 $4.40 $0.33 $0.80 2.44 19.0 5.6 0.90 100% $4.00 HOLD
Lake Shore Gold C$ $4.06 $1.84 $0.14 $0.18 $3.32 $0.19 $0.23 2.25 28.6 22.7 1.15 100% $3.80 HOLD
Minefinders C$ $12.52 $9.93 $0.78 $1.02 $16.06 $0.81 $1.06 1.29 16.4 12.5 0.90 100% $14.45 SPEC BUY
Minera Andes C$ $3.00 $2.83 $0.22 $0.26 $3.50 $0.23 $0.26 1.08 13.8 11.9 1.10 100% $3.70 SPEC BUY
New Gold US$ $11.25 $7.17 $0.45 $0.70 $9.60 $0.48 $0.73 1.57 25.0 16.1 1.35 100% $13.00 BUY
Northgate Minerals US$ $2.68 $2.69 $ (0.04) $0.33 $4.96 $ (0.02) $0.37 0.99 -68.5 8.1 0.90 100% $4.50 BUY
Primero Mining C$ $3.91 $4.42 $0.10 $0.43 $7.76 $0.13 $0.46 0.90 41.5 9.4 1.00 70% 10% 20% $7.75 BUY
Junior Average 1.09
SILVER PRODUCERS
Hecla Mining US$ $8.98 $4.57 $0.43 $0.84 $7.81 $0.44 $0.85 1.97 20.9 10.7 1.35 19.0 10.0 60% 40% $11.00 HOLD
Pan American Silver US$ $37.20 $18.35 $2.61 $3.48 $32.88 $2.67 $3.55 2.03 14.2 10.7 1.45 16.0 12.0 60% 20% 20% $47.50 BUY
Silver Wheaton US$ $43.80 $18.62 $1.59 $1.85 $31.15 $1.61 $1.87 2.35 27.6 23.7 1.50 24.5 20.0 100% $46.50 HOLD
Fortuna Silver C$ $5.54 $6.62 $0.20 $0.42 $6.63 $0.26 $0.42 0.85 27.7 13.4 1.00 100% $6.60 SPEC BUY
EMERGING PRODUCERS
Nevsun Resources C$ $5.75 $6.82 $0.86 $0.92 $7.21 $0.88 $0.94 0.84 6.7 6.2 1.10 100% $8.00 HOLD
Osisko Mining C$ $14.12 $10.61 $1.32 $1.45 $17.21 $1.35 $1.48 1.36 10.9 10.0 1.20 100% $21.00 SPEC BUY

*Price and target in Canadian dollars, all other figures in US dollars unless noted otherwise.
R – Restricted.
EPS, CFPS estimates based on $1,500/oz peak assumption for gold companies and $30/oz peak for silver companies.
Source: Canaccord Genuity estimates, Canaccord Genuity Limited estimates
 Precious Metals Weekly | 11
28 March 2011

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 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
1.14:1, indicating the balance is skewed towards net buying.

Figure 14: Insider buying/selling

1600 800%
1400 700%
1200 600%
Spot Gold (US$)

1000 500%
800 400%
600 300%
400 200%
200 100%
0 0%
Feb-08 Jul-08 Nov-08Mar-09 Jul-09 Nov-09Mar-10 Jul-10 Dec-10
Spot Gold price INK - Precious 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 | 12
28 March 2011

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 exercise). We provide the data below:

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

2011 Ne t W e e k l y 2010
Co mp a n y Ne t B u y i n g / B uy i ng / Ne t B uy i n g /
Na m e Ti ck e r (Ne t Se l l i n g) C$ (Se l l i n g) C$ (Ne t Se l l i n g) C$
Agnico-Eagle AEM (1,836,409) 0 (21,285,240)
Andina Minerals ADM 0 0 (76,018)
Aura Minerals ORA 0 0 (1,569,964)
Barrick Gold ABX (2,562,527) (224,658) (27,254,984)
Centerra Gold CG (332,456) 0 (6,778,457)
Detour Gold DGC 0 0 (7,042,242)
Eldorado Gold ELD 174,950 0 (27,189,344)
Gammon Gold GAM 0 0 (2,021,401)
Golden Star GSC 36,264 0 (1,791,516)
IAMGOLD IMG 0 0 (2,660,409)
Kinross K (1,621,029) 113,043 (6,904,751)
Minefinders MFL 0 0 92,124
New Gold NGD (1,205,449) (1,185,473) (17,005,184)
Northgate NGX 0 0 (15,585)
Osisko Mining OSK (581,147) 0 (15,689,920)
Pan American PAA (175,187) (208,055) (5,685,376)
Silver Wheaton SLW (8,804,375) (427,275) (18,772,186)
Yamana Gold YRI (8,774,824) (4,441,833) (607,281)

Source: INK Research, Canaccord Genuity

 Precious Metals Weekly | 13
28 March 2011

APPENDIX I
Barrick Gold Goldcorp
Sh are Price vs Spot Gold (ABX) Share Price vs Spot Gold (GG)
y = 0.0372x - 1.4831
R² = 0.9348 y = 0.0236x + 13.113
R² = 0.7317
$60.00 $55.00
$55.00 $50.00
$50.00 $ 1 , 430 , $48
$48.
48.90
$ 1 , 430 , $51
$51.
51.51 $45.00

Share Price (US$)

$45.00
Share Price (US$)

$40.00
$40.00
$35.00
$35.00
$30.00
$30.00
$25.00 $25.00
$20.00 $20.00
$15.00 $15.00
$10.00 $10.00
$650 $850 $1,050 $1,250 $1,450 $1,650 $650 $850 $1,050 $1,250 $1,450 $1,650
Spot Gold (US$/oz) Spot Gold (US$/oz)

Kinross Gold Agnico-Eagle Mines

Sh are Price vs Spot Gold (KGC) Share Price vs Spot Gold (AEM)
y = 0.0404x + 15.79
y = -0.0027x + 21.256
R² = 0.062 R² = 0.6053
$25.00 $100.00
$23.00
$90.00
$21.00
$80.00
$19.00
Share Price (US$)
Share Price (US$)

$17.00 $70.00
$ 1 , 430 , $67
$67.
67.69
$ 1 , 430 , $16
$16.
16.07
$15.00 $60.00
$13.00
$50.00
$11.00
$40.00
$9.00
$7.00 $30.00
$5.00 $20.00
$650 $850 $1,050 $1,250 $1,450 $1,650 $650 $850 $1,050 $1,250 $1,450 $1,650
Spot Gold (US$/oz) Spot Gold (US$/oz)

Centerra Gold IAMGOLD

Sh are Price vs Spot Gold (CG) y = 0.0266x - 18.553 Share Price vs Spot Gold (IAG)
R² = 0.9138 y = 0.0195x - 7.1129
R² = 0.812
$25.00
$25.00
$ 1 , 430 , $22
$22.
22.50
$20.00
$20.00
$ 1 , 430 , $17
$17.
17.16
Share Price (US$)
Share Price (C$)

$15.00 $15.00

$10.00 $10.00

$5.00
$5.00

$0.00
$0.00
$650 $850 $1,050 $1,250 $1,450 $1,650
$650 $850 $1,050 $1,250 $1,450 $1,650
Spot Gold (US$/oz) Spot Gold (US$/oz)

Randgold Resources Yamana Gold

S h are Price vs Spot Gold (GOLD) y = 0.0643x + 3.9453
R² = 0.6105 Share Price vs Spot Gold (AUY)
y = 0.0054x + 4.5282
R² = 0.4521
$110.00
$16.00
$100.00
$90.00 $14.00
$ 1 , 430 , $12
$12.
12.32
$80.00 $12.00
Share Price (US$)

Share Price (US$)

$ 1 , 430 , $76
$76.
76.10
$70.00 $10.00
$60.00
$8.00
$50.00
$40.00 $6.00
$30.00 $4.00
$20.00 $2.00
$10.00
$0.00
$650 $850 $1,050 $1,250 $1,450 $1,650
$650 $850 $1,050 $1,250 $1,450 $1,650
Spot Gold (US$/oz)
Spot Gold (US$/oz)
 Precious Metals Weekly | 14
28 March 2011

Alamos Gold Eldorado Gold

S h are Price vs Spot Gold (AGI) Share Price vs Spot Gold (EGO)
y = 0.0194x - 8.8061 y = 0.0194x - 8.3208
R² = 0.889 R² = 0.835
$27.00 $25.00

$22.00 $20.00

Share Price (US$)

$ 1 , 430 , $16
$16.
16.27
Share Price (C$)

$17.00 $15.00
$ 1 , 430 , $16
$16.
16.35
$12.00 $10.00

$7.00 $5.00

$2.00 $0.00
$650 $850 $1,050 $1,250 $1,450 $1,650 $650 $850 $1,050 $1,250 $1,450 $1,650
Spot Gold (US$/oz) Spot Gold (US$/oz)

Gammon Gold Golden Star

S h are Price vs Spot Gold (GAM) Sh are Price vs Spot Gold (GSS)
y = -0.0018x + 10.446
R² = 0.0366 y = 0.005x - 2.2396
$7.00 R² = 0.6237
$14.00
$6.00
$12.00

$10.00 $5.00

Share Price (US$)

Share Price (C$)

$ 1 , 430 , $9
$9.72
$8.00 $4.00

$6.00 $3.00
$ 1 , 430 , $2
$2.97
$4.00 $2.00
$2.00
$1.00
$0.00
$0.00
$650 $850 $1,050 $1,250 $1,450 $1,650
$650 $850 $1,050 $1,250 $1,450 $1,650
Spot Gold (US$/oz) Spot Gold (US$/oz)

New Gold Northgate Minerals

Share Price vs Spot Gold (NGD) Sh are Price vs Spot Gold (NXG)
y = 0.0148x - 11.909
R² = 0.8765 y = 0.0019x + 0.5174
$14.00 R² = 0.4367
$4.00
$12.00 $3.50
$ 1 , 430 , $11
$11.
11.25
$10.00 $3.00
Share Price (US$)

Share Price (US$)

$ 1 , 430 , $2
$2. 68
$2.50
$8.00
$2.00
$6.00
$1.50
$4.00 $1.00

$2.00 $0.50
$0.00
$0.00
$650 $850 $1,050 $1,250 $1,450 $1,650
$650 $850 $1,050 $1,250 $1,450 $1,650
Spot Gold (US$/oz) Spot Gold (US$/oz)

Osisko Minefinders
Share Price vs Spot Gold (OSK ) y = 0.0018x + 7.9196
y = 0.0179x - 10.59 Sh are Price vs Spot Gold (MFL)
R² = 0.889 R² = 0.1053
$14.00
$18.00
$ 1 , 430 , $12
$12.
12.52
$16.00 $12.00
$14.00
$10.00
$12.00
Share Price (C$)

Share Price (C$)

$ 1 , 430 , $14
$14.
14.12
$10.00 $8.00
$8.00
$6.00
$6.00
$4.00 $4.00
$2.00
$2.00
$0.00
$650 $750 $850 $950 $1,050 $1,150 $1,250 $1,350 $1,450 $1,550 $0.00

Spot Gold (US$/oz) $650 $850 $1,050 $1,250 $1,450 $1,650

Spot Gold (US$/oz)
 Precious Metals Weekly | 15
28 March 2011

Detour Gold Keegan Resources

Sha re Price vs Spot Gold (DG C) - 2 years Spot Price vs Spot Gold (KGN) y = 0.0112x - 7.0435
y = 0.0445x - 31.133
R² = 0.8649
R² = 0.9029 $10.00
$40.00
$ 1 , 430 , $32
$32.
32.61 $ 1 , 430 , $8
$8.61
$35.00 $8.00
$30.00

Share Price (C$)

Share Price (US$)

$25.00 $6.00
$20.00
$4.00
$15.00

$10.00
$2.00
$5.00

$0.00 $0.00
$650 $750 $850 $950 $1,050 $1,150 $1,250 $1,350 $1,450 $1,550
$650 $850 $1,050 $1,250 $1,450 $1,650
Spot Gold (US$/oz)
Spot Gold (US$/oz)

Rio Novo Allied Nevada

Share Price vs Spot Gold (RN) Share Price vs Spot Gold (ANV) y = 0.0465x - 36.794
y = 0.0041x - 3.5924
R² = 0.9437
R² = 0.6737
$3.00 $40.00
$35.00
$ 1, 430 , $34
$34.
34.18
$2.50
$30.00

Share Price (C$)

$25.00
$2.00
Share Price (C$)

$ 1 , 430 , $1
$1.90 $20.00
$1.50 $15.00
$10.00
$1.00
$5.00
$0.50 $0.00
$650 $850 $1,050 $1,250 $1,450 $1,650
$0.00 Spot Gold (US$/oz)
$650 $850 $1,050 $1,250 $1,450 $1,650
Spot Gold (US$/oz)
 Precious Metals Weekly | 16
28 March 2011

Pan American Silver Hecla Mining

S h are Price vs Spot Silver (PAAS) Sh are Price vs Spot Silver (HL)
y = 1.023x + 5.8053
y = 0.3627x - 1.3865
R² = 0.9115
R² = 0.8522
$50.00 $14.00
$45.00
$12.00
$40.00
$35.00 $10.00

Share Price (US$)

Share Price (US$)

$ 37.
37 . 33 , $37
$37.
37.20
$30.00 $8.00
$ 37 . 33 , $8
$8.98
$25.00
$6.00
$20.00
$15.00 $4.00
$10.00
$2.00
$5.00
$0.00 $0.00
$6.00 $11.00 $16.00 $21.00 $26.00 $31.00 $36.00 $41.00 $6.00 $11.00 $16.00 $21.00 $26.00 $31.00 $36.00 $41.00
Spot Silver (US$/oz) Sp ot Silver (US$/oz)

Silver Wheaton Fortuna Silver

y = 0.2013x - 1.5124
Sh are Price vs Spot Silver (SLW) Sh are Price vs Spot Silver (FVI) R² = 0.921
y = 1.6425x - 12.588
$7.00
R² = 0.9581
$60.00 $ 37 .33 , $5
$5.54
$6.00
$50.00
$5.00

Share Price (US$)

$40.00
Share Price (US$)

$ 37 .33 , $43
$43.
43.80 $4.00
$30.00
$3.00
$20.00
$2.00
$10.00
$1.00
$0.00
$0.00
$6.00 $11.00 $16.00 $21.00 $26.00 $31.00 $36.00 $41.00
$6.00 $11.00 $16.00 $21.00 $26.00 $31.00 $36.00 $41.00
Spot Silver (US$/oz)
Sp ot Silver (US$/oz)
 Precious Metals Weekly | 17
28 March 2011

UPCOMING EVENTS
Finally, we provide a calendar of upcoming events.

Figure 17: Upcoming events

Location or
Company Event Date Time Call-
Call-in Number Analyst
Aura Minerals Q4/10 Earnings 30-Mar-11 After Market S.B.
Aura Minerals Q4/10 Earnings Call 31-Mar-11 9:00 am EST 800.355.4959 S.B.

Kinross Q1/11 Earnings 3-May-11 After Market S.B.

Kinross Q1/11 Earnings Call 4-May-11 7:45 am EST 800.319.4610 S.B.

Barrick 2010 AGM 24-Apr-11 10:00 am EST 255 Front St, Tor S.B.
Agnico-Eagle 2010 AGM 29-Apr-11 11:00 am EST 37 King St, Tor S.B.
Tahoe 2010 AGM 2-May-11 12:00 pm EST 1133 W. Hastings, Van S.B.
Kinross 2010 AGM 4-May-11 10:00 am EST 234 Bay St, Tor S.B.
New Gold 2010 AGM 4-May-11 4:00 pm EST 77 Adelaide St W, Tor S.B.
Northgate 2010 AGM 10-May-11 10:00 am EST 130 King St. W, Tor R.P.
Silver Wheaton 2010 AGM 20-May-11 11:00 am EST 1055 Canada Pl, Van S.B.
S.B. – Steven Butler, R.P. – Rahul Paul
Source: Company reports
 Precious Metals Weekly | 18
28 March 2011

APPENDIX II: IMPORTANT DISCLOSURES

Analyst Certification: Each authoring analyst of Canaccord Genuity whose name appears on the front page of this investment
research hereby certifies that (i) the recommendations and opinions expressed in this investment 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
investment research.

Price Chart:* This is compendium investment 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 investment 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 IB Clients

Global Stock Ratings Rating # % %
(as of 3 March 2011) Buy 447 58.7% 36.9%
Speculative Buy 62 8.1% 66.1%
Hold 237 31.1% 17.3%
Sell 15 2.0% 6.7%
761 100.0%

Canaccord Ratings BUY: The stock is expected to generate risk-adjusted returns of over 10% during the next 12 months.
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.

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The authoring analysts who are responsible for the preparation of this investment research are employed
by Canaccord Genuity Corp. a Canadian broker-dealer with principal offices located in Vancouver, Calgary,
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In the event that this is compendium investment research (covering six or more relevant issuers), Canaccord
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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 investment research have received
(or will receive) compensation based upon (among other factors) the Corporate Finance/Investment Banking
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and will not receive, compensation that is directly based upon or linked to one or more specific Corporate
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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
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designated investments or in options, futures or other derivative instruments based thereon.
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conflicts of interest arising as a result of publication or distribution of investment research. This investment
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.
 Precious Metals Weekly | 19
28 March 2011

The information contained in this investment 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
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