Metals & Mining Analysts' Ratings & Estimates - Seniors

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 One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and historicals and estimates of earnings and cash flows exclude non-operating, special items.

Thomson One Analytics Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)

Source: Thomson One Analytics.

Agricultural Chemicals/Fertilizer Companies (Potash, Phosphate)

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 One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and historicals and estimates of earnings and cash flows exclude non-operating, special items.

Thomson One Analytics Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)

Source: Thomson One Analytics.

Energy Minerals (URANIUM, COAL)

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 One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and historicals and estimates of earnings and cash flows exclude non-operating, special items.

Thomson One Analytics Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)

Source: Thomson One Analytics.

Recent and Forecast Commodity Prices

Note: 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 One Analytics, LME, Kitco

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

William Matlack

Scarsdale Equities LLC
30 Rockefeller Plaza - Suite 4250
New York, NY 10112
(646) 775-4829
wmatlack@scarsdale-equities.com

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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.

General Disclosure

The person (or their household members) who prepared these tables beneficially owns mining company securities.  Scarsdale Equities LLC (“Scarsdale”), Member FINRA, SIPC 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 person who prepared these tables may be compensated based upon (among other factors) investment banking services.

The consensus estimates and ratings of equity research analysts contained herein are public information compiled by Thomson One Analytics as of the date hereof and are subject to change without notice.  Scarsdale makes every effort to ensure that the contents have been compiled or derived from sources believed reliable and contain information which is accurate and complete.  However, Scarsdale 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.  Scarsdale does not claim that the list of companies mentioned is complete.  If you believe Scarsdale has failed to include a relevant company on this list, please contact Bill Matlack at wmatlack@scarsdale-equities.com.  Information may be available to Scarsdale 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.  Scarsdale, 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.  Scarsdale may act as financial advisor and/or underwriter for certain of the corporations mentioned herein and may receive remuneration for same.