Precious Metals Stocks: Analysts' Ratings & Estimates

By Bill Matlack          July 3, 2006

The tables are compiled from the Thomson First Call database of consensus Ratings & Estimates of equity analysts. The ratings range from 1.0=buy to 3.0=hold to 5.0=sell. The estimates are of earnings, operating cash flow, and return on equity (ROE). First Call historicals and estimates exclude non-operating, special items. Metal prices shown are the historical prices from the London Metal Exchange (LME) and the consensus estimates of equity analysts. Companies with market capitalization (share price x shares outstanding=market cap) above US$200 million are included in the tables. The tables should be viewed only as a useful screen of investment criteria from which to begin research into a particular stock. For information on companies with market caps below US$200 million, please contact Bill Matlack. Exclusive to Kitco.

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. Thomson First Call Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0) Sources: Thomson First Call ratings & estimates, and company reports.

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. Thomson First Call Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0) Sources: Thomson First Call ratings & estimates, and company reports.

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: Thomson First Call estimates, and LME historical data.

Bill Matlack (201) 395-9150 bmatlack@aegiscap.com Barry Downs (775) 852-3875 bdowns@aegiscap.com

Bill Matlack and Barry Downs are stockbrokers specializing in gold and mining equities with Aegis Capital Corporation, New York, NY. Aegis Capital is a registered broker/dealer and a member of the NASD and SIPC.

Company and Commodity Risk Disclosure
In addition to the risks involved in investing in mining companies and commodities generally, we also highlight the following risks that pertain to this sector. Metals and equity prices are highly levered to the relative strength of the U.S. dollar, economic growth, and inflation generally, as well as to political and economic stability worldwide.

Analyst’s Certification
I, William Matlack, hereby certify that the views expressed in this report accurately reflect my personal views about the subject companies and commodities. I also certify that I have not, am not, and will not receive, directly or indirectly, compensation for expressing the specific recommendations or views in this report.

General Disclosure
The research analyst (or their household members) who prepared this research beneficially owns mining company securities. Aegis Capital Corporation (“Aegis”) or an affiliate expects to receive and intends to seek compensation for investment banking services from mining equity issuers within the next 3 months. The analyst who prepared this research report may be compensated based upon (among other factors) investment banking services.

The opinions, estimates and projections contained herein are those of Aegis as of the date hereof and are subject to change without notice. Aegis makes every effort to ensure that the contents have been compiled or derived from sources believed reliable and contain information and opinions, which are accurate and complete. However, Aegis makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions which may be contained herein and accepts no liability whatsoever for any loss arising from any use of or reliance on this report or its contents. Information may be available to Aegis or its affiliates, which is not reflected herein. This report is not to be construed as an offer to sell, or solicitation for, or an offer to buy, any securities. Aegis, its affiliates and/or their respective officers, directors or employees may from time to time acquire, hold or sell securities mentioned herein as principal or agent. Aegis may act as financial advisor and/or underwriter for certain of the corporations mentioned herein and may receive remuneration for same. TO U.K. RESIDENTS: The contents hereof are intended solely for the use of, and may only be issued or passed onto, persons described in Part VI of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001.