Copper Pulse 4 30 2012

Sector
30 April

Pulse Report 2012
Copper
Disclaimer: Information and recommendations herein are the opinions of the Oreninc Analyst only. Data
utilized is believed to be accurate and reliable as of the date of this report. You should independently verify
all data herein. Data was not reviewed, supplied or amended by any bank or third party prior to production
of this report.

Broker Fee Charts
Broker Fees by Market Cap: All Sectors
Average Cash Fee Average Total Fee

14%
When looking at a financing, it is important
12%
to remember: the smaller the market cap,
10%
the higher the fees.
8%
6%
4%
2%
0%
$0-$10 $10-$25 $25-$50 $50-$100 $100-$500

Broker Fees: Copper
Average Cash Fee Average Total Fee
This chart represents the fees charged by 16%
14%
each broker in the copper sector. The 12%
10%
numerical values listed on page 5 can be 8%
used for negotiating purposes. 6%
4%
2%
0%

Note: The charts represent all brokered deals in the respective sector(s) opened on or after 1/5/2011 and closed by 30/4/2012. Market cap listed in million-dollar units.

2 April 2012 Pulse Report: Copper

Broker Efficiency
Average Deal Size: Copper

Choose a broker who has completed 80
70
offerings of similar size to your deal, but 60

Millions
keep in mind that these are averages. 50
40
Sometimes a broker completes one large 30
20
offering and several small ones, which 10
skews the average deal size. Therefore, it 0

is important to review the table in the back.

Average Time to Close: Copper
We care about broker efficiency. The speed 80
at which a broker moves a transaction from 70
60
announcement to completion is a good 50

Days
indication of their ability to deliver a 40
30
successful raise. 20
10
0

Note: The charts represent all brokered deals in the respective sector(s) opened on or after 1/5/2011 and closed by 30/4/2012.


Broker Sector Focus
% of Brokers Total Book: Copper
120%
100%
The percentage of a broker’s total lead in 80%
your sector gives you a sense of how 60%
material your sector is for their business. 40%
20%
0%

Money raised in copper will show which Money Raised: Copper
brokers have a track record of raising $90
$80
money for your sector. $70
$60

Millions
$50
$40
$30
$20
$10
$0

Note: The charts represent all brokered deals in the respective sector(s) opened on or after 1/5/2011 and closed by 30/4/2012.


Copper Brokers
% of Deals Average Average
Cash Warrant Total Total Total Average Deal % of Total
Broker with Days to Subscription
Fee Fee Fee Raised Deals Size Book
Warrants Close Rate

Canaccord 5.8% 3.3% 9.0% $78.5 2 $39.2 13.0% 50.0% 26.5 100.0%

Casimir
6.0% 6.0% 12.0% $2.1 1 $2.1 0.7% 100.0% 14.0 101.0%
Capital

D&D Securities 6.0% 6.8% 12.8% $0.5 1 $0.5 1.9% 100.0% 69.0 43.8%

Dundee
5.0% 5.0% 10.0% $26.7 1 $26.7 10.8% 100.0% 27.0 133.4%
Securities

EMD Financial 2.3% 2.2% 4.5% $0.6 2 $0.3 100.0% 100.0% 70.0 218.6%

M Partners 5.2% 2.9% 8.1% $7.8 1 $7.8 48.7% 100.0% 24.0 96.9%

Mackie
6.0% 6.0% 12.0% $10.0 2 $5.0 13.7% 0.0% 14.0 125.6%
Research

Macquarie 7.0% 7.0% 14.0% $13.8 1 $13.8 10.6% 100.0% 15.0 138.0%

NCP 5.2% 5.1% 10.3% $3.3 2 $1.7 30.1% 100.0% 56.0 47.8%

Northern
10.0% 5.0% 15.0% $1.0 1 $1.0 100.0% 100.0% 28.0 100.0%
Securities

Ocean Equities 1.0% 3.8% 4.8% $12.1 1 $12.1 100.0% 0.0% 25.0 89.9%

PI Financial 10.0% 0.0% 10.0% $0.5 1 $0.5 3.9% 0.0% 6.0 100.0%

Raymond
5.0% 0.0% 5.0% $15.0 1 $15.0 21.7% 0.0% 15.0 100.0%
James

Salman
6.5% 6.5% 13.0% $1.5 1 $1.5 5.4% 0.0% 23.0 100.0%
Partners

Note: The chart represents all brokered deals in the respective sector(s) opened on or after 1/5/2011 and closed by 30/4/2012. Average deal size and total raised listed in million-
dollar units.


Copper Brokers
% of Deals Average Average
Cash Warrant Total Total Total Average Deal % of Total
Broker with Days to Subscription
Fee Fee Fee Raised Deals Size Book
Warrants Close Rate

Scotiabank 5.0% 0.0% 5.0% $6.0 1 $6.0 6.5% 0.0% 20.0 100.0%

Wellington West 5.0% 0.0% 5.0% $76.0 1 $76.0 100.0% 0.0% 24.0 122.6%

Brokered
5.2% 2.6% 7.8% $255.4 20 $12.8 0.0% 52.4% 31.2 110.5%
Average

Non-Brokered
4.4% 1.1% 5.6% $212.4 88 $2.4 0.0% 70.5% 40.3 92.5%
Average

Note: The chart represents all brokered deals in the respective sector(s) opened on or after 1/5/2011 and closed by 30/4/2012. Average deal size and total raised listed in million-
dollar units.


All Deals: Copper
Dollars % of Market
Company Open Cash Warrant Total Security Financing Lead Co-
Ticker Raised Market Cap at
Name Date Fee Fee Fee Type Basis Underwriter Underwriter
at Close Cap Deal Open
Quaterra
13/04/2012 TSX-V:QTA N/A1 N/A1 N/A1 $2.5 3.9% Common Best Efforts $64.0
Resources

International PBX
12/04/2012 TSX-V:PBX N/A1 N/A1 N/A1 $0.7 4.9% Common Best Efforts $13.7
Ventures

Enertopia 09/04/2012 CNSX:TOP 7.0% 7.0% 14.0% $0.2 13.2% Common Best Efforts $1.6

Toro Resources 29/03/2012 TSX-V:TRK 8.0% 8.0% 16.0% Cancelled N/A Common Best Efforts $5.4

Castle Resources 15/03/2012 TSX-V:CRI 6.0% 6.0% 12.0% $6.6 12.6% Flow-Through Bought Deal $52.7 Mackie Research Scotiabank

Castle Resources 15/03/2012 TSX-V:CRI 6.0% 6.0% 12.0% $3.4 6.4% Common Bought Deal $52.7 Mackie Research Scotiabank

WCB Resources 09/03/2012 TSX-V:WCB 6.0% 6.0% 12.0% $2.1 12.2% Common Best Efforts $17.0 Casimir Capital

Highbank
28/02/2012 TSX-V:HBK 8.0% 8.0% 16.0% $0.7 9.9% Common Best Efforts $7.0
Resources

Cascadero
24/02/2012 TSX-V:CCD N/A1 N/A1 N/A1 $0.1 0.5% Common Best Efforts $19.6
Copper

Equinox
23/02/2012 TSX-V:EQX 3.8% 3.0% 6.8% $1.3 25.2% Common Best Efforts $5.3
Exploration

Panoro Minerals 22/02/2012 TSX-V:PML 7.0% 7.0% 14.0% $13.8 15.2% Common Bought Deal $90.9 Macquarie M Partners

Andover Mining 16/02/2012 TSX-V:AOX N/A1 N/A1 N/A1 $1.4 2.9% Common Best Efforts $49.2

Abacus Mining and
15/02/2012 TSX-V:AME 6.0% 0.0% 6.0% $3.2 6.9% Common Best Efforts $46.4
Exploration

Note: The chart represents all deals in the respective sector(s) opened on or after 1/5/2011 and closed by 30/4/2012. Dollars raised and market cap listed in million-dollar units.
1Fees unavailable at time of publication.


All Deals: Copper (Cont.)
Dollars % of Market
Westminster
09/02/2012 TSX-V:WMR N/A1 N/A1 N/A1 $0.9 8.2% Common Best Efforts $10.6
Resources

Snowfield
09/02/2012 TSX-V:SNO 1.4% 0.0% 1.4% $0.5 25.2% Common Best Efforts $2.1
Development
Regulus Conditional Dundee Axemen
08/02/2012 TSX-V:PMA 5.0% 5.0% 10.0% $26.7 55.8% Bought Deal $47.8
Resources Common Securities Resource

Northisle Copper
08/02/2012 TSX-V:NCX 6.5% 6.5% 13.0% $1.5 9.5% Flow-Through Best Efforts $15.9 Salman Partners
and Gold

White Tiger
07/02/2012 TSX-V:WTC 1.5% 1.5% 3.0% $0.6 17.1% Common Best Efforts $3.4
Mining

VMS Ventures 01/02/2012 TSX-V:VMS 6.0% 3.0% 9.0% $2.5 5.0% Flow-Through Best Efforts $48.8

Lions Gate
31/01/2012 TSX-V:LGM 3.3% 0.0% 3.3% $0.4 4.2% Common Best Efforts $9.4
Metals

Lions Gate
31/01/2012 TSX-V:LGM 3.3% 0.0% 3.3% $0.5 4.9% Flow-Through Best Efforts $9.4
Metals

Salazar
30/01/2012 TSX-V:SRL 2.0% 0.0% 2.0% $3.0 16.0% Common Best Efforts $18.8
Resources

African Metals 27/01/2012 TSX-V:AFR 7.5% 7.5% 15.0% $1.3 8.9% Common Best Efforts $14.4

Hana Mining 26/01/2012 TSX-V:HMG 2.9% 0.0% 2.9% $14.9 11.6% Common Best Efforts $129.1

International PBX
24/01/2012 TSX-V:PBX 0.7% 0.0% 0.7% $0.6 2.6% Common Best Efforts $22.7
Ventures

Catalyst Copper 23/01/2012 TSX-V:CCY 3.0% 0.0% 3.0% $3.5 13.3% Common Best Efforts $26.5



All Deals: Copper (Cont., 2)
Dollars % of Market
Terra Firma
20/01/2012 TSX-V:TFR 6.7% 0.0% 6.7% $0.4 32.6% Common Best Efforts $1.1
Resources

Oracle Mining 19/01/2012 TSX:OMN 6.0% 0.0% 6.0% $9.8 24.8% Common Best Efforts $39.3

Copper Fox
18/01/2012 TSX-V:CUU N/A1 N/A1 N/A1 $2.2 0.5% Common Best Efforts $426.1
Metals

Niblack Mineral
29/12/2011 TSX-V:NIB 10.0% 0.0% 10.0% $0.5 7.3% Common Best Efforts $6.5 PI Financial
Development

Los Andes
23/12/2011 TSX-V:LA N/A1 N/A1 N/A1 $0.8 1.5% Common Best Efforts $51.0
Copper

Caribou King
22/12/2011 TSX-V:CKR 10.0% 0.0% 10.0% $0.2 5.0% Flow-Through Best Efforts $3.9
Resources

Doubleview
20/12/2011 TSX-V:DBV N/A1 N/A1 N/A1 $0.1 21.2% Flow-Through Best Efforts $0.5
Capital

Snowfield
12/12/2011 TSX-V:SNO 3.6% 0.0% 5.1% $0.3 16.0% Common Best Efforts $1.7
Development

Millstream Mines 12/12/2011 TSX-V:MLM 10.0% 0.0% 10.0% $0.1 5.8% Common Best Efforts $1.9

Millstream Mines 12/12/2011 TSX-V:MLM 10.0% 0.0% 10.0% $0.04 2.1% Flow-Through Best Efforts $1.9

International PBX
09/12/2011 TSX-V:PBX N/A1 N/A1 N/A1 Cancelled N/A Common Best Efforts $31.6
Ventures

Red Crescent
01/12/2011 TSX:RCB 0.5% 0.5% 1.0% $0.3 1.0% Common Best Efforts $28.0
Resources

Rockcliff
01/12/2011 TSX-V:RCR 8.0% 8.0% 16.0% $2.2 34.2% Flow-Through Best Efforts $6.5
Resources



Dollars % of Market
Rockcliff
01/12/2011 TSX-V:RCR 8.0% 8.0% 16.0% $0.04 0.5% Common Best Efforts $6.5
Resources

Redtail Metals 30/11/2011 TSX-V:RTZ 1.2% 0.0% 1.2% $0.5 15.4% Common Best Efforts $3.2

PolyMet Mining 30/11/2011 TSX:POM N/A1 N/A1 N/A1 $20.0 10.3% Common Best Efforts $193.4

Lumina Copper 23/11/2011 TSX-V:LCC 5.0% 0.0% 5.0% $15.0 3.8% Common Best Efforts $397.9

Lumina Copper 23/11/2011 TSX-V:LCC 5.0% 0.0% 5.0% $15.0 3.8% Common Best Efforts $397.9 Raymond James Scotiabank

El Nino
21/11/2011 TSX-V:ELN 4.2% 4.0% 8.2% $0.5 7.8% Flow-Through Best Efforts $6.4
Ventures

El Nino
21/11/2011 TSX-V:ELN 4.2% 4.0% 8.2% $1.0 15.7% Common Best Efforts $6.4
Ventures

Boxxer Gold 17/11/2011 TSX-V:BXX 9.0% 9.0% 18.0% $1.2 5.2% Flow-Through Best Efforts $22.3

Boxxer Gold 17/11/2011 TSX-V:BXX 9.0% 9.0% 18.0% $1.1 4.9% Common Best Efforts $22.3

Copper Fox
Metals

Mercator
17/11/2011 TSX:ML 2.7% 0.0% 2.7% $20.0 4.7% Common Best Efforts $422.3
Minerals

Network
10/11/2011 TSX-V:NET N/A1 N/A1 N/A1 $0.9 42.9% Common Best Efforts $2.0
Exploration

Westminster
04/11/2011 TSX-V:WMR 5.4% 4.0% 9.4% $1.2 15.7% Common Best Efforts $7.7
Resources



Dollars % of Market
Copper North
03/11/2011 TSX-V:COL N/A1 N/A1 N/A1 $0.2 1.5% Common Best Efforts $13.0
Mining

Guerrero
02/11/2011 TSX-V:GEX 7.2% 0.0% 13.2% $1.0 25.9% Common Best Efforts $3.7
Exploration

Cresval Capital 01/11/2011 TSX-V:CRV N/A1 N/A1 N/A1 $0.1 2.8% Flow-Through Best Efforts $1.8

Telferscot
28/10/2011 CNSX:TFS N/A1 N/A1 N/A1 $1.0 23.4% Common Best Efforts $4.3
Resources

Cadillac Ventures 26/10/2011 TSX-V:CDC 5.2% 5.1% 10.3% $2.5 9.5% Flow-Through Best Efforts $26.8 NCP

Cadillac Ventures 26/10/2011 TSX-V:CDC 5.2% 5.1% 10.3% $0.8 3.0% Common Best Efforts $26.8 NCP

Black Smoker
26/10/2011 CNSX:BSM 6.0% 6.0% 12.0% $1.2 45.0% Common Best Efforts $2.8
Ventures

Bellhaven Copper
26/10/2011 TSX-V:BHV N/A1 N/A1 N/A1 $6.1 15.9% Common Bought Deal $38.0
& Gold

Happy Creek
25/10/2011 TSX-V:HPY 8.0% 10.0% 18.0% $0.7 5.9% Common Best Efforts $11.3
Minerals

Happy Creek
25/10/2011 TSX-V:HPY 7.0% 8.0% 15.0% $2.2 19.8% Flow-Through Best Efforts $11.3
Minerals

Greenock
20/10/2011 TSX-V:GKR N/A1 N/A1 N/A1 $0.1 8.0% Common Best Efforts $1.2
Resources

Copper Fox
Metals

International
11/10/2011 TSX-V:IEC 4.1% 0.0% 4.1% $2.5 25.4% Common Best Efforts $9.8
Enexco



Dollars % of Market
NGEx Resources 11/10/2011 TSX:NGQ 4.0% 0.0% 4.0% $27.0 6.4% Common Best Efforts $424.5

International PBX
11/10/2011 TSX-V:PBX 3.0% 0.0% 3.0% $1.0 3.8% Common Best Efforts $26.3
Ventures
Highbank
05/10/2011 TSX-V:HBK 8.0% 0.0% 8.0% $0.2 5.4% Common Best Efforts $4.1
Resources

Cormark
Castle Resources 29/09/2011 TSX-V:CRI 5.0% 0.0% 5.0% $6.0 9.9% Flow-Through Best Efforts $60.5 Scotiabank
Securities

Metropolitan
23/09/2011 TSX-V:MNZ 8.5% 0.0% 8.5% $0.4 48.7% Common Best Efforts $0.7
Mining

Virgin Metals 23/09/2011 TSX-V:VGM 10.0% 10.0% 20.0% $1.5 20.5% Common Best Efforts $7.3

Nitinat Minerals 21/09/2011 TSX-V:NZZ N/A1 N/A1 N/A1 Cancelled N/A Common Best Efforts $3.9

Westridge
20/09/2011 TSX-V:WST 8.0% 4.0% 12.0% $1.2 11.8% Common Best Efforts $9.9
Resources

Cascadero
13/09/2011 TSX-V:CCD N/A1 N/A1 N/A1 $1.5 8.5% Common Best Efforts $18.0
Copper

Logan Copper 09/09/2011 TSX-V:LC 2.3% 2.2% 4.5% $0.5 21.4% Common Best Efforts $2.3 EMD Financial

Logan Copper 09/09/2011 TSX-V:LC 2.3% 2.2% 4.5% $0.2 6.5% Flow-Through Best Efforts $2.3 EMD Financial

Tigray Resources 08/09/2011 TSX-V:TIG N/A1 N/A1 N/A1 $5.3 10.1% Common Best Efforts $52.2

Mukuba
07/09/2011 TSX-V:MKU N/A1 N/A1 N/A1 $2.0 21.6% Common Best Efforts $9.2
Resources



Dollars % of Market
Copper Fox
Metals

Miocene Metals 31/08/2011 TSX-V:MII N/A1 N/A1 N/A1 $0.1 0.7% Common Best Efforts $13.3

Cascadero
15/08/2011 TSX-V:CCD N/A1 N/A1 N/A1 $0.5 2.9% Flow-Through Best Efforts $16.4
Copper

Regulus
08/08/2011 TSX-V:REG N/A1 N/A1 N/A1 $0.7 1.6% Common Bought Deal $44.5
Resources

Catalyst Copper 29/07/2011 TSX-V:CCY 2.8% 0.0% 2.8% $2.1 8.4% Common Best Efforts $25.4

Pebble Creek
28/07/2011 TSX-V:PEB 8.0% 0.0% 8.0% $0.1 2.7% Common Best Efforts $5.5
Mining

Crazy Horse
13/07/2011 TSX-V:CZH N/A1 N/A1 N/A1 $5.2 12.2% Common Best Efforts $42.9
Resources

Nevada Copper 07/07/2011 TSX:NCU 5.5% 2.5% 8.0% $65.1 18.9% Common Bought Deal $345.1 Canaccord Scotiabank

WCB Resources 06/07/2011 TSX-V:WCB N/A1 N/A1 N/A1 $1.0 31.8% Common Best Efforts $3.1

Crazy Horse
04/07/2011 TSX-V:CZH N/A1 N/A1 N/A1 $5.0 12.7% Common Bought Deal $39.3
Resources

Northern
Sego Resources 29/06/2011 TSX-V:SGZ 10.0% 5.0% 15.0% $1.0 9.8% Common Best Efforts $10.2
Securities

Boxxer Gold 23/06/2011 TSX-V:BXX 6.0% 6.8% 12.8% $0.5 1.5% Flow-Through Best Efforts $34.0 D&D Securities

Drexel
23/06/2011 TSX-V:DX 0.0% 0.0% 6.0% $2.4 340.0% Common Best Efforts $0.7
Resources



Dollars % of Market
Slater Mining 21/06/2011 TSX-V:SLM 0.0% 0.0% 0.8% $0.8 8.0% Common Best Efforts $9.4

Slater Mining 21/06/2011 TSX-V:SLM 0.0% 0.0% 0.8% $0.3 2.7% Flow-Through Best Efforts $9.4

RK Equity Capital
Kincora Copper 20/06/2011 TSX-V:KCC 1.0% 3.8% 4.8% $12.1 522.1% Common Best Efforts $2.3 Ocean Equities
Markets

Virgin Metals 17/06/2011 TSX-V:VGM 8.0% 7.0% 15.0% $0.3 4.4% Common Best Efforts $7.9

Serengeti
16/06/2011 TSX-V:SIR 6.0% 0.0% 6.0% $1.3 11.6% Flow-Through Best Efforts $11.3
Resources

Panoro Minerals 13/06/2011 TSX-V:PML 5.2% 2.9% 8.1% $7.8 14.3% Common Best Efforts $54.3 M Partners Canaccord

Metropolitan
01/06/2011 TSX-V:MNZ N/A1 N/A1 N/A1 Cancelled N/A Common Best Efforts $1.0
Mining

Cormark
Iberian Minerals 31/05/2011 TSX-V:IZN 5.0% 0.0% 5.0% $76.0 21.1% Common Bought Deal $359.5 Wellington West
Securities

Caribou Copper
26/05/2011 TSX-V:CKR 7.4% 7.4% 14.8% $0.4 10.0% Flow-Through Best Efforts $4.1
Resources

Caribou Copper
26/05/2011 TSX-V:CKR 6.8% 9.6% 16.4% $0.8 20.3% Common Best Efforts $4.1
Resources

Tribune Minerals 19/05/2011 TSX-V:TCB N/A1 N/A1 N/A1 $4.6 85.0% Common Best Efforts $5.4

Tribune Minerals 19/05/2011 TSX-V:TCB N/A1 N/A1 N/A1 $3.9 72.1% Flow-Through Best Efforts $5.4

AKA Ventures 17/05/2011 TSX-V:AKA 5.5% 0.0% 5.5% $0.6 4.5% Common Best Efforts $14.0



Dollars % of Market
White Tiger
06/05/2011 TSX-V:WTC 4.4% 0.0% 4.4% $0.3 11.2% Common Best Efforts $2.7
Mining

Guerrero
04/05/2011 TSX-V:GEX 8.0% 8.0% 16.0% $0.3 5.9% Common Best Efforts $5.2
Exploration
CuOro
04/05/2011 TSX-V:CUA 7.0% 0.0% 7.0% $1.6 6.0% Common Bought Deal $26.9
Resources

CuOro Conditional
04/05/2011 TSX-V:CUA 7.0% 7.0% 14.0% $13.4 49.7% Bought Deal $26.9 Canaccord Scotiabank
Resources Common



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18 Tear SheetPulse Report:the Institutional Investor: Wellington West
April 2012 prepared for Copper

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