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    Egf briefing book Egf briefing book Document Transcript

    • DJE Kapital AGGeorg-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 49-89-790453-0DJE Kapital AG employs a value-oriented approach to investing. The investment process is driven by tactical and Chairmanstrategic asset allocation which is grounded on fundamental, monetary and market technical factors. Long-term assetallocation is primarily determined by fundamental research focused on individual companies and their characteristics. FIRM ATTRIBUTESThe firm looks for solid companies with strong balance sheets, taking into account various factors such as value iSignal: N/Ametrics, earnings ratios and management quality. DJE Kapital also takes a broad economic view of the markets, Fully Weighted Position 2,742,863looking 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 ($MM) 5,240money supply and surplus liquidity to help predict future stock market potential. The firm also analyzes market Port. Turnover 68%sentiment, utilizing a proprietary database of indicators. Behavioral finance principles are also applied. # Securities Held 517 Decision Making Process: Investment Advisor Investor TypeDJE Kapital conducts in-house research, which includes on-site visits and face-to-face discussions with companymanagement. Total Assets ($MM) 11,142AFFILIATIONS 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 ($MM) Hochschild Mini 8.7 2.4 .2 Lihir Gold Ltd 0.2 -3.2 Security Name Value Change % Port. Aquila Resource 2.1 2.1 Anglo American 0.3 -2.5 Barrick Gold Corp - U 65.1 -23.5 1.2 Iamgold Corp 45.6 4.5 .9 Newmont Mining Corp - 40.2 -17.6 .8 Eldorado Gold Corp 24.0 -5.8 .5 Silvercorp Metals Inc 19.7 4.8 .4 Osisko Mining Corp 15.0 -0.7 .3 Agnico Eagle Mines Lt 14.0 3.2 .3 Gold Fields Limited - 11.8 -0.3 .2 Hochschild Mining Plc 8.7 2.4 .2 New Gold Inc 8.7 0.0 .2
    • Apogee Global Advisors, Inc.90 Strawberry Hill Street Dover, MA 02030, United States | Phone: 508-785-2060 PRIMARY CONTACT SMART TARGETS (SHARES) Walter M Cabot Employment History: Mr. Walter Mason Cabot, Jr. is the president, chief Predicted Purchase Predicted Sell Predicted Net Impact President investment officer and a portfolio manager at Apogee Global Advisors, Inc. Mr. Phone: 508-785-2060 Cabot also serves as a principal and chief compliance officer at the firm. He Email: KEY CONTACTS founded the firm in 2002. Name Phone CMS Events CMS Events: 1 FIRM ATTRIBUTES iSignal: N/A INVESTMENT APPROACH Fully Weighted Position Equity Assets ($MM) Port. Turnover %AFFILIATIONS # Securities Held 0Founded: 2002. Apogee Global Advisors, Inc., is a Dover, MA-based hedge fund firm founded by Walter MasonCabot, 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 SECTOR & GROUP ACTIVITY ($MM) Group Asset Change Primero Peers 0 0 TOP 10 GOLD/PRECIOUS METALS MINING HOLDINGS ($MM) Security Name Value Change % Port.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, LLCTwo Buckhead Plaza - 200, 3050 Peachtree Road, NW Atlanta, GA 30305-2299, United States | Phone: 404-614-6183 PRIMARY CONTACT SMART TARGETS (SHARES) 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 ATTRIBUTESAFFILIATIONS iSignal: N/AFounded: March 2004. Pointer Capital, LLC is an Atlanta, GA-based private investment advisory and hedge fund firm Fully Weighted Position 785,116founded by Atlantic Investment Company and R. Allen Hewett, Jr. The firm caters to individuals and institutional Equity Assets ($MM) 103clients. Port. Turnover 140% # Securities Held 19 Investor Type Investment Advisor/Hedge PEER OWNERSHIP TOP 10 ($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) ($MM) Date Position Change % O/S Security Name Value Change % Port. Security Name Value Change % Port. 08-Apr-11 0 0 New Gold Inc 11.3 11.3 10.9 31-Mar-11 0 0 Yamana Gold Inc 5.7 5.7 5.6 28-Feb-11 0 0 Coeur d Alene M 19.0 2.6 18.5 31-Jan-11 0 0 31-Dec-10 0 0 30-Nov-10 0 0 31-Oct-10 0 0 30-Sep-10 0 0 31-Aug-10 0 0 SECTOR & GROUP ACTIVITY ($MM) Group Asset Change Gold/Precious Metals Mini 36 20 Materials 44 16 Mining 44 16 Primero Peers 11 11 TOP 10 GOLD/PRECIOUS METALS MINING HOLDINGS ($MM) Security Name Value Change % Port. 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 0.0CMS EVENTS - All CMS events 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 $8m/year - Exploration expense? - Capex? - Risks in getting mine to 2,500tpd - Costs - Your balance sheet will be much different in 18 months. What are you going to do with your cash.CONTACTS & COMMENTS Brent Cann - Malon Courts -
    • HSBC Securities (USA) Inc.Bryant Park, 452 Fifth Avenue, 9th Floor New York, NY 10018-2706, United States | Phone: 212-525-5000 PRIMARY CONTACT SMART TARGETS (SHARES) Sabrina M Grandchamps Employment History: Ms. Sabrina Mary Grandchamps is a security analyst at Predicted Purchase Predicted Sell Predicted Net Impact Security Analyst HSBC Securities (USA) Inc. Prior to joining the firm, she was a security analyst Phone: 212-525-5150 at Goldman Sachs & Company, Inc., since January 2005. Email: KEY CONTACTS sabrina.m.grandchamps@us.hs Name Phone CMS Events bc.com Patrick T Chidley 212-525-4915 1 CMS Events: 2 Senior Vice President Lucia V Marquez 212-525-7669 2 INVESTMENT APPROACH Security Analyst James Steel 212-525-6515 Research AnalystAFFILIATIONS FIRM ATTRIBUTESHSBC Securities (USA) Inc. is a New York, NY-based investment bank brokerage firm. The firm is a wholly ownedby HSBC Holdings plc. The firm provides research, brokerage and investment banking services to individuals, iSignal:corporations, institutions and governments. In January 2005, the firm merged with HSBC Brokerage (USA) Inc. Fully Weighted Position Equity Assets ($MM) Port. Turnover % PEER OWNERSHIP TOP 10 ($MM) # Securities Held 0 Ticker Q211 Q111 Q410 Q310 Q210 Q110 Q409 Q309 Q209 Investor Type Research Firm P-T 0 0 0 0 0 0 0 0 0 Total Assets ($MM) 0 TOP 5 GOLD/PRECIOUS METALS MINING TOP 5 GOLD/PRECIOUS METALS MINING SELLS Investment Style Orientation Turnover BUYS($MM) ($MM) N/A Passive Security Name Value Change % Port. Security Name Value Change % Port. 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 SECTOR & GROUP ACTIVITY ($MM) Group Asset Change Primero Peers 0 0 TOP 10 GOLD/PRECIOUS METALS MINING HOLDINGS ($MM) Security Name Value Change % Port.CMS EVENTS - All CMS events 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 Sabrinas help - Didnt understand tax. CONTACTS & COMMENTS Lucia Marquez - Patrick Chidley - Sabrina Grandchamps -
    • Email10-Jun-10 EVENT POSITION CORPORATE BROKERTYPE Email Message VENUE CORPORATE PARTICIPANT Tamara BrownEVENT DESCRIPTIONCONTACTS & COMMENTS Sabrina Grandchamps -
    • BlackRock Investment Management (UK) Ltd.33 King William Street London, EC4R 9AS, United Kingdom | Phone: 44-20-7743-3000 PRIMARY CONTACT SMART TARGETS (SHARES) 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 44-20-7743-5373BlackRock Investment Management (UK) Ltd. primarily adheres to a growth-oriented strategy. The firm employs a Directorbottom-up approach to stock selection, conducting company and industry analysis, as well as market review. Theinvestment process examines a company￿s management strength and evaluates the stock price relative to its growth FIRM ATTRIBUTESpotential. BlackRock also seeks to identify catalysts for price appreciation, such as a change in company iSignal: N/Amanagement or competitive landscape, new product development, a merger or an acquisition. Additionally, the Fully Weighted Position 5,112,071process looks to identify less attractive stocks that could substantially underperform. For the BlackRock UK DynamicFund, the firm employs a flexible approach, placing emphasis on companies that tend to exhibit either growth or value Equity Assets ($MM) 172,119characteristics depending on the market outlook. The BlackRock UK Special Situations Fund predominantly invests in Port. Turnover 45%small- and mid-cap companies but may pursue other investments where growth potential is identified. The BlackRock # Securities Held 4,024UK Fund focuses on large-cap companies. The BlackRock UK Income Fund targets both high yielding stocks and Investor Type Investment Advisor/Hedgetotal return stocks that offer a combination of capital appreciation and potential valuable dividend payments in the Fundfuture. Decision Making Process: Total Assets ($MM) undisclosedThe firm conducts in-house research, including meeting with company management, competitors and suppliers. In Investment Style Orientation Turnoveraddition, the firm utilizes a proprietary global research platform that consolidates research from different BlackRock Growth Active Lowunits around the globe. Portfolio managers are responsible for selecting investments for their respective funds. POSITION HISTORYAFFILIATIONS 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 ($MM) Security Name Value Change % Port. TOP 5 GOLD/PRECIOUS METALS MINING TOP 5 GOLD/PRECIOUS METALS MINING SELLS BUYS($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 HISTORYCMS EVENTS - All CMS events 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, didnt 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 - Didnt 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. CONTACTS & COMMENTS Catherine Raw - 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 CONTACTS & COMMENTS Catherine Raw - Fup London 15-Jun-10 EVENT POSITION 0 CORPORATE BROKER TYPE Email Message VENUE CORPORATE PARTICIPANT Tamara Brown EVENT DESCRIPTION CONTACTS & COMMENTS Catherine Raw - 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
    • CONTACTS & COMMENTS Catherine Raw -
    • Wellington West Capital Markets Inc.145 King Street West - 700 Toronto, M5H 1J8, Canada | Phone: 416-642-1900 PRIMARY CONTACT SMART TARGETS (SHARES) 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 0Founded: 1993. Wellington West Capital Markets Inc. (WW) is an Ontario, Canada-based employee-ownedinvestment banking and brokerage firm. WW is a division of Wellington West Holdings Inc. (WWH). In December Investor Type Research Firm2007, WWH acquired the remaining 50% of WW. In February 2005, WWH acquired 50% stake in WW. Total Assets ($MM) 0 Investment Style Orientation Turnover Broker-Dealer Passive PEER OWNERSHIP TOP 10 ($MM) POSITION HISTORY Ticker Q211 Q111 Q410 Q310 Q210 Q110 Q409 Q309 Q209 Date Position Change % O/S 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 Security Name Value Change % Port. Security Name Value Change % Port. 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 ($MM) Group Asset Change Primero Peers 0 0 TOP 10 GOLD/PRECIOUS METALS MINING HOLDINGS ($MM) Security Name Value Change % Port.CMS EVENTS - All CMS events 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 Christopher Thompson - Email 10-Jun-10 EVENT POSITION CORPORATE BROKER TYPE Email Message VENUE CORPORATE PARTICIPANT Tamara Brown EVENT DESCRIPTION CONTACTS & COMMENTS Paolo Lostritto -
    • Precious Capital AGBarengasse 25 Zurich, 8001, Switzerland | Phone: 41-44-224-2050 PRIMARY CONTACT SMART TARGETS (SHARES) 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/APrecious Capital AG is an active investor that focuses on precious metals and mining sectors. The firm primarily Fully Weighted Position 391,823invests in leading global companies, considering investments in junior companies. Equity Assets ($MM) 39AFFILIATIONS Port. Turnover 81% Founded: 2005. Precious Capital AG is a Zurich, Switzerland-based mutual fund investment management firm. The # Securities Held 31 firm specializes in metal and mining and caters to private and institutional clients. Investor Type Investment Advisor Total Assets ($MM) undisclosed Investment Style Orientation Turnover 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 TOP 10 GOLD/PRECIOUS METALS MINING HOLDINGS ($MM) Security Name Value Change % Port. Timmins Gold Corp 3.1 0.0 7.9 Orezone Gold Corp 2.1 -0.6 5.4 Allied Gold Ltd 2.1 0.0 5.3 Kirkland Lake Gold In 2.0 0.2 5.1 Nyota Minerals Ltd 1.9 0.4 4.9 Cga Mining Ltd 1.9 0.0 4.8 St Andrew Goldfields 1.5 1.5 3.7 San Gold Corp 1.4 1.4 3.6 Gran Colombia Gold Co 1.3 1.3 3.3 Lake Shore Gold Corp 1.3 0.2 3.2
    • CIBC World Markets Inc.Canada Trust Tower, 161 Bay Street, BCE Place Toronto, M5J 2S8, Canada | Phone: 416-594-7000 PRIMARY CONTACT SMART TARGETS (SHARES) Brian Quast Employment History: Mr. Brian Quast is a research analyst at CIBC World Predicted Purchase Predicted Sell Predicted Net Impact Research Analyst Markets Inc. 860 860 Phone: 416-956-3725 Email: KEY CONTACTS brian.quast@cibc.ca Name Phone CMS Events CMS Events: 2 Barry Cooper 416-956-6787 1 Executive Director Cosmos C Chiu 416-594-7106 INVESTMENT APPROACH Research Analyst Kevin Chiew 416-594-7457 Research AnalystAFFILIATIONS FIRM ATTRIBUTESFounded: 1986. CIBC World Markets Inc. is a brokerage and an investment banking subsidiary of Canadian ImperialBank of Commerce. In 2003, the firm sold CIBC Oppenheimer to Fahnestock & Co. Inc. iSignal: Fully Weighted Position 1,904,699 Equity Assets ($MM) 16,141 PEER OWNERSHIP TOP 10 ($MM) Port. Turnover 88% Ticker Q211 Q111 Q410 Q310 Q210 Q110 Q409 Q309 Q209 # Securities Held 218 P-T 0 0 0 0 0 0 0 0 0 Research Firm Investor Type TOP 5 GOLD/PRECIOUS METALS MINING TOP 5 GOLD/PRECIOUS METALS MINING SELLS Total Assets ($MM) 0 BUYS($MM) ($MM) Investment Style Orientation Turnover 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 Date Position Change % O/S 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 ($MM) Group Asset Change Gold/Precious Metals Mini 1,407 210 Materials 2,348 263 Mining 1,743 231 Primero Peers 0 -2 TOP 10 GOLD/PRECIOUS METALS MINING HOLDINGS ($MM) Security Name Value Change % Port. 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 0.7CMS EVENTS - All CMS events San Dimas Analyst Tour 07-Feb-11 EVENT POSITION CORPORATE BROKER TYPE Site Visit VENUE San Dimas CORPORATE PARTICIPANT Tamara Brown,Eduardo Luna 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 -
    • Email10-Jun-10 EVENT POSITION CORPORATE BROKERTYPE Email Message VENUE CORPORATE PARTICIPANT Tamara BrownEVENT DESCRIPTIONCONTACTS & COMMENTS Barry Cooper -
    • Baker Steel Capital Managers LLP86, Jermyn Street London, SW1Y 6JD, United Kingdom | Phone: 44-20-7389-0009 PRIMARY CONTACT SMART TARGETS (SHARES) 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 master￿s 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 Fully Weighted Position 6,483,140Baker Steel Capital Managers LLP specializes in the natural resources and gold industries. The firm primarily investsin value-oriented stocks that display strong fundamentals and positive growth signals. Investments are made on a Equity Assets ($MM) 1,209global basis. The gold strategy uses a long-only approach that focuses on gold and precious metal equities. The Port. Turnover 60%mining strategy employs a long-biased style that targets companies producing base metals, precious metals, bulk # Securities Held 70commodities, coals, industrial minerals and uranium, as well as diversified mining companies. The natural resources Investor Type Investment Advisor/Hedgestrategy uses a long/short approach that invests in precious metal, base metal, mining and energy equities. BakerSteel also makes private equity investments mainly in pre-IPO and special situations. Fund Decision Making Process: Total Assets ($MM) 1,500The firm conducts proprietary regional research. Investment Style Orientation TurnoverAFFILIATIONS 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 ($MM) 31-Dec-10 1,690,000 0 1.9 Ticker Q211 Q111 Q410 Q310 Q210 Q110 Q409 Q309 Q209 30-Nov-10 1,690,000 0 1.9 P-T 8 8 8 10 0 0 0 0 0 31-Oct-10 1,690,000 0 1.9 LSG-T 26 26 26 10 7 7 7 7 0 30-Sep-10 1,690,000 1,690,000 1.9 P-T 8 8 8 10 0 0 0 0 0 31-Aug-10 0 0 TOP 5 GOLD/PRECIOUS METALS MINING TOP 5 GOLD/PRECIOUS METALS MINING SELLS SECTOR & GROUP ACTIVITY ($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) Security Name Value Change % Port. 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 HISTORYCMS EVENTS - All CMS events 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 its 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, didnt 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 $ - Whyd you slip in Q3 - Can you trade the Ag with another asset? - Heard Eduardo would bring asset out of Penoles - Hows 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. CONTACTS & COMMENTS James Withall - Denver Gold Forum Dinner Sept 19 2010 19-Sep-10 EVENT POSITION CORPORATE BROKER 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 19-Sep-10 EVENT POSITION CORPORATE BROKER 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 Up23-Jun-10 EVENT POSITION CORPORATE BROKERTYPE Email Message VENUE CORPORATE PARTICIPANTEVENT DESCRIPTIONCONTACTS & COMMENTS James Withall -Financing Europe Roadshow14-Jun-10 - 17-Jun-10 EVENT POSITION CORPORATE BROKERTYPE Roadshow VENUE Europe CORPORATE PARTICIPANT Joseph F. Conway,Wade NesmithEVENT DESCRIPTION San Dimas Equity Financing June 2010CONTACTS & COMMENTS James Withall -London Roadshow June 14 201014-Jun-10 EVENT POSITION CORPORATE BROKER Genuity Capital Markets- CANTYPE Roadshow VENUE Baker Steel office CORPORATE PARTICIPANT Joseph F. ConwayEVENT DESCRIPTIONCONTACTS & COMMENTS James Withall -Fup London14-Jun-10 EVENT POSITION CORPORATE BROKERTYPE Email Message VENUE CORPORATE PARTICIPANT Tamara BrownEVENT DESCRIPTIONCONTACTS & COMMENTS James Withall -