Egf briefing book

DJE Kapital AG
Georg-Kalb-Straße 9 Pullach, 82049, Germany | Phone: 49-89-790453-0
PRIMARY CONTACT SMART TARGETS (SHARES)
Stefan Breintner Employment History: Mr. Stefan Breintner is a portfolio manager at DJE Kapital Predicted Purchase Predicted Sell Predicted Net Impact
Portfolio Manager AG, formerly Dr. Jens Ehrhardt Kapital AG. Mr. Breintner joined the firm on 2,204 2,204
Phone: 49-89-790453-320 September 1, 2005.
Email: KEY CONTACTS
stefan.breintner@dje.de Funds Formerly Managed: Mr. Breintner managed the DJE Absolut Fund and Name Phone CMS Events
CMS Events: 0 DJE Dividende & Substanz. Jan Ehrhardt 49-89-790453-163
Managing Director
Caroline Bachmat 49-89-790453-220
INVESTMENT APPROACH Portfolio Manager
Jens Ehrhardt 49-89-790453-0
DJE Kapital AG employs a value-oriented approach to investing. The investment process is driven by tactical and
Chairman
strategic asset allocation which is grounded on fundamental, monetary and market technical factors. Long-term asset
allocation is primarily determined by fundamental research focused on individual companies and their characteristics. FIRM ATTRIBUTES
The firm looks for solid companies with strong balance sheets, taking into account various factors such as value iSignal: N/A
metrics, earnings ratios and management quality. DJE Kapital also takes a broad economic view of the markets,
Fully Weighted Position 2,742,863
looking into different areas, including economic growth, infrastructure and balance of payments, as well as social,
political and legal environments. Monetary factors that are considered include bank lending indicators, interest rates, Equity Assets ($MM) 5,240
money supply and surplus liquidity to help predict future stock market potential. The firm also analyzes market Port. Turnover 68%
sentiment, utilizing a proprietary database of indicators. Behavioral finance principles are also applied. # Securities Held 517
Decision Making Process: Investment Advisor
Investor Type
DJE Kapital conducts in-house research, which includes on-site visits and face-to-face discussions with company
management. Total Assets ($MM) 11,142
AFFILIATIONS Investment Style Orientation Turnover
GARP Active Mod
Founded: 1974. DJE Kapital AG is a Pullach, Germany-based independent investment management firm. The firm
was founded and is majority-owned by Jens Ehrhardt and caters to individual and institutional clients. On July 7, POSITION HISTORY
2008, the firm changed its name from Dr. Jens Ehrhardt Kapital AG due to rebranding. Date Position Change % O/S
08-Apr-11 0 0
31-Mar-11 0 0
PEER OWNERSHIP TOP 10 ($MM) 28-Feb-11 0 0
Ticker Q211 Q111 Q410 Q310 Q210 Q110 Q409 Q309 Q209
31-Jan-11 0 0
P-T 0 0 0 0 0 0 0 0 0
31-Dec-10 0 0
NGD-US 9 9 7 4 2 2 1 0 0
30-Nov-10 0 0
MFL-T 4 4 3 2 3 3 3 2 1
31-Oct-10 0 0
AGI-T 3 3 4 3 4 2 2 2 2
30-Sep-10 0 0
ARZ-T 3 3 3 3 2 1 1 1 <1
31-Aug-10 0 0
GSC-T 1 1 2 3 2 0 0 0 0
SECTOR & GROUP ACTIVITY ($MM)
JAG-US <1 <1 0 0 0 2 2 0 0
Group Asset Change
TOP 5 GOLD/PRECIOUS METALS MINING TOP 5 GOLD/PRECIOUS METALS MINING SELLS Gold/Precious Metals Mini 348 -27
BUYS($MM) ($MM)
Materials 1,015 -45
Security Name Value Change % Port. Security Name Value Change % Port.
Mining 448 -33
Silvercorp Meta 19.7 4.8 .4 Barrick Gold Co 65.1 -23.5 1.2
Primero Peers 20 0
Iamgold Corp 45.6 4.5 .9 Newmont Mining 40.2 -17.6 .8
Agnico Eagle Mi 14.0 3.2 .3 Eldorado Gold C 24.0 -5.8 .5 TOP 10 GOLD/PRECIOUS METALS MINING HOLDINGS
($MM)
Hochschild Mini 8.7 2.4 .2 Lihir Gold Ltd 0.2 -3.2
Security Name Value Change % Port.
Aquila Resource 2.1 2.1 Anglo American 0.3 -2.5
Barrick Gold Corp - U 65.1 -23.5 1.2
Iamgold Corp 45.6 4.5 .9
Newmont Mining Corp - 40.2 -17.6 .8
Eldorado Gold Corp 24.0 -5.8 .5
Silvercorp Metals Inc 19.7 4.8 .4
Osisko Mining Corp 15.0 -0.7 .3
Agnico Eagle Mines Lt 14.0 3.2 .3
Gold Fields Limited - 11.8 -0.3 .2
Hochschild Mining Plc 8.7 2.4 .2
New Gold Inc 8.7 0.0 .2

Apogee Global Advisors, Inc.
90 Strawberry Hill Street Dover, MA 02030, United States | Phone: 508-785-2060
Walter M Cabot Employment History: Mr. Walter Mason Cabot, Jr. is the president, chief Predicted Purchase Predicted Sell Predicted Net Impact
President investment officer and a portfolio manager at Apogee Global Advisors, Inc. Mr.
Phone: 508-785-2060 Cabot also serves as a principal and chief compliance officer at the firm. He
Email: KEY CONTACTS
founded the firm in 2002.
Name Phone CMS Events
CMS Events: 1 FIRM ATTRIBUTES
iSignal: N/A
INVESTMENT APPROACH Fully Weighted Position
Equity Assets ($MM)
Port. Turnover %
AFFILIATIONS
# Securities Held 0
Founded: 2002. Apogee Global Advisors, Inc., is a Dover, MA-based hedge fund firm founded by Walter Mason
Cabot, Jr. The firm caters to other pooled investment vehicles. Investor Type Hedge Fund
Total Assets ($MM) 33
Investment Style Orientation Turnover
PEER OWNERSHIP TOP 10 ($MM) Hedge Fund Active
Ticker Q211 Q111 Q410 Q310 Q210 Q110 Q409 Q309 Q209 POSITION HISTORY
P-T 0 0 0 0 0 0 0 0 0 Date Position Change % O/S
TOP 5 GOLD/PRECIOUS METALS MINING TOP 5 GOLD/PRECIOUS METALS MINING SELLS 08-Apr-11 0 0
BUYS($MM) ($MM) 31-Mar-11 0 0
Security Name Value Change % Port. Security Name Value Change % Port. 28-Feb-11 0 0
31-Jan-11 0 0
31-Dec-10 0 0
30-Nov-10 0 0
31-Oct-10 0 0
30-Sep-10 0 0
31-Aug-10 0 0
Group Asset Change
Primero Peers 0 0
TOP 10 GOLD/PRECIOUS METALS MINING HOLDINGS
($MM)

CMS EVENTS - All CMS events
Boston BMO Roadshow Oct 22 2010
22-Oct-10 EVENT POSITION CORPORATE BROKER BMO Capital Markets- CAN
TYPE Roadshow VENUE Cafe Fleuri, Langham CORPORATE PARTICIPANT Joseph F. Conway
Hotel
EVENT DESCRIPTION

CONTACTS & COMMENTS Walter Cabot -

Pointer Capital, LLC
Two Buckhead Plaza - 200, 3050 Peachtree Road, NW Atlanta, GA 30305-2299, United States | Phone: 404-614-6183
Brent D Cann Employment History: Mr. Brent D. Cann is the director of research at Pointer Predicted Purchase Predicted Sell Predicted Net Impact
Director of Research Capital, LLC. He is also a member of investment committee at the firm. Prior to 1,013 1,013
Phone: 404-614-6189 joining the firm in April 2004, he was employed at Stephens Inc., where he
Email: KEY CONTACTS
focused on mergers and acquisitions and other corporate finance transactions
bcann@pointercapital.com Name Phone CMS Events
for four years.
CMS Events: 2 Malon W Courts 404-614-1998 1
Education: Mr. Cann obtained a B.S. in Analytical Finance from Calloway Partner
School of Business at Wake Forest University. Richard W Courts 404-614-6183 0
Partner
General Information: Mr. Cann is a native of North Carolina.
John O Fairey 404-614-1996
INVESTMENT APPROACH Vice President
FIRM ATTRIBUTES
AFFILIATIONS iSignal: N/A
Founded: March 2004. Pointer Capital, LLC is an Atlanta, GA-based private investment advisory and hedge fund firm Fully Weighted Position 785,116
founded by Atlantic Investment Company and R. Allen Hewett, Jr. The firm caters to individuals and institutional Equity Assets ($MM) 103
clients. Port. Turnover 140%
# Securities Held 19
Investor Type Investment Advisor/Hedge
PEER OWNERSHIP TOP 10 ($MM) Fund
Ticker Q211 Q111 Q410 Q310 Q210 Q110 Q409 Q309 Q209 Total Assets ($MM) 86
P-T 0 0 0 0 0 0 0 0 0 Investment Style Orientation Turnover
NGD-US 11 11 11 0 0 0 0 0 0 Equity Hedge Active High
TOP 5 GOLD/PRECIOUS METALS MINING TOP 5 GOLD/PRECIOUS METALS MINING SELLS POSITION HISTORY
BUYS($MM) ($MM) Date Position Change % O/S
Security Name Value Change % Port. Security Name Value Change % Port. 08-Apr-11 0 0
New Gold Inc 11.3 11.3 10.9
31-Mar-11 0 0
Yamana Gold Inc 5.7 5.7 5.6
28-Feb-11 0 0
Coeur d Alene M 19.0 2.6 18.5
31-Jan-11 0 0
31-Dec-10 0 0
30-Nov-10 0 0
31-Oct-10 0 0
30-Sep-10 0 0
31-Aug-10 0 0
Group Asset Change
Gold/Precious Metals Mini 36 20
Materials 44 16
Mining 44 16
Primero Peers 11 11
($MM)
Coeur d Alene Mines C 19.0 2.6 18.5
New Gold Inc 11.3 11.3 10.9
Yamana Gold Inc - Und 5.7 5.7 5.6
China-Biotics Inc 0.0 0.0

Fup BMO Conf
04-Mar-11 EVENT POSITION CORPORATE BROKER
TYPE Email Message VENUE CORPORATE PARTICIPANT Tamara Brown
EVENT DESCRIPTION Thanks Tamara, we were very impressed with your story. We have taken an initial position of 600,000 shares today. We look
forward to the resolution of the silver stream tax issue, as I think that will certainly be the first catalyst for the stock. In addition,
keep us in mind if you ever do mine tours, as we may be interested in attending if the timing is right. Our due diligence has shown
Joe to be an excellent CEO and we know that his vision will ultimately create great value for shareholders.

Brent

CONTACTS & COMMENTS Brent Cann -

BMO Conf 1:1 Mtg Feb 28 2011
28-Feb-11 EVENT POSITION CORPORATE BROKER
TYPE Conference VENUE Hollywood, Florida CORPORATE PARTICIPANT Joseph F. Conway,Tamara Brown
EVENT DESCRIPTION - First time at BMO

- Generalists. Very bullish on silver

- Wanted to be walked through SLW agreement

- Liked the purchase price tax pool

- Joe went through tax alternatives in detail!

- G looking to sell down?

- Will you raise $ with US listing

- M&A criteria?

- G&A $8m/year

- Exploration expense?

- Capex?

- Risks in getting mine to 2,500tpd

- Costs

- Your balance sheet will be much different in 18 months. What are you going to do with your cash.

CONTACTS & COMMENTS Brent Cann -
Malon Courts -

HSBC Securities (USA) Inc.
Bryant Park, 452 Fifth Avenue, 9th Floor New York, NY 10018-2706, United States | Phone: 212-525-5000
Sabrina M Grandchamps Employment History: Ms. Sabrina Mary Grandchamps is a security analyst at Predicted Purchase Predicted Sell Predicted Net Impact
Security Analyst HSBC Securities (USA) Inc. Prior to joining the firm, she was a security analyst
Phone: 212-525-5150 at Goldman Sachs & Company, Inc., since January 2005.
Email: KEY CONTACTS
sabrina.m.grandchamps@us.hs Name Phone CMS Events
bc.com Patrick T Chidley 212-525-4915 1
CMS Events: 2 Senior Vice President
Lucia V Marquez 212-525-7669 2
INVESTMENT APPROACH Security Analyst
James Steel 212-525-6515
Research Analyst
AFFILIATIONS FIRM ATTRIBUTES
HSBC Securities (USA) Inc. is a New York, NY-based investment bank brokerage firm. The firm is a wholly owned
by HSBC Holdings plc. The firm provides research, brokerage and investment banking services to individuals, iSignal:
corporations, institutions and governments. In January 2005, the firm merged with HSBC Brokerage (USA) Inc. Fully Weighted Position
Equity Assets ($MM)
Port. Turnover %
PEER OWNERSHIP TOP 10 ($MM)
# Securities Held 0
Investor Type Research Firm
P-T 0 0 0 0 0 0 0 0 0
Total Assets ($MM) 0
TOP 5 GOLD/PRECIOUS METALS MINING TOP 5 GOLD/PRECIOUS METALS MINING SELLS
BUYS($MM) ($MM)
N/A Passive
POSITION HISTORY
Date Position Change % O/S
08-Apr-11 0 0
31-Mar-11 0 0
28-Feb-11 0 0
31-Jan-11 0 0
31-Dec-10 0 0
30-Nov-10 0 0
31-Oct-10 0 0
30-Sep-10 0 0
31-Aug-10 0 0
Group Asset Change
Primero Peers 0 0
($MM)

Analyst Mine Tour Oct 25-26 2010
25-Oct-10 - 27-Oct-10 EVENT POSITION CORPORATE BROKER
TYPE Site Visit VENUE San Dimas CORPORATE PARTICIPANT Tamara Brown,Eduardo Luna
EVENT DESCRIPTION

CONTACTS & COMMENTS Lucia Marquez -

Denver Gold Forum 1:1 Mtg Sept 21 2010
21-Sep-10 EVENT POSITION CORPORATE BROKER
TYPE Conference VENUE CORPORATE PARTICIPANT Joseph F. Conway,Tamara Brown,David Blaiklock
EVENT DESCRIPTION - Will replace Victor with Sabrina's help

- Didn't understand tax.

CONTACTS & COMMENTS Lucia Marquez -
Patrick Chidley -
Sabrina Grandchamps -

Email
10-Jun-10 EVENT POSITION CORPORATE BROKER
EVENT DESCRIPTION

CONTACTS & COMMENTS Sabrina Grandchamps -

BlackRock Investment Management (UK) Ltd.
33 King William Street London, EC4R 9AS, United Kingdom | Phone: 44-20-7743-3000
Thomas D Holl Employment History: Mr. Thomas D. Holl is a portfolio manager and research Predicted Purchase Predicted Sell Predicted Net Impact
Portfolio Manager analyst at BlackRock Investment Management (UK) Ltd., formerly Merrill Lynch 242,114 -629,867 -387,753
Phone: 44-20-7743-2013 Investment Managers (UK) Ltd.
Email: KEY CONTACTS
thomas.holl@blackrock.com Preferences: Mr. Holl prefers to go by the name "Tom". Name Phone CMS Events
CMS Events: 0 Catherine P Raw 44-20-7743-2582 5
Portfolio Manager
Evy P Hambro 44-20-7743-4511 1
INVESTMENT APPROACH Managing Director
Desmond Cheung 44-20-7743-5373
BlackRock Investment Management (UK) Ltd. primarily adheres to a growth-oriented strategy. The firm employs a
Director
bottom-up approach to stock selection, conducting company and industry analysis, as well as market review. The
investment process examines a companys management strength and evaluates the stock price relative to its growth FIRM ATTRIBUTES
potential. BlackRock also seeks to identify catalysts for price appreciation, such as a change in company iSignal: N/A
management or competitive landscape, new product development, a merger or an acquisition. Additionally, the
process looks to identify less attractive stocks that could substantially underperform. For the BlackRock UK Dynamic
Fund, the firm employs a flexible approach, placing emphasis on companies that tend to exhibit either growth or value Equity Assets ($MM) 172,119
characteristics depending on the market outlook. The BlackRock UK Special Situations Fund predominantly invests in Port. Turnover 45%
small- and mid-cap companies but may pursue other investments where growth potential is identified. The BlackRock # Securities Held 4,024
UK Fund focuses on large-cap companies. The BlackRock UK Income Fund targets both high yielding stocks and
total return stocks that offer a combination of capital appreciation and potential valuable dividend payments in the
Fund
future.
Decision Making Process: Total Assets ($MM) undisclosed
The firm conducts in-house research, including meeting with company management, competitors and suppliers. In Investment Style Orientation Turnover
addition, the firm utilizes a proprietary global research platform that consolidates research from different BlackRock Growth Active Low
units around the globe. Portfolio managers are responsible for selecting investments for their respective funds. POSITION HISTORY
AFFILIATIONS Date Position Change % O/S
Founded: 1995. BlackRock Investment Management (UK) Ltd., formerly Merrill Lynch Investment Managers (UK) 08-Apr-11 4,766,600 0 5.4
Ltd., is a London-England based investment advisory and hedge fund firm, which a subsidiary of BlackRock, Inc. The
31-Mar-11 4,766,600 0 5.4
firm manages BlackRock series of funds in addition to other funds. This investor has designated itself socially
responsible. 28-Feb-11 4,766,600 0 5.4
31-Jan-11 4,766,600 104,800 5.4
31-Dec-10 4,661,800 0 5.3
PEER OWNERSHIP TOP 10 ($MM) 30-Nov-10 4,661,800 1,000,000 5.3
Ticker Q211 Q111 Q410 Q310 Q210 Q110 Q409 Q309 Q209 31-Oct-10 3,661,800 0 4.2
P-T 19 19 24 21 0 0 0 0 0 30-Sep-10 3,661,800 3,661,800 4.2
NGD-US 165 165 165 112 102 71 60 2 1 31-Aug-10 0 0
AGI-T 39 39 55 49 37 37 25 25 13 SECTOR GROUP ACTIVITY ($MM)
BTO-T 23 23 23 12 4 4 0 0 0 Group Asset Change
P-T 19 19 24 21 0 0 0 0 0 Gold/Precious Metals Mini 18,637 1,733
LSG-T 17 17 17 20 16 16 0 0 0 Materials 42,812 2,801
GRS-US 1 1 1 1 0 0 0 0 0 Mining 38,060 1,961
ARZ-T 1 1 1 1 1 1 1 1 1 Primero Peers 265 4
GSC-T 1 1 1 1 3 3 2 3 2 TOP 10 GOLD/PRECIOUS METALS MINING HOLDINGS
NXG-US 1 1 1 1 1 1 1 1 1 ($MM)
TOP 5 GOLD/PRECIOUS METALS MINING TOP 5 GOLD/PRECIOUS METALS MINING SELLS
BUYS($MM) ($MM) Compania de Minas Bue 1,531.9 4.6 .9
Security Name Value Change % Port. Security Name Value Change % Port. Newcrest Mining Ltd - 1,445.9 259.7 .8
Agnico Eagle Mi 1,118.6 588.4 .7 Anglo Platinum 168.1 -79.7 .1 Kinross Gold Corp - U 1,394.9 -2.5 .8
Gold Fields Lim 854.9 346.3 .5 Newmont Mining 1,103.9 -58.8 .6 Agnico Eagle Mines Lt 1,118.6 588.4 .7
Goldcorp Inc - 1,036.3 186.0 .6 Yamana Gold Inc 185.2 -44.7 .1 Newmont Mining Corp - 1,103.9 -58.8 .6
Harmony Gold Mi 648.8 128.8 .4 Industrias Peno 473.7 -37.3 .3 Goldcorp Inc - Underl 1,036.3 186.0 .6
Barrick Gold Co 525.7 107.3 .3 Zijin Mining Gr 148.0 -33.4 .1
Impala Platinum Holdi 946.8 109.0 .6
Gold Fields Limited - 854.9 346.3 .5
Lihir Gold Ltd - Unde 673.3 -86.2 .4
Harmony Gold Mining C 648.8 128.8 .4

OWNERSHIP HISTORY

Fup 2011 Guidance Release
20-Jan-11 EVENT POSITION 4,661,800 CORPORATE BROKER
TYPE Phone Call VENUE CORPORATE PARTICIPANT Tamara Brown
EVENT DESCRIPTION Called to follow up on Guidance Release. Happy with info, didn't have any questions.

CONTACTS COMMENTS Catherine Raw -

London UBS Roadshow Nov 24 2010
24-Nov-10 EVENT POSITION 3,661,800 CORPORATE BROKER UBS Investment Bank- London
TYPE Roadshow VENUE BlackRock office CORPORATE PARTICIPANT Joseph F. Conway,Tamara Brown
EVENT DESCRIPTION - Position: 7,466,379 11.11% as at 31 October 2010

- What happened with Q3 + guidance change

- How long will this continue

- How much capital?

- 1,800tpd Q4; 1,900tpd Q1; 2,000tpd Q2; 2,100 Q4

- Will the mine generate any free cashflow next year

- Debt - cash?

- What will you do with the $55m

- Catherine: heard Eduardo has contacts to make Mexico logical next step

- Both shocked about -ve leverage to silver

- Didn't recognise this

- If you really wanted to throw money at this, what could you take it to

- Why is silver price not contributing anything to the revenue

- Model up Ag cost to company.

Evy Hambro -

London Roadshow June 15 2010
15-Jun-10 EVENT POSITION 0 CORPORATE BROKER Genuity Capital Markets- CAN
TYPE Roadshow VENUE BlackRock office CORPORATE PARTICIPANT Joseph F. Conway,Wade Nesmith
EVENT DESCRIPTION


Fup London
15-Jun-10 EVENT POSITION 0 CORPORATE BROKER
EVENT DESCRIPTION


Financing Europe Roadshow
14-Jun-10 - 17-Jun-10 EVENT POSITION 0 CORPORATE BROKER
TYPE Roadshow VENUE Europe CORPORATE PARTICIPANT Joseph F. Conway,Wade Nesmith
EVENT DESCRIPTION San Dimas Equity Financing June 2010

Wellington West Capital Markets Inc.
145 King Street West - 700 Toronto, M5H 1J8, Canada | Phone: 416-642-1900
Paolo Lostritto Employment History: Mr. Paolo Lostritto is a security analyst at Wellington Predicted Purchase Predicted Sell Predicted Net Impact
Security Analyst West Capital Markets Inc. Prior to joining the firm, he was a security analyst at
Phone: 416-640-4951 MGI Securities Inc. Before that, Mr. Lostritto was a security analyst at Octagon
Email: KEY CONTACTS
Capital Corporation. Previously, he was an associate analyst at Scotia Capital
plostritto@wwcm.com Name Phone CMS Events
Inc.
CMS Events: 1 Christopher Thompson 416-847-3406 1
Education: Mr. Lostritto obtained a B.A.Sc. in Geological and Mineral Research Associate, Mini
Engineering from the University of Toronto. FIRM ATTRIBUTES
General Information: Mr. Lostritto is a professional engineer. iSignal: N/A
INVESTMENT APPROACH Fully Weighted Position
Equity Assets ($MM)
Port. Turnover %
AFFILIATIONS
# Securities Held 0
Founded: 1993. Wellington West Capital Markets Inc. (WW) is an Ontario, Canada-based employee-owned
investment banking and brokerage firm. WW is a division of Wellington West Holdings Inc. (WWH). In December Investor Type Research Firm
2007, WWH acquired the remaining 50% of WW. In February 2005, WWH acquired 50% stake in WW. Total Assets ($MM) 0
Broker-Dealer Passive
PEER OWNERSHIP TOP 10 ($MM) POSITION HISTORY
P-T 0 0 0 0 0 0 0 0 0
08-Apr-11 0 0
TOP 5 GOLD/PRECIOUS METALS MINING TOP 5 GOLD/PRECIOUS METALS MINING SELLS 31-Mar-11 0 0
BUYS($MM) ($MM)
28-Feb-11 0 0
31-Jan-11 0 0
31-Dec-10 0 0
30-Nov-10 0 0
31-Oct-10 0 0
30-Sep-10 0 0
31-Aug-10 0 0
SECTOR GROUP ACTIVITY ($MM)
Group Asset Change
Primero Peers 0 0
($MM)

Analyst Mine Tour Oct 25-26 2010
25-Oct-10 - 27-Oct-10 EVENT POSITION CORPORATE BROKER
EVENT DESCRIPTION

CONTACTS COMMENTS Christopher Thompson -

Email
EVENT DESCRIPTION

CONTACTS COMMENTS Paolo Lostritto -

Precious Capital AG
Barengasse 25 Zurich, 8001, Switzerland | Phone: 41-44-224-2050
Patrick Michaels Employment History: Mr. Patrick Michaels is the managing director and a Predicted Purchase Predicted Sell Predicted Net Impact
Managing Director portfolio manager at Precious Capital AG. Prior to re-joining the firm, he was the 1,493 1,493
Phone: 41-44-224-2050 managing director of Asty Capital. Previously, Mr. Michaels was employed at
Email: KEY CONTACTS
UBS where he started his investment career.
patrick.michaels@preciouscap. Name Phone CMS Events
com General Information: Mr. Michaels obtained postgraduation courses at the Florian Siegfried 41-44-224-2050
CMS Events: 0 Colorado School of Mines, Golden CO, United States. He also has a background Chief Executive Officer
in Economics and Law. FIRM ATTRIBUTES
INVESTMENT APPROACH iSignal: N/A
Precious Capital AG is an active investor that focuses on precious metals and mining sectors. The firm primarily Fully Weighted Position 391,823
invests in leading global companies, considering investments in junior companies. Equity Assets ($MM) 39
AFFILIATIONS Port. Turnover 81%
Founded: 2005. Precious Capital AG is a Zurich, Switzerland-based mutual fund investment management firm. The # Securities Held 31
firm specializes in metal and mining and caters to private and institutional clients.
Investor Type Investment Advisor
Total Assets ($MM) undisclosed
PEER OWNERSHIP TOP 10 ($MM)
Ticker Q211 Q111 Q410 Q310 Q210 Q110 Q409 Q309 Q209 Active Mod
P-T 0 0 0 0 0 0 0 0 0 POSITION HISTORY
KGI-T 2 2 2 1 1 0 0 0 0 Date Position Change % O/S
GRS-US 1 1 1 0 0 0 0 0 08-Apr-11
0 0 0
NXG-US 1 1 1 0 0 0 0 0 31-Mar-11
0 0 0
LSG-T 1 1 1 1 1 0 0 0 28-Feb-11
0 0 0
TOP 5 GOLD/PRECIOUS METALS MINING TOP 5 GOLD/PRECIOUS METALS MINING SELLS 31-Jan-11 0 0
BUYS($MM) ($MM) 31-Dec-10 0 0
Security Name Value Change % Port. Security Name Value Change % Port. 30-Nov-10 0 0
St Andrew Goldf 1.5 1.5 3.7 First Majestic 0.0 -2.9 31-Oct-10 0 0
San Gold Corp 1.4 1.4 3.6 Aura Minerals I 0.0 -1.4 30-Sep-10 0 0
Gran Colombia G 1.3 1.3 3.3 Centerra Gold I 0.0 -1.2 31-Aug-10 0 0
Extorre Gold Mi 1.0 1.0 2.6 Gold Resource C 0.0 -1.0 SECTOR GROUP ACTIVITY ($MM)
OceanaGold Corp 0.7 0.7 1.9 Silver Wheaton 0.0 -0.8 Group Asset Change
Gold/Precious Metals Mini 29 -3
Materials 39 3
Mining 36 -1
Primero Peers 6 3
($MM)
Timmins Gold Corp 3.1 0.0 7.9
Orezone Gold Corp 2.1 -0.6 5.4
Allied Gold Ltd 2.1 0.0 5.3
Kirkland Lake Gold In 2.0 0.2 5.1
Nyota Minerals Ltd 1.9 0.4 4.9
Cga Mining Ltd 1.9 0.0 4.8
St Andrew Goldfields 1.5 1.5 3.7
San Gold Corp 1.4 1.4 3.6
Gran Colombia Gold Co 1.3 1.3 3.3
Lake Shore Gold Corp 1.3 0.2 3.2

CIBC World Markets Inc.
Canada Trust Tower, 161 Bay Street, BCE Place Toronto, M5J 2S8, Canada | Phone: 416-594-7000
Brian Quast Employment History: Mr. Brian Quast is a research analyst at CIBC World Predicted Purchase Predicted Sell Predicted Net Impact
Research Analyst Markets Inc. 860 860
Phone: 416-956-3725
Email: KEY CONTACTS
brian.quast@cibc.ca Name Phone CMS Events
CMS Events: 2 Barry Cooper 416-956-6787 1
Executive Director
Cosmos C Chiu 416-594-7106
INVESTMENT APPROACH Research Analyst
Kevin Chiew 416-594-7457
Research Analyst
AFFILIATIONS FIRM ATTRIBUTES
Founded: 1986. CIBC World Markets Inc. is a brokerage and an investment banking subsidiary of Canadian Imperial
Bank of Commerce. In 2003, the firm sold CIBC Oppenheimer to Fahnestock Co. Inc. iSignal:
Equity Assets ($MM) 16,141
PEER OWNERSHIP TOP 10 ($MM) Port. Turnover 88%
# Securities Held 218
P-T 0 0 0 0 0 0 0 0 0 Research Firm
Investor Type
TOP 5 GOLD/PRECIOUS METALS MINING TOP 5 GOLD/PRECIOUS METALS MINING SELLS Total Assets ($MM) 0
BUYS($MM) ($MM)
Security Name Value Change % Port. Security Name Value Change % Port. Mod
Broker-Dealer Passive
Kinross Gold Co 174.6 81.9 1.1 Newmont Mining 0.0 -2.4
Barrick Gold Co 487.0 39.4 3 New Gold Inc 0.0 -2.0 POSITION HISTORY
Goldcorp Inc - 381.0 37.8 2.4 Augusta Resourc 0.0 -1.4
Agnico Eagle Mi 113.9 22.8 .7 ETFS Physical P 0.0 -0.5 08-Apr-11 0 0
Silver Wheaton 11.3 11.3 .1 Pan American Si 0.0 -0.4 31-Mar-11 0 0
28-Feb-11 0 0
31-Jan-11 0 0
31-Dec-10 0 0
30-Nov-10 0 0
31-Oct-10 0 0
30-Sep-10 0 0
31-Aug-10 0 0
SECTOR GROUP ACTIVITY ($MM)
Group Asset Change
Gold/Precious Metals Mini 1,407 210
Materials 2,348 263
Mining 1,743 231
Primero Peers 0 -2
($MM)
Barrick Gold Corp - U 487.0 39.4 3
Goldcorp Inc - Underl 381.0 37.8 2.4
Kinross Gold Corp - U 174.6 81.9 1.1
Agnico Eagle Mines Lt 113.9 22.8 .7
Eldorado Gold Corp 80.8 8.4 .5
Yamana Gold Inc - Und 78.6 5.0 .5
Iamgold Corp 75.0 8.4 .5
Silver Wheaton Corp 11.3 11.3 .1
Gold Fields Limited - 2.2 0.0
First Majestic Silver 1.0 0.7

San Dimas Analyst Tour
07-Feb-11 EVENT POSITION CORPORATE BROKER
EVENT DESCRIPTION Combined analyst tour with Alamos Gammon. Sell-side and buy-side and industry attendees.

CONTACTS COMMENTS Brian Quast -

Analyst Dinner Nov 4 2010
04-Nov-10 EVENT POSITION CORPORATE BROKER
TYPE Meeting VENUE George CORPORATE PARTICIPANT Joseph F. Conway,Tamara Brown
EVENT DESCRIPTION

CONTACTS COMMENTS Brian Quast -

Email
EVENT DESCRIPTION

CONTACTS COMMENTS Barry Cooper -

Baker Steel Capital Managers LLP
86, Jermyn Street London, SW1Y 6JD, United Kingdom | Phone: 44-20-7389-0009
James C Withall Employment History: Mr. James Carr Withall is a partner and a fund manager Predicted Purchase Predicted Sell Predicted Net Impact
Partner at Baker Steel Capital Managers LLP, which he joined in 2003. 359,616 -398,152 -38,536
Phone: 44-20-7389-8299
Email: Education: Mr. Withall obtained a masters degree in Mineral Project Appraisal KEY CONTACTS
jameswithall@bakersteelcap.co from Imperial College, London and a degree in Applied Geology from the Name Phone CMS Events
m University of Leicester. Matthew Huston 44-20-7389-8247 1
CMS Events: 7 Research Analyst
General Information: Mr. Withall is a member of the Institute of Materials,
David C Baker 61-2-8252-2210 2
Minerals and Mining (IOM3) and the Association of Mining Analysts (AMA). He
Managing Partner
was a geologist in Western Australia for seven years. Mr. Withall ran his own
Trevor D Steel 44-20-7389-8259
applied geology consultancy practice for a year and worked at Xstrata AG from
Managing Partner
1998 to 2001. He served with Precious Metals Australia from 1996 to 1998. He is
based in London. FIRM ATTRIBUTES
iSignal: N/A
INVESTMENT APPROACH
Baker Steel Capital Managers LLP specializes in the natural resources and gold industries. The firm primarily invests
in value-oriented stocks that display strong fundamentals and positive growth signals. Investments are made on a Equity Assets ($MM) 1,209
global basis. The gold strategy uses a long-only approach that focuses on gold and precious metal equities. The Port. Turnover 60%
mining strategy employs a long-biased style that targets companies producing base metals, precious metals, bulk # Securities Held 70
commodities, coals, industrial minerals and uranium, as well as diversified mining companies. The natural resources
strategy uses a long/short approach that invests in precious metal, base metal, mining and energy equities. Baker
Steel also makes private equity investments mainly in pre-IPO and special situations. Fund
Decision Making Process: Total Assets ($MM) 1,500
The firm conducts proprietary regional research. Investment Style Orientation Turnover
AFFILIATIONS Sector Specific Active Mod
Founded: 2001. Baker Steel Capital Managers LLP is an independent investment advisory and hedge fund firm POSITION HISTORY
founded by Trevor D. Steel and David C. Baker. The firm primarily focuses on natural resources. The firm manages Date Position Change % O/S
the Genus and Baker Steel series of funds in addition to other funds and has offices in London and Sydney. 08-Apr-11 1,690,000 0 1.9
31-Mar-11 1,690,000 0 1.9
28-Feb-11 1,690,000 0 1.9
31-Jan-11 1,690,000 0 1.9
PEER OWNERSHIP TOP 10 ($MM) 31-Dec-10 1,690,000 0 1.9
30-Nov-10 1,690,000 0 1.9
P-T 8 8 8 10 0 0 0 0 0
31-Oct-10 1,690,000 0 1.9
LSG-T 26 26 26 10 7 7 7 7 0
30-Sep-10 1,690,000 1,690,000 1.9
P-T 8 8 8 10 0 0 0 0 0
31-Aug-10 0 0
TOP 5 GOLD/PRECIOUS METALS MINING TOP 5 GOLD/PRECIOUS METALS MINING SELLS SECTOR GROUP ACTIVITY ($MM)
BUYS($MM) ($MM) Group Asset Change
Security Name Value Change % Port. Security Name Value Change % Port. Gold/Precious Metals Mini 990 46
Kinross Gold Co 40.5 40.5 3.4 Red Back Mining 0.0 -33.1
Materials 1,123 47
Newcrest Mining 36.6 36.6 3 Lihir Gold Ltd 0.0 -26.8
Mining 1,082 46
Yamana Gold Inc 32.1 19.6 2.7 Avoca Resources 0.0 -21.6
Conquest Mining 20.1 16.5 1.7 Gryphon Mineral 32.2 -14.7 2.7 Primero Peers 34 6
Harmony Gold Mi 15.6 15.6 1.3 Allied Gold Ltd 58.0 -13.2 4.8 TOP 10 GOLD/PRECIOUS METALS MINING HOLDINGS
($MM)
Resolute Mining Ltd 62.4 -1.0 5.2
Allied Gold Ltd 58.0 -13.2 4.8
Nevsun Resources Ltd 51.6 -8.9 4.3
Centerra Gold Inc 46.2 -0.9 3.8
OceanaGold Corp 43.9 0.2 3.6
OceanaGold Corp 42.8 -0.6 3.5
Gold Fields Limited - 42.1 7.1 3.5
Kinross Gold Corp - U 40.5 40.5 3.4
First Majestic Silver 38.8 -4.3 3.2
Newcrest Mining Ltd - 36.6 36.6 3

OWNERSHIP HISTORY

BMO Conf 1:1 Mtg Feb 28 2011
28-Feb-11 EVENT POSITION 1,690,000 CORPORATE BROKER
TYPE Conference VENUE Hollywood, Florida CORPORATE PARTICIPANT Joseph F. Conway,Tamara Brown
EVENT DESCRIPTION - How are you getting rid of tax burden?

- Feels silver is going up; that it's sustainable

- Felt a friendly merger was best way out

- Feels silver is a liability for us and people have just gone elsewhere for leverage.

CONTACTS COMMENTS David Baker -
James Withall -

Fup 2011 Guidance Release
20-Jan-11 EVENT POSITION 1,690,000 CORPORATE BROKER
TYPE Phone Call VENUE CORPORATE PARTICIPANT Tamara Brown
EVENT DESCRIPTION Called to follow up on Guidance Release. Happy with info, didn't have any questions.

CONTACTS COMMENTS James Withall -

London UBS Roadshow Nov 24 2010
24-Nov-10 EVENT POSITION 1,690,000 CORPORATE BROKER UBS Investment Bank- London
TYPE Roadshow VENUE Baker Steel office CORPORATE PARTICIPANT Joseph F. Conway,Tamara Brown
EVENT DESCRIPTION - Matt excited about SG: done some work on it

- What do you need to get this mine making $

- Why'd you slip in Q3

- Can you trade the Ag with another asset?

- Heard Eduardo would bring asset out of Penoles

- How's the day to day run?

- What currency do you have to see to do something?

- Look at Almaden

- Came across; Eagle Mountain

- JAG: no one would touch it.


Denver Gold Forum Dinner Sept 19 2010
TYPE Conference VENUE CORPORATE PARTICIPANT Joseph F. Conway,Wade Nesmith,Tamara Brown,David Blaiklock
EVENT DESCRIPTION - Knows Mexico very well, likes it. Suggested Baja has lots of small interesting ops.

- Feels RBI has 20m easily. Good deal for K.

CONTACTS COMMENTS Matthew Huston -

Denver Gold Forum Dinner Sept 19 2010
TYPE Conference VENUE CORPORATE PARTICIPANT Joseph F. Conway,Wade Nesmith,Tamara Brown,David Blaiklock

EVENT DESCRIPTION Concerned about risk of silver trading out of sync with gold and price exposure to SLW tax burden. Wants to know R2 threshold
we use to employ hedging.

CONTACTS COMMENTS David Baker -

Marketing Follow Up
TYPE Email Message VENUE CORPORATE PARTICIPANT
EVENT DESCRIPTION


Financing Europe Roadshow
14-Jun-10 - 17-Jun-10 EVENT POSITION CORPORATE BROKER
TYPE Roadshow VENUE Europe CORPORATE PARTICIPANT Joseph F. Conway,Wade Nesmith
EVENT DESCRIPTION San Dimas Equity Financing June 2010


London Roadshow June 14 2010
14-Jun-10 EVENT POSITION CORPORATE BROKER Genuity Capital Markets- CAN
TYPE Roadshow VENUE Baker Steel office CORPORATE PARTICIPANT Joseph F. Conway
EVENT DESCRIPTION


Fup London
EVENT DESCRIPTION


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