Metals & Mining Analysts' Ratings & Estimates - Seniors

Monday January 13, 2014 11:15

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 3-Jan-14 (MM) (US$MM) 2012 2013E 2014E 2013E 2014E 2012 2013E 2014E 2013E 2014E 2013E %
Alcoa Inc AA 3.1 US$10.57 1070 $11,306 0.24 0.34 0.41 31.2 25.9 1.39 1.34 1.40 7.9 7.5 8.5 1.1%
Alumina Ltd AWC 3.3 US$0.98 2806 $2,754 (0.02) (0.00) 0.01 -- NM 0.02 0.02 0.04 42.1 25.0 -- --
Aluminum Corp China Ltd (ADR) ACH 3.6 CNY$2.05 3944 $1,338 (0.61) (0.21) (0.15) -- -- 0.08 0.40 0.35 5.2 5.8 23.0 --
Century Aluminum CENX 3.0 US$10.35 89 $918 (0.58) (0.72) (0.12) -- -- 0.42 0.71 0.32 14.6 32.3 33.3 --
United Company Rusal Ltd (HK) 486 3.0 US$0.30 15193 $4,507 0.02 (0.00) 0.03 -- 11.2 0.07 (0.00) 0.03 -- 11.2 17.9 --
Average                 31.2 18.6       17.4 16.4 20.7  
Iron Ore                                   
African Minerals Ltd (UK) AMI 1.8 US$3.25 331 $1,076 (0.58) 0.10 0.64 31.0 5.1 1.15 0.32 1.40 10.2 2.3 4.5 --
Atlas Iron Ltd (AU) AGO 2.9 AUD$1.15 915 $935 -- -- 0.11 -- 10.9 -- -- 0.32 -- 3.6 4.1 2.6%
China Vanadium Titano Mag (HK) 893 3.0 HK$0.84 2075 $286 0.19 0.11 0.12 7.8 7.2 0.33 0.16 0.29 5.4 2.9 0.5 --  
Cliffs Natural Resources CLF 3.1 US$25.05 153 $3,836 3.50 3.01 2.03 8.3 12.3 3.61 6.61 6.01 3.8 4.2 6.4 2.4%
Fortescue Metals Group Ltd (AU) FMG 2.5 US$5.17 3114 $16,096 -- -- 0.97 -- 5.3 -- -- 1.31 -- 3.9 5.7 1.7%
Kumba Iron Ore Ltd (SA) KIO 2.9 ZAR$447.35 322 $13,781 37.91 46.27 41.63 9.7 10.7 58.21 60.83 54.27 7.4 8.2 5.0 7.3%
Labrador Iron Ore Royalty (CN) LIF 2.5 C$33.70 64 $2,027 1.55 2.27 2.54 14.8 13.2 0.80 1.88 2.53 17.9 13.3 -- 3.0%
MMX Mineracao E Metalicos (BZ) MMXM3 3.4 BRL$0.85 976 $351 (0.94) (0.26) (0.12) -- -- 0.52 (0.01) (0.00) -- -- 7.1 --
Mount Gibson Iron Limited (AU) MGX 3.4 AUD$1.03 1091 $998 -- -- 0.12 -- 8.8 -- -- 0.16 -- 6.5 2.5 3.9%
Average                 14.3 9.2       8.9 5.6 4.5  
 
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 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) 
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 3-Jan-14 (MM) (US$MM) 2012 2013E 2014E 2013E 2014E 2012 2013E 2014E 2013E 2014E 2013E %
Anglo American PLC (UK) AAL 2.8 US$21.48 1394 $29,949 2.24 1.77 1.99 12.2 10.8 4.34 4.82 5.12 4.5 4.2 5.1 4.7%
Antofagasta PLC (UK) ANTO 2.8 US$13.60 986 $13,406 1.40 0.83 0.81 16.3 16.8 2.86 1.73 1.91 7.9 7.1 5.5 1.9%
BHP Billiton Ltd BHP 2.1 US$33.55 3212 $107,744 -- -- 2.68 -- 12.5 -- -- 4.37 -- 7.7 4.7 3.2%
First Quantum Minerals (CN) FM 2.2 US$17.96 591 $10,611 1.17 0.93 1.14 19.3 15.7 0.72 2.02 2.25 8.9 8.0 10.1 0.9%
Freeport McMoran C&G FCX 2.2 US$37.32 1038 $38,744 3.22 2.58 3.22 14.5 11.6 3.96 6.48 7.36 5.8 5.1 7.6 3.3%
Glencore International PLC (UK) GLEN 2.4 US$5.09 13278 $67,628 0.44 0.30 0.38 17.3 13.5 0.63 0.84 0.80 6.0 6.3 9.9 3.1%
Grupo Mexico (MX) GMEXICOB 2.3 US$3.25 7805 $25,362 0.30 0.24 0.25 13.6 13.2 0.27 0.19 0.24 17.2 13.8 6.7 2.1%
KGHM Polska Miedz (PO) KGH 3.0 PLN$118.20 200 $7,836 24.06 14.99 12.40 7.9 9.5 27.64 24.18 20.13 4.9 5.9 -- 8.3%
MMC Norilsk Nickel (RU) GMKN 2.7 US$153.49 158 $24,289 13.70 13.03 15.83 11.8 9.7 21.68 19.75 20.77 7.8 7.4 10.3 6.4%
Rio Tinto PLC (UK) RIO 2.0 US$55.82 1413 $78,850 5.03 5.05 5.61 11.0 9.9 5.07 7.40 8.33 7.5 6.7 6.9 3.8%
Sesa Sterlite Ltd (ADR) SSLT 2.8 INR$199.15 2965 $9,538 -- -- 45.56 -- 4.4 -- -- 70.17 -- 2.8 6.7 0.8%
Southern Copper Corp SCCO 2.3 US$28.56 840 $23,990 2.28 1.97 1.95 14.5 14.6 2.36 1.77 1.78 16.2 16.0 8.6 2.4%
Teck Resources Ltd TCK 2.6 C$26.89 567 $14,325 2.60 1.76 1.90 15.2 14.2 4.77 4.36 4.46 6.2 6.0 6.4 3.3%
Vale SA (ADR) VALE 2.3 US$14.33 3186 $45,650 2.20 2.27 2.07 6.3 6.9 3.25 3.33 3.15 4.3 4.5 2.3 6.0%
Average                 13.3 11.7       8.1 7.3 7.0  
Mid Cap
                                 
Assore Ltd (SA) ASR 4.2 ZAR$352.99 140 $4,714 -- -- 34.72 -- 10.2 -- -- 40.30 -- 8.8 12.0 1.7%
Aurubis AG (GR) NDA 2.2 EUR$43.86 45 $2,712 -- -- 3.79 -- 11.6 -- -- 6.72 -- 6.5 -- 2.5%
Boliden AB (SW) BOL 3.2 SEK$98.80 274 $4,197 11.96 4.87 7.16 20.3 13.8 20.17 14.79 17.27 6.7 5.7 7.2 4.0%
Eramet (FR) ERA 3.1 EUR$69.15 27 $2,524 3.18 (1.49) 1.74 -- 39.6 8.41 10.78 13.02 6.4 5.3 8.6 2.8%
Exxaro  Resources Ltd (SA) EXX 2.8 ZAR$151.98 358 $5,206 13.97 14.07 15.42 10.8 9.9 1.53 14.89 16.72 10.2 9.1 18.6 2.5%
Hindustan Zinc (IN) HZ 1.8 INR$131.80 4225 $8,997 -- 17.29 16.71 7.6 7.9 -- -- 17.33 -- 7.6 4.7 2.4%
Iluka Resources Ltd (AU) ILU 2.6 AUD$8.75 419 $3,254 0.87 0.17 0.57 53.0 15.2 0.60 0.30 1.11 29.0 7.9 13.2 1.7%
Jiangxi Copper Co "H" (HK) 358 3.0 CNY$10.68 1387 $2,448 1.49 0.89 0.96 12.0 11.1 1.51 1.44 1.77 7.4 6.1 -- 4.7%
Kazakhmys PLC (UK) KAZ 3.5 US$3.47 447 $1,552 0.85 0.23 0.13 15.3 27.7 1.32 0.62 0.54 5.6 6.4 4.5 2.6%
Lundin Mining Corp (CN) LUN 2.1 US$4.36 584 $2,548 0.32 0.23 0.30 19.3 14.6 0.33 0.38 0.47 11.5 9.2 8.5 --
Sumitomo Metal Mining (JP) 5713 2.8 JPY$1,377 582 $7,611 -- -- 131.71 -- 10.5 -- -- 179.22 -- 7.7 6.8 2.7%
Turquoise Hill Resources TRQ 3.1 US$3.04 1006 $3,063 (0.51) (0.29) 0.10 -- 29.5 (0.59) (0.24) 0.27 -- 11.3 -- --
Vale Indonesia Tbk PT (ID) INCO 3.5 US$0.20 9936 $1,941 0.01 0.01 0.01 19.2 18.2 0.01 0.02 0.01 13.0 14.0 7.0 2.6%
Vedanta Resources PLC (UK) VED 2.8 US$15.00 267 $3,999 -- -- 1.09 -- 13.8 -- -- 14.05 -- 1.1 5.5 4.4%
Average                 19.7 16.7       11.2 7.6 8.8  
Small Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 3-Jan-14 (MM) (US$MM) 2012 2013E 2014E 2013E 2014E 2012 2013E 2014E 2013E 2014E 2013E %
Capstone Mining Corp (CN) CS 1.9 US$2.74 380 $1,042 0.16 0.10 0.33 26.7 8.2 0.28 0.28 0.61 9.7 4.5 6.2 --
China Molybdenum Co Ltd (HK) 3993 2.9 CNY$2.69 1311 $582 0.21 0.21 0.24 13.0 11.1 -- 0.33 0.21 8.1 12.8 18.3 7.8%
Hudbay Minerals HBM 2.4 C$8.72 172 $1,410 0.21 0.03 0.28 NM 31.0 0.83 0.18 0.68 47.5 12.8 12.6 0.2%
Independence Group NL (AU) IGO 2.5 AUD$3.31 233 $686 -- -- 0.33 -- 9.9 -- -- 0.62 -- 5.3 8.2 0.6%
Mechel OAO (ADR) MTL 3.4 US$2.43 416 $1,012 0.06 (1.11) (0.68) -- -- (3.74) 1.37 0.98 1.8 2.5 10.5 --
Mitsui Mining & Smelting (JP) 5706 2.6 JPY$323 573 $1,759 -- -- 27.44 -- 11.8 -- -- 71.10 -- 4.5 8.3 0.9%
MMG Ltd (HK) 1208 2.5 US$0.22 5290 $1,146 0.04 0.03 0.03 8.3 6.3 0.12 0.14 0.13 1.5 1.7 3.5 --
Nevsun Resources Ltd NSU 2.0 US$3.34 199 $665 0.72 0.11 0.66 30.8 5.1 0.96 0.32 1.14 10.4 2.9 5.4 4.2%
Nyrstar NV (BE) NYR 3.6 EUR$2.49 170 $582 (0.34) (0.63) (0.30) -- -- 2.23 0.75 0.78 3.3 3.2 6.1 8.6%
Outokumpu (FN) OUT1V 3.7 EUR$0.40 2078 $1,147 (0.28) (0.30) (0.09) -- -- 0.23 (0.06) 0.09 -- 4.5 -- --
Oz Minerals (AU) OZL 2.6 AUD$3.25 303 $876 0.45 (0.29) (0.08) -- -- 1.04 0.42 0.76 7.7 4.3 7.0 9.2%
PanAust Ltd (AU) PNA 2.1 US$1.59 620 $988 0.24 0.14 0.10 11.6 16.6 0.33 0.24 0.27 6.6 5.9 4.9 3.9%
Philex Mining Corp (PH) PX 3.0 PHP$8.46 4937 $941 0.35 0.31 0.54 27.3 15.7 0.59 0.48 0.62 17.5 13.6 14.4 --
Sherritt International (CN) S 2.4 C$3.70 297 $1,034 0.28 0.01 0.05 NM 71.2 0.91 0.83 0.99 4.4 3.7 8.4 4.6%
Taseko Mines Ltd TGB 2.3 C$2.30 193 $417 0.01 (0.03) 0.26 -- 8.7 0.27 0.28 0.54 8.3 4.3 13.7 --
Thompson Creek Metals TC 3.4 US$2.35 171 $403 (0.20) 0.07 0.20 36.0 12.0 (0.49) 0.52 0.74 4.5 3.2 10.1 --
Volcan Cia Ninera VOLABC1 2.0 US$0.44 2241 $987 0.06 0.05 0.05 9.0 8.4 -- -- -- -- -- 3.5 2.4%
Western Areas NL (AU) WSA 2.5 AUD$2.42 197 $423 -- -- 0.14 -- 17.6 -- -- 0.57 -- 4.2 5.3 0.8%
Average                 20.3 16.7       10.1 5.5 8.6  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Consensus Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0) 
Gold
Large Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 3-Jan-14 (MM) (US$MM) 2012 2013E 2014E 2013E 2014E 2012 2013E 2014E 2013E 2014E 2013E %
AngloGold Ashanti Ltd AU 2.3 US$12.15 402 $4,888 2.36 0.49 1.22 25.0 10.0 3.50 3.99 3.92 3.0 3.1 5.1 2.3%
Barrick Gold Corp ABX 2.7 US$18.15 1165 $21,138 3.82 2.58 2.00 7.0 9.1 5.43 4.00 3.54 4.5 5.1 5.7 1.1%
Franco-Nevada FNV 2.1 US$41.46 147 $6,100 1.19 0.94 1.01 44.1 41.0 2.24 1.94 2.09 21.4 19.8 16.3 --
Goldcorp Inc GG 2.2 US$22.29 812 $18,105 2.03 0.95 1.04 23.5 21.4 2.52 2.08 2.23 10.7 10.0 10.9 --
Kinross Gold Corp KGC 2.7 US$4.51 1143 $5,157 0.77 0.34 0.25 13.3 18.1 1.14 0.97 0.93 4.6 4.8 4.6 --
Newcrest Mining Ltd (AU) NCM 3.2 AUD$8.67 767 $5,903 -- -- 0.58 -- 14.9 -- -- 1.38 -- 6.3 8.0 1.4%
Newmont Mining NEM 2.9 US$23.92 493 $11,794 3.71 2.09 1.68 11.4 14.2 4.79 4.41 4.44 5.4 5.4 7.4 3.3%
Polyus Gold International (UK) PGIL 3.3 US$3.29 3032 $9,981 0.29 0.15 0.16 21.3 21.1 0.34 0.19 0.18 17.7 17.9 10.6 --
Randgold Resources (ADR) GOLD 2.0 US$63.41 92 $5,848 4.65 3.06 4.62 20.7 13.7 5.37 5.16 6.91 12.3 9.2 11.3 0.8%
Yamana Gold Inc AUY 2.3 US$8.85 753 $6,663 0.93 0.44 0.51 20.3 17.5 1.54 0.98 1.14 9.0 7.8 8.4 2.9%
Average                 20.7 18.1       9.9 8.9 8.8  
Mid Cap                                  
African Barrick Gold Ltd (UK) ABG 3.0 US$3.34 410 $1,369 0.26 0.18 0.17 18.5 19.9 0.63 0.65 0.73 5.2 4.5 -- 4.7%
Agnico-Eagle Mines Ltd AEM 2.5 US$27.11 174 $4,710 2.17 0.89 0.84 30.5 32.3 4.06 2.59 2.86 10.5 9.5 9.6 3.2%
Alamos Gold AGI 2.1 US$12.43 128 $1,588 1.02 0.58 0.39 21.4 31.9 1.53 1.00 0.79 12.5 15.8 7.2 1.6%
B2Gold Corp BTG 1.6 US$2.17 675 $1,465 0.20 0.14 0.14 15.7 15.2 0.27 0.25 0.29 8.8 7.5 7.9 --
Buenaventura (ADR) BVN 3.0 US$11.38 275 $3,128 2.71 1.02 1.10 11.2 10.4 1.32 1.33 0.73 8.6 15.6 11.1 2.7%
Eldorado Gold Corp EGO 2.3 US$5.88 716 $4,211 0.47 0.33 0.32 17.6 18.4 0.43 0.58 0.58 10.1 10.1 7.4 1.6%
Gold Fields Ltd (ADR) GFI 3.0 US$3.23 771 $2,489 1.15 0.28 0.28 11.5 11.7 1.46 1.00 0.94 3.2 3.4 4.6 8.5%
Harmony Gold (ADR) HMY 2.0 US$2.61 436 $1,137 -- -- 0.14 -- 18.1 -- -- 0.68 -- 3.9 -- 4.4%
Iamgold Corp IAG 3.0 US$3.50 377 $1,318 0.84 0.35 0.29 9.9 12.2 1.17 0.85 0.87 4.1 4.0 3.3 --
New Gold Inc NGD 2.3 US$5.28 503 $2,659 0.40 0.14 0.27 37.5 19.7 0.50 0.48 0.71 11.0 7.4 9.5 --
Osisko Mining Corp (CN) OSK 2.0 C$4.93 439 $2,035 0.21 0.23 0.26 21.7 18.9 0.64 0.63 0.65 7.8 7.6 9.0 --
Polymetal International PLC (UK) POLY 2.7 US$9.79 389 $3,812 1.09 0.39 0.81 24.9 12.0 1.30 1.06 1.15 9.2 8.5 1.5 3.3%
Regis Resources Ltd (AU) RRL 2.8 AUD$3.14 498 $1,389 -- -- 0.31 -- 10.2 -- -- 0.43 -- 7.3 6.2 4.8%
Royal Gold Inc RGLD 2.3 US$49.05 65 $3,170 -- 1.00 1.43 48.8 34.3 -- 2.80 3.32 17.5 14.8 11.4 1.7%
Zijin Mining Group (HK) 2899 3.6 CNY$1.34 6008 $1,333 0.24 0.12 0.10 11.6 12.9 0.25 0.20 0.27 6.7 5.0 9.3 7.4%
Average                 21.6 18.5       8.9 8.3 7.5  
Small Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 3-Jan-14 (MM) (US$MM) 2012 2013E 2014E 2013E 2014E 2012 2013E 2014E 2013E 2014E 2013E %
Alacer Gold Corp (CN) ASR 2.8 US$2.18 287 $626 0.42 0.30 0.20 7.2 11.1 0.84 0.60 0.39 3.6 5.5 3.4 --
Allied Nevada Gold ANV 3.6 US$3.89 104 $404 0.52 0.27 0.24 14.7 16.2 (0.23) 0.62 0.63 6.3 6.2 34.2 --
Argonaut Gold Ltd (CN) AR 1.9 US$5.04 149 $751 0.68 0.22 0.25 23.3 19.9 0.74 0.43 0.47 11.7 10.8 8.3 --
AuRico Gold Inc  AUQ 2.5 US$3.77 248 $933 0.29 0.09 0.13 42.3 28.4 0.00 0.33 0.45 11.6 8.3 12.2 4.2%
Centamin Egypt (CN) CEE 2.0 US$0.74 1101 $818 0.18 0.16 0.10 4.5 7.6 0.20 0.21 0.15 3.6 5.1 -- --
Centerra Gold (CN) CG 2.3 US$4.50 236 $1,064 0.42 0.92 0.94 4.9 4.8 0.57 1.84 1.88 2.4 2.4 1.8 3.3%
Gold Resource Corp GORO 2.0 US$4.83 54 $260 0.60 0.10 0.60 48.3 8.0 0.55 -- -- -- -- -- --
Highland Gold Mining Ltd (UK) HGM 1.7 US$0.97 325 $316 -- -- -- -- -- -- -- -- -- -- 3.9 9.4%
Hochschild Mining PLC (UK) HOC 2.6 US$2.37 367 $871 0.19 (0.07) 0.00 -- NM 0.75 0.40 0.52 6.0 4.6 5.8 1.4%
Kingsgate Consolidated Ltd (AU) KCN 3.9 AUD$1.10 164 $160 -- -- 0.06 -- 17.4 -- -- 0.35 -- 3.1 3.6 4.6%
Kirkland Lake Gold (CN) KGI 2.6 C$3.00 70 $198 -- (0.02) 0.08 -- 37.5 -- -- 0.84 -- 3.6 8.1 --
Lake Shore Gold LSG 2.6 C$0.53 417 $208 (0.02) (0.01) 0.01 -- 35.5 0.07 0.13 0.18 4.2 2.9 4.7 --
Medusa Mining Ltd (UK) MML 1.7 US$2.06 208 $428 -- -- 0.41 -- 5.1 -- -- 0.54 -- 3.8 5.7 --
Nord Gold NV (UK) NORD 2.8 US$1.60 378 $605 0.05 (0.12) 0.22 -- 7.3 0.34 0.79 0.92 2.0 1.7 -- 11.0%
Petropavlovsk PLC (UK) POG 3.2 US$1.30 198 $256 0.51 (0.28) (0.21) -- -- 1.38 1.51 0.94 0.9 1.4 4.6 2.8%
Primero Mining Corp (CN) P 1.6 US$4.74 116 $548 0.45 0.35 0.32 13.5 14.6 1.25 0.64 0.84 7.4 5.6 5.4 --
Real Gold  Mining Ltd (HK) 246 -- CNY$6.88 909 $1,033 -- -- -- -- -- -- -- -- -- -- 3.8 --
Semafo (CN) SMF 2.1 US$2.81 275 $771 0.28 0.13 0.13 21.3 21.3 0.57 0.32 0.31 8.9 9.0 7.3 --
Zhaojin Mining Industry Co Ltd (HK) 1818 3.3 CNY$3.65 874 $527 0.66 0.35 0.30 10.3 12.1 0.60 0.62 0.55 5.8 6.6 8.2 6.6%
Average                 19.0 16.5       5.7 5.0 7.6  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson One Analytics Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0) 
Silver   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 3-Jan-14 (MM) (US$MM) 2012 2013E 2014E 2013E 2014E 2012 2013E 2014E 2013E 2014E 2013E %
Alexco Resource Corp AXU 3.8 C$1.40 63 $83 0.01 (0.53) (0.11) -- -- 0.23 0.08 (0.01) 16.9 -- 6.2 --
Coeur d'Alene Mines Corp CDE 3.0 US$11.26 105 $1,179 0.53 (0.62) (0.59) -- -- 3.03 1.50 1.45 7.5 7.8 7.4 --
Endeavour Silver Corp EXK 2.6 US$3.75 100 $374 0.42 0.25 0.10 15.1 36.5 0.79 0.70 0.49 5.4 7.6 5.4 --
First Majestic Silver Corp AG 1.8 US$10.09 117 $1,181 0.85 0.69 0.64 14.6 15.8 1.21 1.24 1.19 8.2 8.5 9.6 --
Fortuna Silver Mines FSM 2.1 US$2.93 126 $369 0.28 0.12 0.25 23.8 11.9 0.43 0.35 0.39 8.4 7.6 8.1 --
Fresnillo (UK) FRES 2.8 US$12.78 737 $9,416 0.91 0.47 0.49 27.1 26.3 1.03 0.90 0.98 14.2 13.1 11.0 2.5%
Great Panther Resources GPL 2.0 C$0.80 138 $104 0.06 0.01 0.03 NM 30.2 0.10 0.06 0.11 13.2 7.1 29.0 --
Hecla Mining Co HL 2.9 US$3.15 343 $1,079 0.11 (0.02) 0.09 -- 33.9 0.23 0.19 0.43 16.4 7.3 17.1 0.3%
Mandalay Resources (CN) MND 2.0 US$0.76 323 $246 0.13 0.11 0.12 7.1 6.5 0.16 0.19 0.19 4.0 4.1 0.0 4.2%
Pan American Silver PAAS 3.0 US$11.84 151 $1,793 1.25 0.34 0.40 34.6 29.7 1.36 1.09 1.15 10.9 10.3 6.8 4.2%
Silver Standard SSRI 2.7 US$7.28 81 $588 0.68 (0.28) (0.45) -- -- 0.07 0.54 0.33 13.5 22.0 -- --
Silver Wheaton SLW 1.8 US$21.12 355 $7,496 1.65 1.07 1.01 19.8 21.0 2.02 1.54 1.58 13.7 13.4 15.2 1.7%
Silvercorp SVM 2.3 US$2.42 171 $414 -- 0.08 0.20 30.3 12.1 -- -- 0.36 -- 6.7 7.2 3.9%
SilverCrest Mines SVLC 1.7 US$1.78 109 $193 0.32 0.14 0.22 12.4 8.1 0.44 0.23 0.28 7.8 6.4 5.6 --
Tahoe Resources TAHO 2.0 US$16.60 146 $2,424 (0.62) (0.44) 1.20 -- 13.8 (0.61) (0.41) 1.55 -- 10.7 -- --
Average                 20.5 20.5       10.8 9.5 9.9  
Platinum Group Metals                                
African Rainbow Minerals (SA) ARI 1.9 ZAR$191.00 216 $3,954 -- -- 19.47 -- 9.8 -- -- 26.98 -- 7.1 -- 2.7%
Anglo Platinum Ltd (SA) AMS 2.8 ZAR$399.00 270 $10,292 (5.62) 7.45 15.18 53.5 26.3 7.24 19.78 34.32 20.2 11.6 14.1 --
Aquarius Platinum Ltd (UK) AQP 2.8 US$0.67 488 $325 -- (0.27) 0.00 -- -- -- -- 0.11 -- 6.0 9.3 --
Impala Platinum (SA) IMP 3.0 ZAR$127.03 632 $7,682 -- -- 5.61 -- 22.6 -- -- 10.98 -- 11.6 13.5 0.7%
Ivanhoe Mines Ltd (CN) IVP 1.9 US$1.79 569 $1,022 (0.38) (0.25) (0.19) -- -- (0.33) (0.19) (0.17) -- -- 0.0 --
Lonmin PLC (UK) LMI 2.7 US$5.07 569 $2,890 -- -- 0.26 -- 19.7 -- -- 0.52 -- 9.8 8.5 --
North American Palladium PAL 3.1 US$0.85 197 $157 (0.04) (0.23) (0.04) -- -- 0.09 0.00 0.13 NM 6.6 -- --
Northam Platinum Ltd (SA) NHM 3.3 ZAR$41.55 383 $1,520 -- -- 1.72 -- 24.1 -- -- 2.73 -- 15.2 19.3 --
Platinum Group Metals Ltd PLG 2.2 C$1.19 551 $616 -- (0.05) (0.03) -- -- -- -- (0.02) -- -- -- --
Stillwater Mining Co SWC 2.0 US$12.84 118 $1,510 0.46 0.48 0.37 27.0 34.9 0.79 0.87 0.94 14.8 13.7 11.1 --
Average                 40.3 22.9       17.5 10.2 10.8  
Fertilizers   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 3-Jan-14 (MM) (US$MM) 2012 2013E 2014E 2013E 2014E 2012 2013E 2014E 2013E 2014E 2013E %
Agrium Inc AGU 2.4 US$90.72 144 $13,036 10.29 7.56 7.93 12.0 11.4 13.51 10.66 10.44 8.5 8.7 7.7 3.3%
Arab Potash Co (JR) APOT 4.0 JOD$28.50 83 $3,361 2.39 2.30 2.57 12.4 11.1 2.08 3.31 2.82 8.6 10.1 8.4 8.8%
CF Industries CF 2.6 US$232.08 57 $13,301 27.89 23.18 20.45 10.0 11.3 36.72 27.04 29.10 8.6 8.0 5.4 1.7%
Compass Minerals  CMP 3.2 US$79.28 33 $2,654 3.11 3.64 3.70 21.8 21.4 4.58 4.38 5.55 18.1 14.3 12.3 2.7%
Incitec Pivot Ltd (AU) IPL 2.5 AUD$2.66 1629 $3,848 -- -- 0.21 -- 12.6 -- -- 0.33 -- 8.0 8.5 3.5%
Intrepid Potash IPI 3.6 US$15.46 76 $1,171 1.17 0.43 0.26 35.5 60.6 2.49 0.96 1.37 16.1 11.3 12.0 --
Israel Chemical (IS) ICL 2.8 US$8.21 1273 $10,443 1.02 0.74 0.70 11.1 11.8 1.26 1.05 0.87 7.8 9.4 7.6 6.4%
K & S Aktiengesellschaft (GR) SDF 3.3 EUR$22.08 191 $5,813 2.83 2.13 1.15 10.4 19.3 4.15 3.81 2.74 5.8 8.1 5.1 6.3%
Mosaic Co MOS 2.6 US$46.83 426 $19,949 -- 2.90 2.87 16.2 16.3 -- 4.15 4.62 11.3 10.1 8.1 2.1%
Potash Corp POT 2.9 US$32.67 861 $28,136 2.71 2.12 2.02 15.4 16.1 3.68 3.38 2.78 9.7 11.7 9.2 4.3%
Sociedad Quimica Minera (ADR) SQM 3.1 US$25.23 120 $3,037 2.47 1.85 1.58 13.6 16.0 2.47 3.68 2.63 6.9 9.6 6.2 4.1%
Uralkaliy (RU) URKA 3.5 US$4.65 2936 $13,652 -- -- -- -- -- -- -- -- -- -- 29.4 2.7%
Yara International ASA (NO) YAR 2.8 NOK$262.10 279 $12,127 35.52 27.12 25.54 9.7 10.3 46.79 36.78 35.17 7.1 7.5 5.8 5.0%
Average                 15.3 18.2       9.9 9.7 9.7  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson One Analytics Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0) 
Uranium   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 3-Jan-14 (MM) (US$MM) 2012 2013E 2014E 2013E 2014E 2012 2013E 2014E 2013E 2014E 2013E %
Cameco Corp CCJ 2.1 C$21.39 395 $7,950 1.13 1.28 1.04 16.7 20.5 1.63 1.74 1.69 12.3 12.7 12.3 1.9%
Denison Mines DNN 2.4 US$1.17 450 $529 0.07 (0.05) (0.04) -- -- (0.02) (0.04) (0.03) -- -- -- --
Energy Resources Australia (AU) ERA 2.9 AUD$1.25 518 $573 (0.29) (0.24) (0.23) -- -- (0.01) (0.00) 0.07 -- 18.3 -- --
Paladin Resources Ltd (AU) PDN 3.4 US$0.41 964 $394 -- 0.21 (0.01) 1.9 -- -- 0.17 0.01 2.4 37.0 16.3 --
Uranium Participation Corp (CN) U 1.5 C$5.49 106 $549 -- -- -- -- -- -- -- -- -- -- -- --
Average                 9.3 20.5       7.3 22.7 14.3  
Coal
Large - Mid Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 3-Jan-14 (MM) (US$MM) 2012 2013E 2014E 2013E 2014E 2012 2013E 2014E 2013E 2014E 2013E %
Adaro Energy TBK (ID) ADRO 2.8 US$0.08 31986 $2,657 0.01 0.01 0.01 8.4 8.0 0.01 0.02 0.02 4.4 5.0 5.7 3.0%
Alpha Natural Resources ANR 2.9 US$7.04 221 $1,556 (0.94) (2.27) (1.85) -- -- 2.35 0.63 1.23 11.2 5.7 15.6 --
Banpu Public Co Ltd (TH) BANPU 2.8 THB$26.50 2717 $2,204 2.51 1.55 2.06 17.1 12.9 2.81 4.73 4.94 5.6 5.4 -- 5.3%
Bayan Resources Tbk (ID) BYAN -- IDR$8,700 -- -- -- -- -- -- -- -- -- -- -- -- 19.9 --
China Coal Energy Co (HK) 1898 3.2 CNY$3.22 4107 $2,182 0.67 0.39 0.35 8.2 9.2 0.82 0.74 0.92 4.4 3.5 7.5 6.5%
China Shenhua Energy Co (HK) 1088 2.4 HK$17.84 3399 $10,016 2.46 2.21 2.17 8.1 8.2 3.47 3.49 3.56 5.1 5.0 4.5 5.4%
Consol Energy CNX 2.0 US$37.81 229 $8,656 1.11 0.01 1.09 NM 34.7 3.18 3.13 1.83 12.1 20.6 11.9 1.3%
Fushan Int'l Energy Group (HK) 639 2.9 HK$2.69 5302 $1,840 0.34 0.22 0.21 12.5 12.5 0.25 0.48 0.35 5.6 7.7 -- 4.7%
Neyveli Lignite Corp (IN) NLC 2.0 INR$60.15 1678 $1,630 -- -- 9.01 -- 6.7 -- -- 12.77 -- 4.7 3.7 4.7%
New Hope Corp Ltd (AU) NHC 2.3 AUD$3.36 831 $2,479 -- -- 0.15 -- 22.7 -- -- 0.17 -- 19.3 9.2 3.3%
Peabody Energy BTU 2.2 US$18.78 270 $5,067 2.05 0.28 0.51 68.1 36.5 5.97 2.71 3.52 6.9 5.3 9.7 1.8%
PT Tambang Batubara Bukit (ID) PTBA 2.8 IDR$10,000 2304 $1,895 1262.00 766.02 859.96 13.1 11.6 962.92 888.71 889.42 11.3 11.2 9.4 7.2%
Sakari Resources Ltd (SP) SAR -- US$1.48 1137 $1,684 0.09 -- -- -- -- -- -- -- -- -- 7.1 --
Yanzhou Coal Mining Co Ltd (HK) 1171 3.6 CNY$4.97 1958 $1,607 0.87 0.19 0.44 26.5 11.4 1.32 0.62 1.35 8.1 3.7 11.4 7.2%
Average                 20.3 15.9       7.5 8.1 9.6  
 
Small Cap                                  
Arch Coal ACI 2.8 US$4.41 212 $936 (0.09) (1.28) (1.14) -- -- 1.57 1.01 0.74 4.4 5.9 12.6 2.7%
Borneo Lumbung Energi & Mtl (ID) BORN 3.0 IDR$174 17693 $253 1.28 68.47 50.14 2.5 3.5 91.78 113.32 130.52 1.5 1.3 4.7 --
China Qinfa Group Ltd (HK) 866 3.5 CNY$0.50 2078 $172 0.16 0.13 0.16 3.8 3.1 (0.33) -- -- -- -- 8.8 6.2%
Cloud Peak Energy CLD 2.4 US$17.52 61 $1,067 2.15 0.72 0.76 24.4 23.1 4.06 2.86 2.91 6.1 6.0 6.5 --
New World Resources (UK) NWRN 3.8 EUR$0.88 265 $320 (0.02) (1.22) (0.55) -- -- 0.29 (0.14) 0.04 -- 22.6 -- --
PT Bumi Resources (ID) BUMI 3.9 US$0.03 20773 $521 (0.03) (0.02) (0.01) -- -- 0.01 0.01 0.02 1.8 1.5 8.1 --
SouthGobi Resources (CN) SGQ 2.7 US$0.82 187 $153 (0.23) (0.36) (0.15) -- -- (0.12) (0.27) (0.16) -- -- -- --
Walter Energy WLT 2.8 US$15.98 63 $1,000 0.49 (3.65) (1.95) -- -- 5.28 0.53 2.88 30.3 5.5 25.7 0.3%
Average                 10.3 9.9       8.8 7.2 11.1  
Limited Partnership                                  
Alliance Resource Partners LP ARLP 2.2 US$76.30 37 $2,820 6.12 7.00 7.34 10.9 10.4 15.08 12.67 11.73 6.0 6.5 4.9 6.2%
Natural Resource Partners LP NRP 2.1 US$19.76 110 $2,170 2.00 1.47 1.61 13.5 12.3 2.56 2.60 2.28 7.6 8.7 11.1 11.1%
Penn Virginia Resource Prtns LP PVR 2.7 US$26.53 136 $3,607 0.38 0.28 0.69 94.8 38.3 1.68 1.89 1.97 14.1 13.5 -- 8.3%
Rhino Resources Inc RNO 2.7 US$11.96 29 $348 1.42 0.36 (0.09) 33.7 -- 5.20 1.53 1.47 7.8 8.2 -- 14.9%
Average                 38.2 20.3       8.9 9.2 8.0  
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 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) 
Recent and Forecast Commodity Prices
Cash Price (3-Jan-14) 2010 2011 2012 2013E 2014E Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13E Q1/14E Q2/14E Q3/14E Q4/14E
Aluminum ($0.79 / lb) $0.99 $1.09 $0.92 $0.84 $0.89 $0.99 $0.94 $0.92 $0.91 $0.91 $0.83 $0.81 $0.80 $0.86 $0.86 $0.87 $0.87
Copper ($3.33 / lb) $3.43 $4.00 $3.61 $3.33 $3.28 $3.77 $3.68 $3.62 $3.59 $3.59 $3.25 $3.21 $3.25 $3.24 $3.31 $3.30 $3.35
Lead ($0.98 / lb) $0.97 $1.09 $0.94 $0.97 $0.97 $0.95 $0.92 $0.91 $1.00 $1.04 $0.93 $0.95 $0.96 $0.96 $0.96 $0.96 $0.97
Nickel ($6.29 / lb) $9.91 $10.38 $7.95 $6.81 $7.00 $8.90 $8.34 $8.02 $7.70 $7.85 $6.80 $6.33 $6.31 $6.79 $6.78 $6.93 $7.10
Zinc ($0.93 / lb) $0.98 $1.00 $0.88 $0.87 $0.93 $0.92 $0.90 $0.88 $0.88 $0.92 $0.84 $0.84 $0.87 $0.92 $0.93 $0.98 $1.00
Gold ($1238 / oz) $1,226 $1,571 $1,668 $1,411 $1,360 $1,689 $1,652 $1,653 $1,718 $1,632 $1,417 $1,328 $1,273 $1,344 $1,345 $1,344 $1,348
Palladium ($726 / oz) $528 $733 $643 $725 $773 $681 $655 $640 $652 $739 $713 $723 $725 $781 $809 $820 $840
Platinum ($1405 / oz) $1,611 $1,719 $1,549 $1,485 $1,606 $1,600 $1,554 $1,536 $1,598 $1,632 $1,467 $1,451 $1,396 $1,656 $1,738 $1,775 $1,775
Silver ($20.18 / oz) $20.24 $35.29 $31.13 $23.82 $23.68 $32.53 $31.06 $30.68 $32.58 $30.07 $23.18 $21.40 $20.80 $23.07 $23.87 $24.36 $24.62
Uranium ($34.50 / lb) $45.97 $56.32 $48.97 $40.76 $48.88 $51.91 $51.62 $50.81 $43.42 $42.84 $40.72 $36.66 $36.72 $38.88 $41.45 $45.37 $48.87
Base metal prices are LME cash prices quoted in US$ per lb.  Precious metal prices are London spot prices quoted in US$ per oz.         
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 10-Jan-14 (MM) (US$MM) 2012 2013E 2014E 2013E 2014E 2012 2013E 2014E 2013E 2014E 2013E %
Alcoa Inc AA 3.1 US$10.11 1070 $10,814 -- 0.33 0.34 30.6 29.4 -- -- 1.31 -- 7.7 8.3 1.2%
Alumina Ltd AWC 3.5 US$0.99 2806 $2,783 (0.02) (0.00) 0.01 -- 98.4 0.02 0.02 0.04 44.4 28.3 -- --
Aluminum Corp China Ltd (ADR) ACH 3.6 CNY$2.02 3944 $1,318 (0.61) (0.21) (0.15) -- -- 0.08 0.40 0.41 5.1 4.9 22.6 --
Century Aluminum CENX 3.0 US$9.96 89 $883 (0.58) (0.73) (0.12) -- -- 0.42 0.79 0.33 12.6 30.2 40.3 --
United Company Rusal Ltd (HK) 486 2.9 US$0.30 15193 $4,507 0.02 (0.00) 0.02 -- 12.3 0.07 0.00 0.03 NM 11.2 17.7 --
Average                 30.6 46.7       20.7 16.5 22.2  
Iron Ore                                   
African Minerals Ltd (UK) AMI 1.8 US$3.23 331 $1,069 (0.58) 0.11 0.56 28.4 5.7 1.15 0.32 1.40 10.1 2.3 4.5 --
Atlas Iron Ltd (AU) AGO 2.8 AUD$0.97 915 $790 -- -- 0.11 -- 8.9 -- -- 0.32 -- 3.0 3.4 3.1%
China Vanadium Titano Mag (HK) 893 3.0 HK$0.83 2075 $284 0.19 0.11 0.12 7.8 7.1 0.33 0.16 0.29 5.3 2.9 0.7 --  
Cliffs Natural Resources CLF 3.1 US$22.83 153 $3,496 3.50 3.01 2.05 7.6 11.1 3.61 6.61 6.01 3.5 3.8 6.1 2.6%
Fortescue Metals Group Ltd (AU) FMG 2.4 US$4.63 3114 $14,403 -- -- 0.99 -- 4.7 -- -- 1.34 -- 3.5 5.2 1.9%
Kumba Iron Ore Ltd (SA) KIO 3.0 ZAR$415.87 322 $12,494 37.91 46.47 41.78 8.9 10.0 58.21 60.83 54.27 6.8 7.7 4.7 7.8%
Labrador Iron Ore Royalty (CN) LIF 2.5 C$32.54 64 $1,925 1.55 2.28 2.59 14.3 12.6 0.80 1.88 2.59 17.3 12.6 -- 3.1%
MMX Mineracao E Metalicos (BZ) MMXM3 3.4 BRL$0.71 976 $289 (0.94) (0.26) (0.13) -- -- 0.52 (0.01) (0.00) -- -- 6.0 --
Mount Gibson Iron Limited (AU) MGX 3.4 AUD$0.91 1091 $883 -- -- 0.11 -- 8.2 -- -- 0.16 -- 5.8 2.2 4.4%
Average                 13.4 8.5       8.6 5.2 4.1  
 
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 One Analytics 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) 
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 10-Jan-14 (MM) (US$MM) 2012 2013E 2014E 2013E 2014E 2012 2013E 2014E 2013E 2014E 2013E %
Anglo American PLC (UK) AAL 2.8 US$20.59 1394 $28,706 2.24 1.76 1.95 11.7 10.6 4.34 4.82 5.12 4.3 4.0 5.0 4.9%
Antofagasta PLC (UK) ANTO 2.8 US$12.89 986 $12,704 1.40 0.83 0.81 15.5 15.8 2.86 1.73 1.91 7.4 6.8 5.3 2.0%
BHP Billiton Ltd BHP 2.2 US$32.41 3212 $104,101 -- -- 2.68 -- 12.1 -- -- 4.34 -- 7.5 4.5 3.3%
First Quantum Minerals (CN) FM 2.2 US$17.12 591 $10,114 1.17 0.94 1.16 18.3 14.8 0.72 2.02 2.26 8.5 7.6 9.6 0.9%
Freeport McMoran C&G FCX 2.2 US$36.17 1038 $37,550 3.22 2.56 3.20 14.1 11.3 3.96 6.48 7.36 5.6 4.9 7.4 3.5%
Glencore International PLC (UK) GLEN 2.3 US$5.25 13278 $69,748 0.44 0.30 0.38 17.7 13.9 0.63 0.84 0.80 6.2 6.5 10.1 3.0%
Grupo Mexico (MX) GMEXICOB 2.3 US$3.31 7805 $25,826 0.30 0.24 0.25 13.8 13.4 0.27 0.19 0.24 17.6 14.1 6.9 2.1%
KGHM Polska Miedz (PO) KGH 3.0 PLN$111.60 200 $7,267 24.06 15.00 12.29 7.4 9.1 27.64 24.18 19.98 4.6 5.6 -- 8.8%
MMC Norilsk Nickel (RU) GMKN 2.7 US$155.03 158 $24,533 13.70 13.03 15.83 11.9 9.8 21.68 19.75 20.77 7.8 7.5 10.3 6.2%
Rio Tinto PLC (UK) RIO 2.1 US$51.74 1413 $73,099 5.03 5.08 5.66 10.2 9.1 5.07 7.40 8.32 7.0 6.2 6.6 4.0%
Sesa Sterlite Ltd (ADR) SSLT 2.8 INR$196.85 2965 $9,390 -- -- 45.56 -- 4.3 -- -- 70.17 -- 2.8 6.7 0.8%
Southern Copper Corp SCCO 2.3 US$27.63 840 $23,209 2.28 1.97 1.94 14.1 14.2 2.36 1.77 1.78 15.6 15.5 8.4 2.5%
Teck Resources Ltd TCK 2.6 C$25.91 567 $13,577 2.60 1.77 1.87 14.6 13.8 4.77 4.36 4.45 5.9 5.8 6.2 3.5%
Vale SA (ADR) VALE 2.3 US$13.72 3186 $43,707 2.20 2.25 2.09 6.1 6.6 3.25 3.33 3.19 4.1 4.3 2.2 6.2%
Average                 13.0 11.4       7.9 7.1 6.9  
Mid Cap
                                 
Assore Ltd (SA) ASR 4.2 ZAR$339.22 140 $4,417 -- -- 34.72 -- 9.8 -- -- 40.30 -- 8.4 11.8 1.8%
Aurubis AG (GR) NDA 2.2 EUR$43.79 45 $2,672 -- -- 3.79 -- 11.6 -- -- 7.25 -- 6.0 -- 2.5%
Boliden AB (SW) BOL 3.2 SEK$97.45 274 $4,055 11.96 4.87 7.17 20.0 13.6 20.17 14.79 17.27 6.6 5.6 7.1 4.1%
Eramet (FR) ERA 3.1 EUR$70.37 27 $2,535 3.18 (1.49) 1.74 -- 40.3 8.41 10.78 13.02 6.5 5.4 8.7 2.8%
Exxaro  Resources Ltd (SA) EXX 2.8 ZAR$147.11 358 $4,914 13.97 14.27 15.55 10.3 9.5 1.53 14.89 16.72 9.9 8.8 18.1 2.6%
Hindustan Zinc (IN) HZ 1.8 INR$128.15 4225 $8,712 -- 17.29 16.71 7.4 7.7 -- -- 17.33 -- 7.4 4.5 2.4%
Iluka Resources Ltd (AU) ILU 2.6 AUD$8.40 419 $3,131 0.87 0.16 0.57 51.1 14.6 0.60 0.30 1.11 27.8 7.6 12.7 1.8%
Jiangxi Copper Co "H" (HK) 358 3.0 CNY$10.48 1387 $2,403 1.49 0.89 0.96 11.8 10.9 1.51 1.44 1.76 7.3 5.9 -- 4.8%
Kazakhmys PLC (UK) KAZ 3.5 US$3.24 447 $1,449 0.85 0.30 0.12 10.7 26.9 1.32 0.56 0.64 5.8 5.1 4.3 2.7%
Lundin Mining Corp (CN) LUN 2.1 US$4.33 584 $2,529 0.32 0.22 0.29 19.4 14.9 0.33 0.38 0.47 11.5 9.2 8.4 --
Sumitomo Metal Mining (JP) 5713 2.8 JPY$1,385 582 $7,684 -- -- 130.20 -- 10.6 -- -- 180.85 -- 7.7 6.8 2.7%
Turquoise Hill Resources TRQ 3.1 US$3.30 1006 $3,324 (0.51) (0.29) 0.09 -- 35.4 (0.59) (0.24) 0.27 -- 12.2 -- --
Vale Indonesia Tbk PT (ID) INCO 3.5 US$0.19 9936 $1,876 0.01 0.01 0.01 18.5 17.6 0.01 0.02 0.01 12.6 13.5 6.8 2.7%
Vedanta Resources PLC (UK) VED 2.9 US$14.37 267 $3,832 -- -- 1.04 -- 13.8 -- -- 14.05 -- 1.0 5.4 4.6%
Average                 18.6 16.9       11.0 7.4 8.6  
Small Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 10-Jan-14 (MM) (US$MM) 2012 2013E 2014E 2013E 2014E 2012 2013E 2014E 2013E 2014E 2013E %
Capstone Mining Corp (CN) CS 1.9 US$2.73 380 $1,037 0.16 0.10 0.34 27.3 8.1 0.28 0.28 0.61 9.6 4.5 6.2 --
China Molybdenum Co Ltd (HK) 3993 2.9 CNY$2.56 1311 $555 0.21 0.21 0.24 12.4 10.5 -- 0.33 0.21 7.8 12.2 17.0 8.2%
Hudbay Minerals HBM 2.3 C$8.84 172 $1,406 0.21 0.02 0.26 NM 33.5 0.83 0.18 0.67 48.1 13.2 13.3 0.2%
Independence Group NL (AU) IGO 2.5 AUD$3.10 233 $644 -- -- 0.33 -- 9.5 -- -- 0.60 -- 5.1 7.7 0.6%
Mechel OAO (ADR) MTL 3.4 US$2.26 416 $941 0.06 (1.11) (0.68) -- -- (3.74) 1.37 0.98 1.7 2.3 10.3 --
Mitsui Mining & Smelting (JP) 5706 2.6 JPY$319 573 $1,744 -- -- 27.44 -- 11.6 -- -- 71.10 -- 4.5 8.3 0.9%
MMG Ltd (HK) 1208 2.5 US$0.21 5290 $1,126 0.04 0.03 0.03 8.2 6.2 0.12 0.14 0.13 1.5 1.6 3.4 --
Nevsun Resources Ltd NSU 2.0 US$3.57 199 $712 0.72 0.11 0.66 32.9 5.4 0.96 0.34 1.16 10.7 3.1 5.6 3.9%
Nyrstar NV (BE) NYR 3.6 EUR$2.66 170 $614 (0.34) (0.63) (0.30) -- -- 2.23 0.74 0.78 3.6 3.4 6.3 8.0%
Outokumpu (FN) OUT1V 3.7 EUR$0.40 2078 $1,133 (0.28) (0.30) (0.09) -- -- 0.23 (0.06) 0.09 -- 4.5 -- --
Oz Minerals (AU) OZL 2.6 AUD$3.15 303 $851 0.45 (0.29) (0.08) -- -- 1.04 0.42 0.74 7.5 4.2 6.7 9.5%
PanAust Ltd (AU) PNA 2.1 US$1.57 620 $976 0.24 0.14 0.09 11.4 17.0 0.33 0.24 0.26 6.5 6.0 4.8 4.0%
Philex Mining Corp (PH) PX 3.0 PHP$8.20 4937 $906 0.35 0.46 0.50 17.7 16.5 0.59 0.48 0.62 17.0 13.2 14.0 --
Sherritt International (CN) S 2.4 C$3.61 297 $992 0.28 0.00 0.07 -- 53.1 0.91 0.85 0.91 4.3 4.0 8.4 4.8%
Taseko Mines Ltd TGB 2.3 C$2.26 193 $403 0.01 (0.06) 0.21 -- 10.8 0.27 0.24 0.48 9.4 4.7 15.4 --
Thompson Creek Metals TC 3.4 US$2.22 171 $381 (0.20) 0.07 0.20 34.0 11.4 (0.49) 0.52 0.73 4.3 3.1 9.9 --
Volcan Cia Ninera VOLABC1 2.0 US$0.44 2241 $984 0.06 0.05 0.05 9.0 8.4 -- -- -- -- -- 4.2 2.4%
Western Areas NL (AU) WSA 2.5 AUD$2.35 197 $412 -- -- 0.14 -- 17.1 -- -- 0.57 -- 4.1 5.2 0.9%
Average                 19.1 15.6       10.1 5.5 8.6  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Consensus Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0) 
Gold
Large Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 10-Jan-14 (MM) (US$MM) 2012 2013E 2014E 2013E 2014E 2012 2013E 2014E 2013E 2014E 2013E %
AngloGold Ashanti Ltd AU 2.3 US$11.84 402 $4,763 2.36 0.49 0.95 24.4 12.5 3.50 3.98 3.72 3.0 3.2 4.9 2.4%
Barrick Gold Corp ABX 2.7 US$18.18 1165 $21,173 3.82 2.56 1.94 7.1 9.3 5.43 3.99 3.46 4.6 5.3 5.7 1.1%
Franco-Nevada FNV 2.1 US$42.35 147 $6,231 1.19 0.93 0.96 45.5 43.9 2.24 1.93 2.06 21.9 20.5 16.5 --
Goldcorp Inc GG 2.2 US$23.19 812 $18,836 2.03 0.92 0.84 25.1 27.5 2.52 2.07 2.09 11.2 11.1 11.2 --
Kinross Gold Corp KGC 2.8 US$4.50 1143 $5,145 0.77 0.33 0.24 13.5 18.7 1.14 0.97 0.91 4.7 5.0 4.6 --
Newcrest Mining Ltd (AU) NCM 3.1 AUD$8.36 767 $5,704 -- -- 0.54 -- 15.4 -- -- 1.32 -- 6.3 7.9 1.4%
Newmont Mining NEM 2.9 US$23.80 493 $11,735 3.71 2.05 1.58 11.6 15.1 4.79 4.45 4.29 5.3 5.5 7.4 3.4%
Polyus Gold International (UK) PGIL 3.4 US$3.13 3032 $9,494 0.29 0.17 0.13 18.9 24.7 0.34 0.19 0.17 16.8 18.0 10.6 --
Randgold Resources (ADR) GOLD 2.0 US$61.57 92 $5,679 4.65 3.03 4.45 20.3 13.8 5.37 5.12 7.04 12.0 8.7 10.8 0.8%
Yamana Gold Inc AUY 2.3 US$9.10 753 $6,852 0.93 0.43 0.47 21.1 19.2 1.54 0.98 1.10 9.3 8.2 8.7 2.9%
Average                 20.8 20.0       9.9 9.2 8.8  
Mid Cap                                  
African Barrick Gold Ltd (UK) ABG 3.2 US$3.08 410 $1,263 0.26 0.19 0.16 16.4 19.4 0.63 0.65 0.72 4.8 4.3 -- 5.1%
Agnico-Eagle Mines Ltd AEM 2.6 US$27.26 174 $4,736 2.17 0.87 0.80 31.2 34.1 4.06 2.57 2.78 10.6 9.8 9.6 3.2%
Alamos Gold AGI 2.1 US$12.25 128 $1,565 1.02 0.58 0.35 21.2 34.6 1.53 1.00 0.76 12.3 16.2 7.0 1.6%
B2Gold Corp BTG 1.6 US$2.12 675 $1,432 0.20 0.14 0.14 15.3 14.8 0.27 0.25 0.28 8.6 7.6 7.6 --
Buenaventura (ADR) BVN 3.0 US$11.35 275 $3,120 2.71 1.00 1.02 11.4 11.2 1.32 1.33 0.61 8.5 18.6 11.4 2.7%
Eldorado Gold Corp EGO 2.3 US$5.99 716 $4,290 0.47 0.33 0.31 18.2 19.4 0.43 0.58 0.57 10.3 10.6 7.6 1.5%
Gold Fields Ltd (ADR) GFI 3.3 US$3.14 771 $2,419 1.15 0.28 0.28 11.2 11.4 1.46 0.97 0.88 3.2 3.6 4.4 8.8%
Harmony Gold (ADR) HMY 2.0 US$2.62 436 $1,142 -- -- 0.10 -- 25.7 -- -- 0.63 -- 4.2 4.1 4.4%
Iamgold Corp IAG 3.0 US$3.50 377 $1,318 0.84 0.35 0.25 10.0 14.0 1.17 0.85 0.84 4.1 4.2 3.3 --
New Gold Inc NGD 2.4 US$5.29 503 $2,662 0.40 0.14 0.26 37.8 20.6 0.50 0.48 0.70 11.1 7.6 9.8 --
Osisko Mining Corp (CN) OSK 2.0 C$5.17 439 $2,099 0.21 0.23 0.24 22.7 21.7 0.64 0.63 0.62 8.3 8.3 9.5 --
Polymetal International PLC (UK) POLY 2.8 US$8.73 389 $3,402 1.09 0.44 0.72 19.6 12.1 1.30 1.06 1.10 8.2 7.9 1.5 3.7%
Regis Resources Ltd (AU) RRL 2.8 AUD$2.89 498 $1,281 -- -- 0.30 -- 9.7 -- -- 0.41 -- 7.0 5.8 5.2%
Royal Gold Inc RGLD 2.2 US$50.93 65 $3,292 -- 1.00 1.43 50.9 35.6 -- 2.79 3.32 18.2 15.3 11.9 1.6%
Zijin Mining Group (HK) 2899 3.6 CNY$1.32 6008 $1,310 0.24 0.12 0.10 11.4 12.9 0.25 0.20 0.26 6.5 5.0 9.0 7.6%
Average                 21.3 19.8       8.8 8.7 7.3  
Small Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 10-Jan-14 (MM) (US$MM) 2012 2013E 2014E 2013E 2014E 2012 2013E 2014E 2013E 2014E 2013E %
Alacer Gold Corp (CN) ASR 2.8 US$2.04 287 $586 0.42 0.30 0.19 6.7 10.8 0.84 0.60 0.38 3.4 5.3 3.1 --
Allied Nevada Gold ANV 3.6 US$4.11 104 $427 0.52 0.26 0.22 15.8 18.9 (0.23) 0.62 0.63 6.6 6.6 34.2 --
Argonaut Gold Ltd (CN) AR 1.9 US$4.78 149 $712 0.68 0.21 0.25 22.2 18.9 0.74 0.43 0.47 11.1 10.2 8.2 --
AuRico Gold Inc  AUQ 2.4 US$3.93 248 $973 0.29 0.08 0.12 46.8 33.9 0.00 0.32 0.44 12.2 9.0 10.5 4.1%
Centamin Egypt (CN) CEE 2.0 US$0.77 1101 $844 0.18 0.17 0.10 4.6 7.9 0.20 0.31 0.15 2.5 5.0 -- --
Centerra Gold (CN) CG 2.3 US$4.29 236 $1,014 0.42 0.91 0.88 4.7 4.9 0.57 1.83 1.84 2.3 2.3 1.7 3.4%
Gold Resource Corp GORO 2.0 US$4.66 54 $251 0.60 0.10 0.60 46.6 7.8 0.55 -- -- -- -- -- --
Highland Gold Mining Ltd (UK) HGM 1.7 US$0.93 325 $301 -- -- -- -- -- -- -- -- -- -- 3.8 9.7%
Hochschild Mining PLC (UK) HOC 2.7 US$2.20 367 $808 0.19 (0.09) 0.02 -- NM 0.75 0.33 0.41 6.6 5.4 5.6 1.5%
Kingsgate Consolidated Ltd (AU) KCN 3.9 AUD$1.00 164 $147 -- -- 0.04 -- 28.2 -- -- 0.36 -- 2.8 3.5 5.0%
Kirkland Lake Gold (CN) KGI 2.7 C$2.65 70 $172 -- (0.03) 0.12 -- 22.1 -- 0.46 0.84 5.8 3.1 7.3 --
Lake Shore Gold LSG 2.6 C$0.60 417 $231 (0.02) (0.00) (0.01) -- -- 0.07 0.13 0.18 4.6 3.3 5.0 --
Medusa Mining Ltd (UK) MML 1.7 US$2.06 208 $427 -- -- 0.41 -- 5.1 -- -- 0.54 -- 3.8 5.7 --
Nord Gold NV (UK) NORD 2.8 US$1.51 378 $571 0.05 (0.12) 0.22 -- 6.9 0.34 0.79 0.92 1.9 1.7 -- 11.7%
Petropavlovsk PLC (UK) POG 3.3 US$1.12 198 $221 0.51 (0.28) (0.19) -- -- 1.38 1.52 0.85 0.7 1.3 4.5 3.3%
Primero Mining Corp (CN) P 1.6 US$4.64 116 $537 0.45 0.35 0.32 13.2 14.6 1.25 0.64 0.82 7.3 5.7 5.2 --
Real Gold  Mining Ltd (HK) 246 -- CNY$6.88 909 $1,033 -- -- -- -- -- -- -- -- -- -- 3.8 --
Semafo (CN) SMF 2.1 US$2.81 275 $770 0.28 0.13 0.12 21.9 24.0 0.57 0.31 0.31 8.9 9.1 7.2 --
Zhaojin Mining Industry Co Ltd (HK) 1818 3.3 CNY$3.57 874 $516 0.66 0.35 0.29 10.2 12.2 0.60 0.62 0.54 5.8 6.7 8.1 6.7%
Average                 19.3 15.4       5.7 5.1 7.3  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson One Analytics Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0) 
Silver   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 10-Jan-14 (MM) (US$MM) 2012 2013E 2014E 2013E 2014E 2012 2013E 2014E 2013E 2014E 2013E %
Alexco Resource Corp AXU 3.8 C$1.42 63 $82 0.01 (0.53) (0.11) -- -- 0.23 0.08 (0.01) 17.1 -- 6.4 --
Coeur d'Alene Mines Corp CDE 3.0 US$10.90 105 $1,142 0.53 (0.62) (0.65) -- -- 3.03 1.50 1.62 7.3 6.7 7.1 --
Endeavour Silver Corp EXK 2.6 US$3.98 100 $397 0.42 0.25 0.08 16.1 51.5 0.79 0.70 0.47 5.7 8.4 5.5 --
First Majestic Silver Corp AG 1.8 US$10.62 117 $1,243 0.85 0.69 0.55 15.4 19.4 1.21 1.23 1.09 8.6 9.8 10.0 --
Fortuna Silver Mines FSM 2.1 US$3.01 126 $379 0.28 0.12 0.22 26.2 13.9 0.43 0.35 0.38 8.7 8.0 8.2 --
Fresnillo (UK) FRES 2.9 US$11.19 737 $8,245 0.91 0.46 0.43 24.1 25.7 1.03 0.89 0.93 12.5 12.0 9.8 2.8%
Great Panther Resources GPL 2.0 C$0.84 138 $107 0.06 0.01 0.03 NM 31.8 0.10 0.06 0.11 13.8 7.5 29.9 --
Hecla Mining Co HL 2.9 US$3.14 343 $1,076 0.11 (0.02) 0.07 -- 42.3 0.23 0.19 0.40 16.9 7.8 17.1 0.3%
Mandalay Resources (CN) MND 2.0 US$0.73 323 $236 0.13 0.11 0.12 6.8 6.2 0.16 0.19 0.19 3.8 3.9 0.0 4.3%
Pan American Silver PAAS 3.0 US$12.04 151 $1,823 1.25 0.34 0.39 35.4 30.6 1.36 1.10 1.13 10.9 10.6 6.8 4.2%
Silver Standard SSRI 2.7 US$7.57 81 $611 0.68 (0.28) (0.47) -- -- 0.07 0.46 0.37 16.5 20.4 -- --
Silver Wheaton SLW 1.8 US$21.33 355 $7,570 1.65 1.07 0.95 20.0 22.4 2.02 1.54 1.53 13.9 14.0 15.3 1.7%
Silvercorp SVM 2.3 US$2.51 171 $429 -- 0.08 0.20 31.4 12.5 -- -- 0.36 -- 7.0 7.4 3.7%
SilverCrest Mines SVLC 1.7 US$1.80 109 $196 0.32 0.14 0.22 12.7 8.2 0.44 0.23 0.28 7.9 6.5 5.8 --
Tahoe Resources TAHO 2.0 US$16.49 146 $2,408 (0.62) (0.44) 1.16 -- 14.2 (0.61) (0.41) 1.51 -- 10.9 -- --
Average                 20.9 23.2       11.1 9.5 9.9  
Platinum Group Metals                                
African Rainbow Minerals (SA) ARI 1.9 ZAR$187.00 216 $3,776 -- -- 19.67 -- 9.5 -- -- 26.98 -- 6.9 -- 2.7%
Anglo Platinum Ltd (SA) AMS 2.8 ZAR$367.30 270 $9,239 (5.62) 7.48 15.18 49.1 24.2 7.24 19.78 34.32 18.6 10.7 13.1 --
Aquarius Platinum Ltd (UK) AQP 2.8 US$0.64 488 $311 -- (0.27) 0.00 -- -- -- -- 0.11 -- 5.8 9.1 --
Impala Platinum (SA) IMP 3.0 ZAR$112.96 632 $6,661 -- -- 5.62 -- 20.1 -- -- 10.98 -- 10.3 12.1 0.8%
Ivanhoe Mines Ltd (CN) IVP 1.9 US$1.66 569 $945 (0.38) (0.25) (0.19) -- -- (0.33) (0.19) (0.17) -- -- 0.0 --
Lonmin PLC (UK) LMI 2.7 US$4.95 569 $2,819 -- -- 0.26 -- 19.2 -- -- 0.52 -- 9.6 8.4 --
North American Palladium PAL 3.3 US$0.73 197 $133 (0.04) (0.24) (0.08) -- -- 0.09 0.00 0.08 NM 8.8 -- --
Northam Platinum Ltd (SA) NHM 3.3 ZAR$39.70 398 $1,472 -- -- 1.72 -- 23.0 -- -- 2.73 -- 14.5 18.5 --
Platinum Group Metals Ltd PLG 2.1 C$1.24 551 $632 -- (0.05) 0.00 -- -- -- -- (0.02) -- -- -- --
Stillwater Mining Co SWC 2.0 US$12.81 119 $1,529 0.46 0.48 0.38 27.0 33.7 0.79 0.87 0.94 14.8 13.7 11.6 --
Average                 38.0 21.6       16.7 10.0 10.4  
Fertilizers   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 10-Jan-14 (MM) (US$MM) 2012 2013E 2014E 2013E 2014E 2012 2013E 2014E 2013E 2014E 2013E %
Agrium Inc AGU 2.5 US$91.56 144 $13,156 10.29 7.54 7.85 12.1 11.7 13.51 10.65 10.41 8.6 8.8 7.8 3.3%
Arab Potash Co (JR) APOT 4.0 JOD$28.00 83 $3,305 2.39 2.30 2.57 12.2 10.9 2.08 3.31 2.82 8.5 9.9 8.3 8.9%
CF Industries CF 2.6 US$246.16 57 $14,108 27.89 23.16 20.24 10.6 12.2 36.72 27.04 29.10 9.1 8.5 5.7 1.6%
Compass Minerals  CMP 3.2 US$81.43 33 $2,726 3.11 3.82 3.75 21.3 21.7 4.58 4.35 6.11 18.7 13.3 12.2 2.7%
Incitec Pivot Ltd (AU) IPL 2.5 AUD$2.82 1629 $4,088 -- -- 0.21 -- 13.3 -- -- 0.33 -- 8.5 8.9 3.3%
Intrepid Potash IPI 3.6 US$15.51 76 $1,175 1.17 0.43 0.25 35.7 62.1 2.49 0.96 1.37 16.1 11.3 11.9 --
Israel Chemical (IS) ICL 2.8 US$8.10 1273 $10,309 1.02 0.74 0.70 10.9 11.6 1.26 1.06 0.88 7.7 9.2 7.6 6.4%
K & S Aktiengesellschaft (GR) SDF 3.2 EUR$23.02 191 $5,982 2.83 2.13 1.15 10.8 20.0 4.15 3.81 2.75 6.0 8.4 5.3 6.1%
Mosaic Co MOS 2.6 US$46.55 426 $19,829 -- 2.90 2.85 16.1 16.3 -- 4.13 4.64 11.3 10.0 8.0 2.1%
Potash Corp POT 2.9 US$33.63 861 $28,963 2.71 2.11 2.00 16.0 16.8 3.68 3.38 2.76 10.0 12.2 9.4 4.2%
Sociedad Quimica Minera (ADR) SQM 3.1 US$25.77 120 $3,102 2.47 1.84 1.58 14.0 16.3 2.47 3.68 2.63 7.0 9.8 6.2 4.0%
Uralkaliy (RU) URKA 3.5 US$4.65 2936 $13,652 -- -- -- -- -- -- -- -- -- -- -- 2.7%
Yara International ASA (NO) YAR 2.8 NOK$265.60 279 $11,927 35.52 27.16 25.48 9.8 10.4 46.79 36.73 35.21 7.2 7.5 5.9 4.9%
Average                 15.4 18.6       10.0 9.8 8.1  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson One Analytics Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0) 
Uranium   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 10-Jan-14 (MM) (US$MM) 2012 2013E 2014E 2013E 2014E 2012 2013E 2014E 2013E 2014E 2013E %
Cameco Corp CCJ 2.1 C$22.09 395 $8,075 1.13 1.29 1.04 17.2 21.3 1.63 1.76 1.68 12.5 13.2 12.5 1.8%
Denison Mines DNN 2.3 US$1.19 450 $536 0.07 (0.05) (0.04) -- -- (0.02) (0.04) (0.03) -- -- -- --
Energy Resources Australia (AU) ERA 2.9 AUD$1.28 518 $590 (0.29) (0.24) (0.24) -- -- (0.01) (0.00) 0.07 -- 18.8 -- --
Paladin Resources Ltd (AU) PDN 3.4 US$0.40 964 $382 -- 0.22 0.01 1.8 59.4 -- 0.18 0.00 2.2 NM 16.2 --
Uranium Participation Corp (CN) U 1.5 C$5.39 106 $530 -- -- -- -- -- -- -- -- -- -- -- --
Average                 9.5 40.3       7.4 16.0 14.4  
Coal
Large - Mid Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 10-Jan-14 (MM) (US$MM) 2012 2013E 2014E 2013E 2014E 2012 2013E 2014E 2013E 2014E 2013E %
Adaro Energy TBK (ID) ADRO 2.8 US$0.08 31986 $2,468 0.01 0.01 0.01 7.8 7.5 0.01 0.02 0.02 4.1 4.6 5.5 3.3%
Alpha Natural Resources ANR 2.9 US$6.21 221 $1,372 (0.94) (2.27) (1.94) -- -- 2.35 0.63 1.23 9.9 5.1 14.9 --
Banpu Public Co Ltd (TH) BANPU 2.8 THB$26.50 2717 $2,180 2.51 1.65 2.06 16.0 12.8 2.81 4.73 4.94 5.6 5.4 -- 5.3%
China Coal Energy Co (HK) 1898 3.2 CNY$3.32 4107 $2,252 0.67 0.39 0.35 8.5 9.5 0.82 0.74 0.92 4.5 3.6 7.3 6.3%
China Shenhua Energy Co (HK) 1088 2.4 HK$17.33 3399 $9,735 2.46 2.21 2.18 7.8 7.9 3.47 3.49 3.57 5.0 4.9 4.3 5.5%
Consol Energy CNX 2.0 US$36.63 229 $8,386 1.11 0.01 1.09 NM 33.6 3.18 3.13 1.83 11.7 20.0 11.7 1.4%
Fushan Int'l Energy Group (HK) 639 3.1 HK$2.42 5302 $1,655 0.34 0.22 0.21 11.2 11.3 0.25 0.48 0.35 5.0 7.0 -- 5.2%
Neyveli Lignite Corp (IN) NLC 2.0 INR$58.90 1678 $1,590 -- -- 9.01 -- 6.5 -- -- 12.77 -- 4.6 3.6 4.8%
New Hope Corp Ltd (AU) NHC 2.1 AUD$3.32 831 $2,455 -- -- 0.15 -- 22.4 -- -- 0.17 -- 19.0 9.0 3.3%
Peabody Energy BTU 2.2 US$17.55 270 $4,736 2.05 0.26 0.44 68.4 40.0 5.97 2.72 3.47 6.5 5.1 9.6 1.9%
PT Tambang Batubara Bukit (ID) PTBA 2.6 IDR$9,175 2304 $1,729 1262.00 766.02 861.42 12.0 10.7 962.92 888.71 889.42 10.3 10.3 8.5 7.9%
Sakari Resources Ltd (SP) SAR -- US$1.47 1137 $1,673 0.09 -- -- -- -- -- -- -- -- -- 7.1 --
Yanzhou Coal Mining Co Ltd (HK) 1171 3.6 CNY$4.87 1958 $1,577 0.87 0.18 0.43 26.8 11.4 1.32 0.62 1.33 7.9 3.7 11.0 7.4%
Average                 19.8 15.8       7.0 7.8 9.4  
 
Small Cap                                  
Arch Coal ACI 2.8 US$4.13 212 $877 (0.09) (1.28) (1.20) -- -- 1.57 1.00 0.72 4.1 5.7 12.4 2.9%
Borneo Lumbung Energi & Mtl (ID) BORN 3.0 IDR$164 17693 $237 1.28 -- 16.70 -- 9.8 91.78 -- -- -- -- 5.2 --
China Qinfa Group Ltd (HK) 866 3.5 CNY$0.48 2078 $164 0.16 0.13 0.16 3.7 3.0 (0.33) -- -- -- -- 8.8 6.6%
Cloud Peak Energy CLD 2.3 US$16.88 61 $1,028 2.15 0.72 0.76 23.5 22.2 4.06 2.86 2.91 5.9 5.8 6.3 --
New World Resources (UK) NWRN 3.8 EUR$0.91 265 $326 (0.02) (1.21) (0.50) -- -- 0.29 (0.14) 0.04 -- 23.5 -- --
PT Bumi Resources (ID) BUMI 3.9 US$0.03 20773 $535 (0.03) (0.02) (0.01) -- -- 0.01 0.01 0.02 1.8 1.6 8.2 --
SouthGobi Resources (CN) SGQ 2.7 US$0.77 187 $143 (0.23) (0.45) (0.19) -- -- (0.12) (0.30) (0.16) -- -- -- --
Walter Energy WLT 2.8 US$13.80 63 $864 0.49 (3.65) (2.20) -- -- 5.28 0.53 2.88 26.1 4.8 24.5 0.3%
Average                 13.6 11.7       9.5 8.3 10.9  
Limited Partnership                                  
Alliance Resource Partners LP ARLP 2.2 US$75.30 37 $2,783 6.12 7.00 7.35 10.8 10.3 15.08 12.67 11.74 5.9 6.4 4.9 6.2%
Natural Resource Partners LP NRP 2.6 US$16.60 110 $1,823 2.00 1.46 1.48 11.4 11.2 2.56 2.59 1.95 6.4 8.5 9.9 13.3%
Penn Virginia Resource Prtns LP PVR 2.7 US$25.94 136 $3,527 0.38 0.28 0.69 92.6 37.5 1.68 1.89 1.97 13.7 13.2 -- 8.5%
Rhino Resources Inc RNO 2.7 US$12.06 29 $351 1.42 0.36 (0.09) 34.0 -- 5.20 1.53 1.47 7.9 8.2 5.9 14.8%
Average                 37.2 19.6       8.5 9.1 6.9  
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 One Analytics database of consensus Ratings & Estimates of equity analysts. The 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) 
Recent and Forecast Commodity Prices
Cash Price (10-Jan-14) 2010 2011 2012 2013E 2014E Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13E Q1/14E Q2/14E Q3/14E Q4/14E
Aluminum ($0.78 / lb) $0.99 $1.09 $0.92 $0.84 $0.87 $0.99 $0.94 $0.92 $0.91 $0.91 $0.83 $0.81 $0.80 $0.84 $0.85 $0.85 $0.86
Copper ($3.30 / lb) $3.43 $4.00 $3.61 $3.33 $3.28 $3.77 $3.68 $3.62 $3.59 $3.59 $3.25 $3.21 $3.25 $3.25 $3.30 $3.28 $3.34
Lead ($0.95 / lb) $0.97 $1.09 $0.94 $0.97 $0.98 $0.95 $0.92 $0.91 $1.00 $1.04 $0.93 $0.95 $0.96 $0.98 $0.98 $0.99 $1.00
Nickel ($6.21 / lb) $9.91 $10.38 $7.95 $6.81 $6.93 $8.90 $8.34 $8.02 $7.70 $7.85 $6.80 $6.33 $6.31 $6.66 $6.69 $6.86 $7.00
Zinc ($0.92 / lb) $0.98 $1.00 $0.88 $0.87 $0.94 $0.92 $0.90 $0.88 $0.88 $0.92 $0.84 $0.84 $0.87 $0.95 $0.95 $0.99 $1.02
Gold ($1249 / oz) $1,226 $1,571 $1,668 $1,411 $1,349 $1,689 $1,652 $1,653 $1,718 $1,632 $1,417 $1,328 $1,273 $1,321 $1,314 $1,307 $1,335
Palladium ($742 / oz) $528 $733 $643 $725 $773 $681 $655 $640 $652 $739 $713 $723 $725 $792 $828 $843 $870
Platinum ($1432 / oz) $1,611 $1,719 $1,549 $1,485 $1,606 $1,600 $1,554 $1,536 $1,598 $1,632 $1,467 $1,451 $1,396 $1,658 $1,767 $1,817 $1,817
Silver ($20.17 / oz) $20.24 $35.29 $31.13 $23.82 $23.57 $32.53 $31.06 $30.68 $32.58 $30.07 $23.18 $21.40 $20.80 $22.56 $23.21 $23.19 $24.28
Uranium ($34.65 / lb) $45.97 $56.32 $48.97 $40.76 $47.97 $51.91 $51.62 $50.81 $43.42 $42.84 $40.72 $36.66 $36.72 $37.63 $40.83 $44.03 $48.03
Base metal prices are LME cash prices quoted in US$ per lb.  Precious metal prices are London spot prices quoted in US$ per oz.         

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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