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Metals & Mining Analysts' Ratings & Estimates - Seniors

Senior Producers, Larger-Cap Near-Term Production

Aluminum   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 13-Jul-18 (MM) (US$MM) 2017 2018E 2019E 2018E 2019E 2017 2018E 2019E 2018E 2019E 2018E %
Alcoa Inc AA 2.1 US$47.26 186 $8,812 3.01 4.23 4.32 11.2 10.9 6.55 6.65 9.87 7.1 4.8 10.1 0.0%
Alumina Ltd AWC 2.3 US$2.10 2880 $6,050 0.13 0.22 0.16 9.4 13.5 0.09 0.22 0.15 9.8 13.9 8.1 7.0%
Aluminum Corp China Ltd (ADR) ACH 2.6 CNY$2.71 14904 $7,437 0.09 0.17 0.24 16.0 11.3 0.88 0.86 1.08 3.1 2.5 13.5 0.0%
Century Aluminum CENX 2.6 US$14.24 88 $1,247 0.36 0.68 2.00 21.0 7.1 0.59 1.12 2.80 12.7 5.1 46.3 0.0%
United Company Rusal Ltd (HK) 486 2.0 US$0.28 15193 $4,297 0.07 0.13 0.13 2.1 2.2 0.11 0.13 0.14 2.1 2.0 8.0 2.8%
Average                 11.9 9.0       7.0 5.6 17.2  
Iron Ore                                   
Cliffs Natural Resources CLF 2.2 US$8.40 298 $2,501 0.43 1.46 1.29 5.8 6.5 1.15 1.68 1.96 5.0 4.3 11.0 0.0%
Fortescue Metals Group Ltd (AU) FMG 2.5 US$3.23 3114 $10,055 0.51 0.36 0.36 9.1 9.0 0.95 0.63 0.72 5.2 4.5 3.4 7.3%
Kumba Iron Ore Ltd (SA) KIO 4.2 ZAR$304.30 322 $7,372 30.26 20.50 19.81 14.8 15.4 52.91 38.17 36.99 8.0 8.2 5.1 8.2%
Labrador Iron Ore Royalty (CN) LIF 2.6 C$24.27 64 $1,180 2.46 2.19 2.56 11.1 9.5 2.61 1.79 2.28 13.5 10.7 17.0 4.7%
Mount Gibson Iron Limited (AU) MGX 2.7 AUD$0.43 1100 $347 0.03 0.03 0.05 12.8 9.4 0.02 0.02 0.00 23.6 NM -- 4.4%
Average                 10.7 10.0       11.1 6.9 9.1  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Consensus Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Base Metals & Diversified
Large Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 13-Jul-18 (MM) (US$MM) 2017 2018E 2019E 2018E 2019E 2017 2018E 2019E 2018E 2019E 2018E %
Anglo American PLC (UK) AAL 2.5 US$21.93 1405 $30,804 2.53 2.55 2.31 8.6 9.5 6.48 4.94 4.78 4.4 4.6 6.7 4.9%
Antofagasta PLC (UK) ANTO 2.8 US$12.50 986 $12,322 0.76 0.81 0.93 15.4 13.4 2.12 1.93 2.21 6.5 5.7 9.7 3.7%
BHP Billiton Ltd BHP 2.4 US$24.74 5324 $125,577 1.48 1.67 1.59 14.9 15.6 3.23 3.43 3.47 7.2 7.1 8.9 4.2%
China Molybdenum Co Ltd (HK) 3993 2.1 CNY$3.24 21599 $19,148 0.14 0.24 0.24 13.4 13.4 0.36 0.71 0.68 4.6 4.8 59.0 0.0%
Freeport McMoran C&G FCX 2.7 US$16.80 1449 $24,339 1.17 1.94 1.17 8.7 14.3 3.22 3.62 2.43 4.6 6.9 7.6 0.3%
Glencore International PLC (UK) GLEN 1.9 US$4.14 14586 $60,411 0.39 0.50 0.46 8.3 9.0 0.82 0.84 0.91 5.0 4.5 8.9 1.9%
Grupo Mexico (MX) GMEXICOB 2.5 US$2.83 7785 $22,022 0.20 0.25 0.31 11.1 9.2 0.43 0.42 0.47 6.8 6.0 8.7 2.4%
Hindustan Zinc (IN) HZ 2.6 INR$274.95 4225 $16,956 20.96 24.56 27.00 11.2 10.2 21.97 29.42 31.08 9.3 8.8 8.7 2.7%
MMC Norilsk Nickel (RU) GMKN -- RU$5,429.84 158 $28,844 -- 899.94 1210.92 6.0 4.5 -- 689.72 1388.13 7.9 3.9 10.3 7.7%
Rio Tinto PLC (UK) RIO 2.4 US$53.45 1725 $94,620 4.83 5.09 4.50 10.5 11.9 7.77 7.67 7.58 7.0 7.1 8.4 5.3%
Sesa Sterlite Ltd (ADR) SSLT 1.7 INR$210.45 3717 $11,418 18.89 29.67 38.28 7.1 5.5 53.84 57.05 64.82 3.7 3.2 5.5 7.6%
South32 Ltd (AU) S32 2.9 US$2.69 5120 $13,796 0.23 0.25 0.24 10.6 11.3 0.37 0.38 0.40 7.2 6.8 6.9 3.9%
Southern Copper Corp SCCO 3.6 US$45.09 773 $34,856 0.94 2.47 2.80 18.2 16.1 2.63 3.04 3.38 14.9 13.3 18.0 1.5%
Sumitomo Metal Mining (JP) 5713 2.2 JPY$4,029 291 $10,428 232.51 383.96 420.41 10.5 9.6 400.09 587.27 641.56 6.9 6.3 12.9 2.2%
Teck Resources Ltd TCK 2.0 C$32.45 575 $14,170 4.45 4.68 3.90 6.9 8.3 8.84 8.28 7.41 3.9 4.4 7.1 0.6%
Vale SA (ADR) VALE 2.2 US$50.61 5284 $68,505 4.39 5.59 6.02 9.0 8.4 7.79 9.34 9.56 5.4 5.3 9.8 3.6%
Average                 10.6 10.6       6.6 6.2 12.3  
Mid Cap
                                 
Assore Ltd (SA) ASR 3.6 ZAR$279.89 140 $2,939 47.65 41.22 34.02 6.8 8.2 26.37 37.33 26.28 7.5 10.7 11.0 5.0%
Aurubis AG (GR) NDA 2.5 EUR$65.30 45 $3,430 5.32 5.64 5.70 11.6 11.5 9.81 7.46 8.24 8.8 7.9 8.9 2.1%
Boliden AB (SW) BOL 2.8 SEK$275.90 274 $8,509 25.06 27.75 25.14 9.9 11.0 46.57 43.78 43.65 6.3 6.3 7.8 2.9%
Eramet (FR) ERA 2.8 EUR$109.20 27 $3,398 7.03 11.86 10.93 9.2 10.0 17.81 20.96 24.12 5.2 4.5 9.2 2.3%
Exxaro  Resources Ltd (SA) EXX 1.9 ZAR$128.00 359 $3,453 4.50 21.09 18.35 6.1 7.0 9.80 14.43 17.74 8.9 7.2 7.8 4.7%
First Quantum Minerals (CN) FM 2.1 US$14.33 689 $9,881 (0.16) 0.80 1.42 17.9 10.1 1.62 2.52 2.91 5.7 4.9 17.3 0.1%
Iluka Resources Ltd (AU) ILU 2.4 AUD$11.84 422 $3,709 0.23 0.65 0.82 18.1 14.5 0.99 1.20 1.17 9.9 10.1 -- 3.0%
Jiangxi Copper Co "H" (HK) 358 2.5 CNY$7.79 3463 $6,281 0.48 0.77 0.90 10.1 8.7 0.72 1.44 1.56 5.4 5.0 11.2 2.0%
Kazakhmys PLC (UK) KAZ 2.3 US$10.70 447 $4,780 1.07 1.45 1.56 7.4 6.8 1.68 1.82 2.05 5.9 5.2 29.1 0.0%
KGHM Polska Miedz (PO) KGH 2.9 PLN$88.70 200 $4,790 7.84 13.56 15.57 6.5 5.7 21.44 24.19 26.26 3.7 3.4 5.3 0.0%
Lundin Mining Corp (CN) LUN 2.3 US$5.70 732 $4,169 0.56 0.40 0.46 14.3 12.3 1.14 0.88 0.98 6.4 5.8 5.8 0.0%
MMG Ltd (HK) 1208 1.9 US$0.67 8051 $5,416 0.02 0.07 0.08 9.9 8.7 0.29 0.25 0.26 2.7 2.6 16.3 0.0%
Outokumpu (FN) OUT1V 2.5 EUR$5.23 416 $2,541 0.83 0.46 0.64 11.4 8.2 0.75 0.86 1.23 6.1 4.3 10.7 4.5%
Turquoise Hill Resources TRQ 3.0 US$2.83 2012 $5,673 0.09 0.10 0.05 29.2 61.3 0.06 0.13 0.13 22.2 21.3 19.3 0.0%
Vale Indonesia Tbk PT (ID) INCO 2.3 US$0.31 9936 $3,111 (0.00) 0.01 0.01 50.7 24.1 0.02 0.02 0.02 18.4 13.4 21.7 0.0%
Vedanta Resources PLC (UK) VED 2.6 US$10.67 282 $3,006 0.43 1.15 1.84 9.2 5.8 5.26 10.26 14.17 1.0 0.8 6.5 6.6%
Average                 14.3 13.4       7.7 7.1 12.5  
Small Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 13-Jul-18 (MM) (US$MM) 2017 2018E 2019E 2018E 2019E 2017 2018E 2019E 2018E 2019E 2018E %
Capstone Mining Corp (CN) CS 1.9 US$0.72 399 $289 (0.02) 0.14 0.16 5.1 4.4 0.29 0.33 0.36 2.2 2.0 3.6 0.0%
Hudbay Minerals HBM 2.0 US$5.21 261 $1,360 0.61 0.63 0.74 8.3 7.0 2.05 1.86 1.97 2.8 2.6 4.3 0.2%
Independence Group NL (AU) IGO 2.9 AUD$5.05 587 $2,200 0.10 0.25 0.38 20.3 13.4 0.36 0.65 0.74 7.8 6.8 21.3 0.4%
Ivanhoe Mines Ltd (CN) IVP 2.1 US$1.98 791 $1,571 (0.14) (0.05) (0.06) -- -- (0.05) (0.03) (0.05) -- -- -- 0.0%
Mechel OAO (ADR) MTL 4.0 RU$103.50 555 $997 -- -- -- -- -- -- -- -- -- -- 9.0 0.0%
Mineral Resources Ltd (AU) MIN 2.7 AUD$16.04 188 $2,235 1.28 1.54 1.90 10.4 8.4 1.74 2.14 2.59 7.5 6.2 7.4 0.0%
Mitsui Mining & Smelting (JP) 5706 2.0 JPY$4,235 57 $2,160 72.45 355.45 556.82 11.9 7.6 532.87 852.83 1079.08 5.0 3.9 8.0 1.4%
Nevsun Resources Ltd NSU 1.9 US$3.27 302 $988 (0.12) 0.05 0.06 60.0 56.5 (0.07) 0.37 0.33 8.8 9.8 8.6 1.3%
Nyrstar NV (BE) NYR 2.6 EUR$4.60 110 $590 (0.82) (0.09) 0.48 -- 9.5 0.78 0.75 1.60 6.1 2.9 9.2 0.0%
Oz Minerals (AU) OZL 2.5 AUD$9.11 320 $2,165 0.77 0.63 0.56 14.4 16.2 1.15 1.33 1.36 6.8 6.7 5.9 2.2%
Philex Mining Corp (PH) PX 3.0 Php$4.35 4940 $402 0.34 0.41 0.33 10.6 13.2 -- -- -- -- -- 7.5 1.3%
Sandfire Resources NL (AU) SFR 3.3 AUD$9.23 158 $1,086 0.64 0.91 1.20 10.1 7.7 1.45 1.68 1.97 5.5 4.7 6.4 3.0%
Sherritt International (CN) S 1.6 C$1.12 397 $338 (1.07) 0.00 0.15 -- 7.5 (0.03) 0.11 0.25 10.4 4.5 22.6 0.0%
Volcan Cia Ninera VOLABC1 2.0 US$0.25 4077 $2,416 (0.12) 0.04 0.05 6.4 5.6 -- -- -- -- -- 10.9 1.1%
Western Areas NL (AU) WSA 2.9 AUD$3.63 273 $735 0.07 0.15 0.25 24.0 14.6 0.27 0.38 0.49 9.5 7.5 13.8 0.6%
Average                 16.5 13.2       6.6 5.2 9.9  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Consensus Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Gold
Large Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 13-Jul-18 (MM) (US$MM) 2017 2018E 2019E 2018E 2019E 2017 2018E 2019E 2018E 2019E 2018E %
Agnico-Eagle Mines Ltd AEM 2.3 US$45.52 234 $10,635 1.02 0.52 0.93 87.8 48.9 3.30 3.02 3.58 15.1 12.7 13.0 1.0%
Barrick Gold Corp ABX 3.0 US$12.91 1167 $15,057 0.75 0.73 0.70 17.7 18.4 1.77 2.13 2.07 6.1 6.2 5.5 1.0%
Franco-Nevada FNV 2.3 US$73.20 186 $13,611 1.08 1.21 1.34 60.3 54.8 2.67 2.73 3.04 26.8 24.1 27.6 1.3%
Goldcorp Inc GG 2.1 US$13.45 869 $11,479 0.40 0.40 0.71 33.7 19.1 1.55 1.59 2.07 8.5 6.5 10.3 0.6%
Newcrest Mining Ltd (AU) NCM 2.8 AUD$15.91 768 $12,213 0.48 0.68 0.99 23.5 16.0 1.67 1.68 2.01 9.5 7.9 10.2 0.6%
Newmont Mining NEM 2.5 US$36.84 533 $19,654 1.46 1.44 1.61 25.6 22.9 4.39 3.91 4.35 9.4 8.5 9.1 0.9%
Polyus Gold International (UK) PGIL 2.0 RU$4,260.00 134 $9,141 560.33 534.68 627.21 8.0 6.8 475.56 598.34 809.43 7.1 5.3 -- 5.6%
Zijin Mining Group (HK) 2899 2.0 CNY$2.39 23031 $10,862 0.16 0.21 0.23 11.4 10.4 0.44 0.53 0.52 4.5 4.6 15.8 0.0%
Average                 33.5 24.7       10.9 9.5 13.1  
Mid Cap                                  
AngloGold Ashanti Ltd AU 2.2 US$8.49 412 $3,487 0.02 0.82 0.97 10.4 8.7 2.40 2.66 3.07 3.2 2.8 3.6 0.5%
B2Gold Corp BTG 1.7 US$2.45 986 $2,421 0.05 0.20 0.23 12.4 10.6 0.16 0.48 0.53 5.1 4.6 8.9 0.0%
Buenaventura (ADR) BVN 2.7 US$12.59 276 $3,469 0.29 1.01 1.16 12.5 10.9 0.84 1.86 1.97 6.8 6.4 10.8 0.6%
Centamin Egypt (CN) CEE 2.1 US$1.52 1155 $1,754 0.13 0.10 0.12 14.8 12.5 0.31 0.17 0.25 9.0 6.1 3.4 5.8%
Endeavour Mining Corp (CN) EDV 1.6 US$17.05 108 $1,837 0.67 1.00 1.44 17.0 11.8 2.24 2.61 3.57 6.5 4.8 9.4 0.0%
Evolution Mining Ltd (AU) EVN 3.0 AUD$3.31 1693 $4,159 0.14 0.17 0.21 19.1 16.0 0.40 0.42 0.45 7.8 7.3 8.8 2.1%
Gold Fields Ltd (ADR) GFI 2.3 US$3.56 822 $2,896 0.24 0.13 0.26 26.7 13.5 1.01 1.08 1.28 3.3 2.8 3.5 1.8%
Iamgold Corp IAG 2.0 US$5.78 467 $2,700 0.06 0.16 0.19 35.4 29.7 0.63 0.78 0.87 7.4 6.7 7.3 0.0%
Kinross Gold Corp KGC 2.4 US$3.77 1250 $4,693 0.14 0.20 0.18 18.6 21.0 0.76 0.84 0.83 4.5 4.5 6.4 0.0%
Kirkland Lake Gold (CN) KL 2.1 C$22.49 211 $4,751 0.72 1.08 1.41 20.8 15.9 1.42 1.89 2.32 11.9 9.7 25.6 0.3%
Northern Star Resources (AU) NST 3.1 AUD$7.22 613 $3,284 0.35 0.41 0.48 17.7 15.1 0.57 0.63 0.74 11.4 9.7 9.4 1.7%
Polymetal International PLC (UK) POLY 2.6 US$8.69 453 $3,932 0.88 0.99 1.29 8.8 6.7 1.22 1.48 1.69 5.9 5.2 7.0 3.5%
Randgold Resources (ADR) GOLD 2.0 US$72.08 94 $6,843 2.92 3.10 3.46 23.3 20.9 5.75 6.75 7.73 10.7 9.3 11.5 2.4%
Royal Gold Inc RGLD 2.1 US$90.78 65 $5,942 1.66 2.00 2.34 45.4 38.9 4.23 4.66 5.10 19.5 17.8 22.9 1.1%
Yamana Gold Inc AUY 2.3 US$2.92 949 $2,755 0.08 0.12 0.16 24.8 18.4 0.51 0.64 0.66 4.6 4.4 6.9 0.7%
Zhaojin Mining Industry Co Ltd (HK) 1818 2.5 CNY$5.21 3221 $2,507 0.20 0.21 0.24 24.5 21.8 0.79 1.06 0.72 4.9 7.2 14.9 1.2%
Average                 20.8 17.0       7.7 6.8 10.0  
Small Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 13-Jul-18 (MM) (US$MM) 2017 2018E 2019E 2018E 2019E 2017 2018E 2019E 2018E 2019E 2018E %
Acacia Mining PLC (UK) ACAA 2.8 US$1.49 410 $612 0.36 0.27 0.29 5.5 5.1 (0.06) 0.69 0.68 2.2 2.2 1.5 0.0%
Alacer Gold Corp (CN) ASR 2.6 US$1.93 294 $567 0.28 0.13 0.30 14.6 6.4 0.37 0.20 0.69 9.9 2.8 23.7 0.0%
Alamos Gold AGI 1.9 US$5.59 389 $2,175 0.13 0.12 0.24 45.1 23.0 0.53 0.63 0.75 8.9 7.4 12.9 0.4%
Argonaut Gold Ltd (CN) AR 2.0 US$1.66 178 $296 0.09 0.18 0.28 9.0 6.0 0.22 0.42 0.55 4.0 3.0 7.1 0.0%
Centerra Gold (CN) CG 2.7 US$4.76 292 $1,390 0.93 0.48 0.63 9.8 7.6 1.71 1.22 1.44 3.9 3.3 4.7 0.0%
Detour Gold Corp (CN) DGC 2.1 US$9.42 175 $1,651 0.66 0.54 0.41 17.5 23.2 1.65 1.61 1.46 5.9 6.5 6.7 0.0%
Eldorado Gold Corp EGO 3.0 US$1.13 794 $857 0.02 0.02 0.01 75.3 76.4 0.09 0.14 0.19 8.2 6.0 6.7 0.0%
Guyana Goldfields Inc (CN) GUY 2.0 US$3.66 173 $635 0.12 0.31 0.45 11.7 8.1 0.38 0.63 0.84 5.8 4.3 6.6 0.0%
Harmony Gold Mining Ltd HAR 2.9 ZAR$21.20 500 $800 2.99 2.82 2.33 7.5 9.1 8.05 7.78 7.73 2.7 2.7 2.7 1.5%
Hochschild Mining PLC (UK) HOC 2.4 US$2.30 509 $1,172 0.08 0.07 0.15 33.9 15.7 0.45 0.52 0.58 4.4 4.0 4.1 0.9%
Klondex Mines Ltd KLDX 2.7 US$2.35 180 $423 0.06 0.08 0.13 30.5 18.1 0.15 0.37 0.44 6.4 5.3 7.5 0.0%
McEwen Ming Inc. MUX 2.0 US$2.23 337 $752 (0.03) (0.05) 0.07 -- 30.8 (0.05) (0.06) 0.11 -- 21.2 -- 0.2%
New Gold Inc NGD 2.6 US$2.00 579 $1,157 0.09 0.06 0.14 34.9 14.4 0.61 0.62 0.75 3.2 2.7 6.5 0.0%
Pretium Resources PVG 2.0 C$8.53 183 $1,556 0.10 0.55 0.87 15.4 9.8 0.40 1.18 1.63 7.2 5.2 -- 0.0%
Oceanagold Corp (AU) OGC 1.9 US$2.89 617 $1,760 0.30 0.22 0.22 13.0 13.3 0.57 0.56 0.54 5.2 5.4 6.7 0.7%
Osisko Gold Royalties Ltd OR 1.9 C$12.37 156 $1,468 0.18 0.13 0.37 97.0 33.8 0.38 0.54 0.72 23.1 17.2 49.2 1.5%
Regis Resources Ltd (AU) RRL 3.5 AUD$5.15 504 $1,928 0.30 0.34 0.37 15.3 14.1 0.44 0.49 0.53 10.6 9.7 10.0 3.7%
St Barbara Ltd (AU) SBM 3.5 AUD$5.16 521 $1,989 0.36 0.38 0.33 13.7 15.7 0.59 0.57 0.52 9.1 10.0 8.2 2.6%
Semafo (CN) SMF 2.0 US$2.80 326 $914 0.00 0.09 0.36 29.6 7.8 0.23 0.39 0.80 7.2 3.5 6.3 0.0%
Sibanye Gold Ltd (SA) SGL 2.4 ZAR$7.37 2266 $1,259 (0.12) 0.79 1.48 9.4 5.0 3.53 3.35 4.23 2.2 1.7 3.8 0.0%
SSR Mining  SSRM 2.3 US$10.02 120 $1,203 0.34 0.20 0.32 49.7 31.1 1.21 1.22 1.29 8.2 7.8 4.7 0.0%
Torex Gold Resources (CN) TXG 1.7 US$8.57 85 $728 (0.18) 0.60 0.80 14.3 10.8 0.92 2.00 2.41 4.3 3.6 6.1 0.0%
Average                 27.4 18.1       7.0 6.4 9.7  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Reuters Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Silver   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 13-Jul-18 (MM) (US$MM) 2017 2018E 2019E 2018E 2019E 2017 2018E 2019E 2018E 2019E 2018E %
Americas Silver Corp (CN) USA 1.7 US$2.96 43 $126 (0.09) 0.36 0.32 8.2 9.3 0.04 0.72 0.79 4.1 3.8 0.0 0.0%
Coeur Mining Corp CDE 2.1 US$8.23 186 $1,532 0.02 0.01 0.33 NM 24.8 1.08 0.82 1.20 10.0 6.8 8.3 0.0%
Endeavour Silver Corp EXK 2.8 US$2.93 127 $374 0.08 0.11 0.15 27.5 20.2 0.12 0.33 0.30 9.0 9.7 10.1 0.0%
First Majestic Silver Corp AG 2.5 US$7.69 193 $1,487 (0.04) 0.02 0.22 NM 35.6 0.43 0.59 0.92 12.9 8.4 12.4 0.0%
Fortuna Silver Mines FSM 2.2 US$5.52 160 $882 0.28 0.30 0.46 18.5 11.9 0.44 0.54 0.85 10.3 6.5 8.5 0.0%
Fresnillo (UK) FRES 2.4 US$14.52 737 $10,696 0.65 0.66 0.75 22.0 19.3 1.03 1.18 1.29 12.3 11.2 10.4 2.1%
Hecla Mining Co HL 2.5 US$3.46 401 $1,386 0.10 0.07 0.17 46.6 19.9 0.29 0.36 0.56 9.7 6.2 7.0 0.3%
Mag Silver Corp MAG 1.8 US$9.82 86 $840 (0.08) (0.05) (0.06) -- -- (0.05) (0.02) (0.05) -- -- 91.7 0.0%
Pan American Silver PAAS 2.2 US$16.90 153 $2,592 0.51 0.73 0.83 23.3 20.5 1.47 1.56 1.88 10.8 9.0 8.8 0.6%
Wheaton Precious Metals WPM 1.8 US$21.99 443 $9,750 0.63 0.59 0.72 37.1 30.6 1.22 1.17 1.33 18.8 16.6 17.1 1.7%
Silvercorp SVM 2.0 US$2.79 167 $466 0.26 0.26 0.24 10.7 11.7 0.42 0.37 0.39 7.5 7.2 -- 0.4%
Tahoe Resources TAHO 2.5 US$4.86 313 $1,520 0.27 0.14 0.56 35.3 8.7 0.75 0.59 1.25 8.3 3.9 4.0 1.7%
Average                 27.6 20.3       11.0 8.5 17.8  
Platinum Group Metals                                
African Rainbow Minerals (SA) ARI 1.8 ZAR$112.83 220 $1,864 17.55 17.94 16.31 6.3 6.9 16.60 17.12 19.45 6.6 5.8 26.0 1.9%
Anglo Platinum Ltd (SA) AMS 2.6 ZAR$355.64 270 $7,214 14.76 16.38 22.45 21.7 15.8 49.84 33.97 38.76 10.5 9.2 10.6 1.0%
Impala Platinum (SA) IMP 2.5 ZAR$19.74 735 $1,278 (0.46) 1.12 2.56 17.6 7.7 1.79 5.31 8.37 3.7 2.4 7.5 0.0%
Lonmin PLC (UK) LMI 3.7 US$0.54 283 $152 (2.69) (0.14) (0.08) -- -- 0.09 0.03 0.19 17.6 2.8 -- 0.0%
Northam Platinum Ltd (SA) NHM 2.5 ZAR$37.75 510 $1,447 (1.41) (0.76) 0.02 -- NM 2.57 3.38 4.42 11.2 8.5 32.6 0.0%
Average                 15.2 10.2       9.9 5.7 19.2  
Diamonds & Gems   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 13-Jul-18 (MM) (US$MM) 2017 2018E 2019E 2018E 2019E 2017 2018E 2019E 2018E 2019E 2018E %
AK Alrosa PAO (RU) ALRS 2.6 RU$33.75 7365 $12,009 10.47 12.50 12.39 2.7 2.7 13.65 18.92 15.98 1.8 2.1 4.3 5.7%
Lucara Diamond Corp (CN) LUC 1.5 US$1.57 397 $624 0.16 0.11 0.15 14.7 10.6 0.25 0.15 0.20 10.5 7.9 3.1 5.0%
Mountain Province Diamonds (CN) MPVD 2.7 US$3.03 210 $484 0.11 0.06 0.24 50.5 12.8 0.26 0.89 0.82 3.4 3.7 -- 0.0%
Petra Diamonds Ltd (UK) PDL 1.8 US$0.70 865 $607 0.05 0.09 0.13 7.7 5.4 0.22 0.20 0.21 3.4 3.3 8.0 0.0%
Stornoway Diamond Corp (CN) SWY 2.8 C$0.46 836 $292 0.02 (0.05) 0.00 -- -- 0.08 0.02 0.09 23.0 5.3 -- 0.0%
Average                 18.9 7.9       8.4 4.5 5.2  
Fertilizers                                  
Arab Potash Co (JR) APOT -- JOD$15.05 83 $1,769 -- -- -- -- -- -- -- -- -- -- 10.6 5.9%
CF Industries CF 2.8 US$42.31 233 $9,873 (0.25) 1.07 1.79 39.5 23.7 6.97 5.08 5.54 8.3 7.6 19.5 3.2%
Compass Minerals  CMP 2.4 US$66.25 34 $2,243 2.75 2.96 3.99 22.4 16.6 4.34 3.80 11.37 17.5 5.8 12.5 4.8%
Incitec Pivot Ltd (AU) IPL 3.0 AUD$3.73 1661 $4,599 0.19 0.22 0.24 17.2 15.4 0.39 0.40 0.43 9.2 8.6 11.9 2.7%
Israel Chemical (IS) ICL 2.3 US$4.68 1280 $5,970 0.30 0.35 0.38 13.4 12.3 0.66 0.57 0.64 8.3 7.3 7.9 3.9%
K & S Aktiengesellschaft (GR) SDF 2.7 EUR$20.98 191 $4,692 0.96 1.37 1.83 15.3 11.5 1.60 3.09 3.58 6.8 5.9 12.7 1.5%
Mosaic Co MOS 2.5 US$28.15 385 $10,849 1.09 1.47 1.86 19.2 15.1 2.67 3.38 3.95 8.3 7.1 14.0 1.4%
Sociedad Quimica Minera (ADR) SQM 2.3 US$48.57 263 $12,735 1.63 1.89 2.23 25.7 21.8 2.67 2.50 2.90 19.4 16.7 17.0 3.8%
Yara International ASA (NO) YAR 2.8 NOK$39.43 273 $10,784 1.81 2.07 3.33 19.1 11.8 2.87 4.30 5.95 9.2 6.6 8.4 1.9%
Average                 21.5 16.0       10.9 8.2 12.7  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Reuters Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Uranium   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 13-Jul-18 (MM) (US$MM) 2017 2018E 2019E 2018E 2019E 2017 2018E 2019E 2018E 2019E 2018E %
Cameco Corp CCJ 2.7 C$14.43 396 $4,340 0.15 0.25 0.32 57.7 45.3 1.51 1.18 1.06 12.2 13.6 10.9 3.4%
Denison Mines DNN 2.0 US$0.50 559 $281 (0.03) (0.03) (0.03) -- -- 0.02 (0.03) (0.03) -- -- -- 0.0%
Energy Resources Australia (AU) ERA 4.0 AUD$0.42 518 $161 (0.04) (0.06) (0.03) -- -- 0.02 (0.01) 0.04 -- 10.5 -- 0.0%
Uranium Participation Corp (CN) U 2.2 C$4.25 137 $444 (0.03) (0.03) 0.32 -- 13.2 (0.04) (0.04) -- -- -- -- 0.0%
Average                 57.7 29.2       12.2 12.0 10.9  
Coal
Large - Mid Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 13-Jul-18 (MM) (US$MM) 2017 2018E 2019E 2018E 2019E 2017 2018E 2019E 2018E 2019E 2018E %
Adaro Energy TBK (ID) ADRO 1.8 US$0.13 31986 $4,139 0.01 0.02 0.02 8.1 8.5 0.03 0.03 0.03 4.5 4.6 5.9 5.1%
China Coal Energy Co (HK) 1898 2.3 CNY$2.60 13259 $7,971 0.26 0.33 0.32 7.9 8.2 1.34 1.09 1.20 2.4 2.2 12.3 1.9%
China Shenhua Energy Co (HK) 1088 1.9 CNY$14.47 19890 $50,614 2.40 2.30 2.21 6.3 6.6 4.78 3.86 4.04 3.8 3.6 5.8 5.8%
Consol Energy CNX 2.1 US$17.16 218 $3,739 (0.04) 0.69 0.53 24.7 32.6 1.88 3.48 3.73 4.9 4.6 9.7 0.0%
Whitehaven Coal Lyd (AU) WHC 2.3 AUD$5.60 1026 $4,265 0.46 0.55 0.47 10.2 11.9 0.73 0.82 0.69 6.8 8.1 0.0 0.0%
Yancoal Australia Lyd YAL -- AUD$0.14 43962 $4,558 -- -- -- -- -- -- -- -- -- -- 0.0 0.0%
Yanzhou Coal Mining Co Ltd (HK) 1171 2.4 CNY$8.41 4912 $7,627 1.50 1.67 1.60 5.0 5.2 2.48 2.80 3.22 3.0 2.6 20.6 6.5%
Average                 10.4 12.2       4.2 4.3 7.8  
 
Small Cap                                  
Banpu Public Co Ltd (TH) BANPU 1.7 THB$0.61 5162 $3,156 0.07 0.08 0.07 7.8 8.4 0.13 0.08 0.10 7.3 6.4 19.1 3.0%
Cloud Peak Energy CLD 3.1 US$3.26 76 $247 (0.50) (0.29) (0.41) -- -- 0.71 0.87 0.63 3.7 5.1 5.6 0.0%
Fushan Int'l Energy Group (HK) 639 2.4 HK$1.84 5302 $1,243 0.20 0.21 0.22 9.0 8.5 0.29 0.19 0.29 9.5 6.4 8.0 6.3%
NLC India Ltd (IN) NLCINDIA -- INR$71.55 1529 $1,596 -- -- -- -- -- -- -- -- -- -- 6.4 5.4%
New Hope Corp Ltd (AU) NHC 2.3 AUD$3.17 831 $1,956 0.22 0.30 0.24 10.7 13.3 0.38 0.42 0.35 7.6 9.0 15.1 4.8%
PT Tambang Batubara Bukit (ID) PTBA 2.2 IDR$4,170 11521 $3,342 425.00 427.60 406.66 9.8 10.3 229.16 444.31 436.26 9.4 9.6 14.2 10.8%
PT Bumi Resources (ID) BUMI -- US$0.02 65379 $1,037 -- -- -- -- -- -- -- -- -- -- -- 0.0%
Average                 9.3 10.1       7.5 7.3 11.4  
Limited Partnership                                  
Alliance Resource Partners LP ARLP 2.0 US$18.03 131 $2,360 2.80 3.13 2.07 5.8 8.7 5.63 3.18 2.84 5.7 6.3 4.2 11.1%
Natural Resource Partners LP NRP 3.0 US$31.55 12 $386 3.43 4.81 4.71 6.6 6.7 1.32 1.45 16.07 21.7 2.0 5.2 6.3%
Average                 6.2 7.7       13.7 4.2 4.7  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Reuters Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Recent and Forecast Commodity Prices
Cash Price (13-Jul-18)
Aluminum ($0.95 / lb)
Cobalt ($31.98 / lb)
Copper ($2.80 / lb)
Lead ($0.98 / lb)
Molybdenum ($11.79 / lb)
Nickel ($6.29 / lb)
Tin ($8.97 / lb)
Zinc ($1.18 / lb)
Gold ($1241 / oz)
Palladium ($826 / oz)
Platinum ($932 / oz)
Silver ($15.79 / oz)
Uranium ($22.85 / lb)
Base metal prices are LME cash prices quoted in US$ per lb.  Precious metal prices are London spot prices quoted in US$ per oz.          Sources: LME, Kitco.

Bill Matlack is associated with Scarsdale Equities LLC, a registered broker/dealer and member FINRA, SIPC.

William Matlack
Scarsdale Equities LLC
10 Rockefeller Plaza - Suite 720
New York, NY 10020
(646) 775-4829
wmatlack@scarsdale-equities.com

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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