Metals & Mining Analysts' Ratings & Estimates - Juniors

Monday February 10, 2014 11:36

Junior Producers, Development/Advanced Exploration Stage
Iron Ore, Base Metals, Gold, Silver, Pt-Group Metals, Specialty Metals, Uranium, Coal, Fertilizers

Iron Ore Price Shrs O/S Mkt Cap Earnings Per Share      Price/Earnings  
Symbol Rating 31-Jan-14 (MM) (US$MM) 2012 2013E 2014E 2015E 2016E 2013E 2014E 2015E 2016E Commodity/Country
Alderon Iron Ore Corp AXX 1.9 C$1.77 130 $206 (0.65) (0.10) (0.12) (0.39) 0.04 -- -- -- 44.2 Fe ore/Canada
Aquila Resources Ltd (AU) AQA 3.0 AUD$2.43 412 $874 -- -- (0.07) (0.07) (0.07) -- -- -- -- Fe ore/Australia
Bellzone Mining PLC (UK) BZM 2.0 US$0.06 742 $47 (0.07) (0.04) (0.06) (0.07) 0.07 -- -- -- 0.9 Fe ore/Guinea
Brockman Resources Ltd (AU) BRM -- AUD$2.53 145 $321 -- -- -- -- -- -- -- -- -- Fe ore/Australia
Champion Iron Mines Ltd (CN) CHM 3.0 C$0.35 138 $44 -- (0.04) (0.10) (0.44) 0.04 -- -- -- 10.1 Fe ore/Canada
Equatorial Resources Ltd (CN) EQX 2.0 AUD$0.58 122 $62 -- -- (0.02) 0.21 -- -- -- 2.8 -- Fe ore/Republic of Congo
Gindalbie Metals (AU) GBG 3.5 AUD$0.10 1494 $129 -- -- (0.01) 0.00 0.01 -- -- 29.2 9.3 Fe ore/Australia
Grange Resources Ltd (AU) GRR 2.5 AUD$0.27 1157 $273 0.03 0.03 0.04 0.02 -- 8.6 6.5 15.9 -- Fe ore/Australia
IRC Ltd (HK) 1029 1.8 US$0.09 4530 $414 (0.01) (0.00) 0.01 0.01 -- -- 12.4 6.2 -- Fe ore/Russia
Labrador Iron Mines (CN) LIM 3.3 C$0.25 126 $28 -- (0.70) (0.26) (0.03) (0.00) -- -- -- -- Fe ore/Canada
London Mining PLC (UK) LOND 2.0 US$1.55 138 $214 (0.27) 0.08 0.46 0.42 0.50 19.4 3.4 3.7 3.1 Fe ore/Sierra Leone
New Millenium Iron Corp (CN) NML 2.8 C$0.59 180 $95 (0.05) (0.05) (0.08) (0.01) 0.06 -- -- -- 9.8 Fe ore/Canada
Sundance Resources Ltd (AU) SDL 1.7 AUD$0.10 3073 $269 -- -- (0.02) (0.02) -- -- -- -- -- Fe ore/Cameroon
Average                     14.0 7.4 11.5 12.9  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Consensus Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0) 
Small-Cap Base Metals
Price Shrs O/S Mkt Cap Earnings Per Share      Price/Earnings  
  Symbol Rating 31-Jan-14 (MM) (US$MM) 2012 2013E 2014E 2015E 2016E 2013E 2014E 2015E 2016E Commodity/Country
Anglo Pacific Group PLC (UK) APF 1.8 GBP$1.85 111 $339 0.09 0.10 0.11 9.10 -- 18.0 17.2 20.3 -- Royalties
Augusta Resource Corp AZC 2.3 US$1.79 145 $259 (0.07) (0.06) (0.03) 0.04 0.07 -- -- 43.0 24.4 Cu/US
CITIC Dameng Holdings Ltd (HK) 1091 2.0 HK$0.57 3025 $222 (0.13) (0.07) 0.05 0.09 -- -- 12.4 6.5 -- Mn/China
Copper Mountain Mining (CN) CUM 2.1 C$1.56 116 $162 0.28 0.10 0.35 0.41 0.51 16.1 4.4 3.8 3.1 Cu, Au/Canada
CST Mining Group Ltd (HK) 985 3.0 US$0.01 27098 $213 -- -- 0.03 0.03 -- -- 0.3 0.3 -- Cu/Peru, Australia
Katanga Mining Ltd (CN) KAT 3.0 US$0.37 1907 $701 0.02 0.03 0.08 0.11 -- 12.3 4.6 3.3 -- Cu, Co/DR Congo
Kenmare Resources (UK) KMR 2.5 US$0.29 2782 $802 0.02 (0.02) 0.02 0.05 0.07 -- 17.6 6.2 4.3 Ti sands/Mozambique
Largo Resources (CN) LGO 1.5 C$0.25 983 $224 -- 0.00 (0.02) 0.04 0.06 -- -- 6.4 4.2 V/Brazil
Lumina Copper Corp (CN) LCC 1.5 C$5.74 44 $226 -- (0.09) (0.04) (0.09) (0.06) -- -- -- -- Cu/Argentina
Metals X Ltd (AU) MLX 1.0 AUD$0.19 1655 $282 -- -- 0.04 0.04 -- -- 5.6 4.9 -- Sn, Ni/Australia
Mineral Deposits Ltd (AU) MDL 2.0 US$1.96 96 $188 0.32 0.16 0.04 0.48 0.82 12.3 49.0 4.1 2.4 Ti sands/Senegal
NGEx Resources Inc (CN) NGQ 1.8 C$1.55 169 $234 -- (0.21) -- -- -- -- -- -- -- Cu, Au/Chile, Canada
PolyMet Mining Corp PLM 2.5 C$1.19 275 $293 -- (0.02) (0.03) (0.03) -- -- -- -- -- Cu, Ni/US
Sandfire Resources NL (AU) SFR 2.8 AUD$5.81 156 $790 -- -- 0.76 0.86 0.85 -- 7.6 6.7 6.8 Cu, Au/Australia
Sierra Metals (CN) SMT 3.0 C$2.09 158 $296 (0.17) (0.15) 0.16 0.20 0.41 -- 13.5 10.7 5.1 Ag, Cu, Pb, Zn/Mexico, Peru
Sirius Resources NL (AU) SIR 2.0 AUD$2.19 262 $501 -- -- (0.07) (0.07) 0.10 -- -- -- 21.8 Ni, Cu/Australia
Talvivaara Mining Co (UK) TALV 4.8 EUR$0.07 1906 $177 (0.10) (0.05) (0.04) (0.00) 0.02 -- -- -- 3.8 Ni/Finland
Trevali Mining Corp (CN) TV 1.7 C$1.03 279 $258 (0.04) (0.02) 0.10 0.21 0.18 -- 10.7 4.9 5.7 Zn, Pb, Cu, Ag/Canada, Peru
Average                     14.6 13.2 9.7 9.0  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Consensus Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0) 
Micro-Cap Base Metals
Price Shrs O/S Mkt Cap Earnings Per Share      Price/Earnings  
  Symbol Rating 31-Jan-14 (MM) (US$MM) 2012 2013E 2014E 2015E 2016E 2013E 2014E 2015E 2016E Commodity/Country
Aditya Birla Minerals Ltd (AU) ABY 4.0 AUD$0.34 313 $92 -- -- (0.14) (0.13) -- -- -- -- -- Cu/Australia
Altona Mining Ltd (AU) AOH 2.0 AUD$0.18 532 $84 -- -- 0.03 0.04 0.07 -- 7.0 4.6 2.6 Cu, Ni/Finland, Australia
Amerigo Resources Ltd (CN) ARG 1.5 US$0.40 172 $69 (0.05) 0.02 (0.01) 0.04 -- 23.9 -- 10.0 -- Cu/Chile
Argex Titanium (CN) RGX 2.0 C$0.65 133 $78 (0.05) -- -- -- -- -- -- -- -- Ti/Canada
Blackthorn Resources Ltd (AU) BTR 3.0 AUD$0.24 164 $34 -- -- (0.14) 0.02 -- -- -- 14.1 -- Zn/Burkina Faso
Candente Copper Corp (CN) DNT 3.5 US$0.21 134 $28 (0.03) (0.01) (0.01) (0.01) 0.00 -- -- -- -- Cu/Peru
China Mining Resources (HK) 340 -- HK$0.06 9139 $75 -- -- -- -- -- -- -- -- -- Mo/China
Curis Resources Ltd (CN) CUV 1.7 C$0.68 75 $46 -- -- -- -- 0.71 -- -- -- 1.0 Cu/US
Discovery Metals Ltd (AU) DML 2.0 US$0.04 560 $21 -- -- 0.01 0.01 -- -- 4.7 3.1 -- Cu/Botswana
Duluth Metals Ltd (CN) DM 2.7 C$0.96 126 $108 (0.32) (0.32) (0.22) (0.18) -- -- -- -- -- Cu, Ni/US
Entrée Gold EGI 3.0 C$0.36 147 $47 (0.12) (0.10) (0.06) (0.06) -- -- -- -- -- Cu, Au/Mongolia
General Moly  GMO 4.0 US$1.29 92 $118 (0.13) (0.11) (0.04) (0.37) -- -- -- -- -- Mo/US  
Griffin Mining Ltd (UK) GFM 1.0 GBP$0.35 179 $103 0.05 0.04 0.07 14.43 -- 9.6 4.8 2.4 -- Zn/China
Hillgrove Resources Ltd (AU) HGO 2.4 AUD$0.09 1179 $90 -- 0.00 0.01 0.01 -- 20.5 8.9 8.1 -- Cu, Au/Australia, Indonesia
Ivernia IVW 1.5 US$0.13 757 $95 (0.01) (0.04) 0.03 0.07 0.05 -- 5.0 1.9 2.5 Pb/Australia
Kagara Ltd (AU) KZL -- AUD$0.12 799 $84 -- -- -- -- -- -- -- -- -- Zn/Australia
Mawson West Ltd  (CN) MWE 1.0 AUD$0.51 168 $86 (0.17) 0.08 0.16 0.42 -- 6.1 3.2 1.2 -- Cu./DR Congo
Mincor Resources NL (AU) MCR 3.0 AUD$0.58 188 $95 -- -- 0.01 0.02 -- -- 80.9 34.8 -- Ni, Au/Australia
Nautilus Minerals (CN) NUS 2.0 US$0.22 441 $95 (0.13) (0.05) (0.05) (0.04) -- -- -- -- -- seafloor Cu, Pb, Zn, Au, Ag/PNG
Nevada Copper Corp (CN) NCU 1.6 C$1.42 81 $102 -- (0.07) (0.20) -- -- -- -- -- -- Cu/US
Northern Dynasty Minerals NAK 3.0 C$1.49 95 $127 -- (0.07) (0.05) (0.05) (0.07) -- -- -- -- Cu, Au/US
OM Holdings Ltd (AU) OMH 2.0 AUD$0.60 733 $385 -- (0.06) (0.03) 0.08 0.11 -- -- 7.8 5.5 Mn/Australia
Orbite Aluminae Inc (CN) ORT 2.0 C$0.40 220 $78 (0.09) (0.05) (0.09) (0.18) -- -- -- -- -- bauxite/Canada
Panoramic Resources Ltd (AU) PAN 2.7 AUD$0.24 319 $67 -- -- (0.03) 0.04 0.04 -- -- 6.8 6.3 Ni/Australia
Prophecy Platinum Corp (CN) NKL 1.5 C$0.89 82 $65 -- -- -- -- -- -- -- -- -- Ni, Cu, Pt, Pd/Canada
Rex Minerals Ltd (AU) RXM 2.8 AUD$0.45 189 $74 -- -- (0.02) (0.03) 0.10 -- -- -- 4.5 Cu/Australia
Royal Nickel (CN) RNC 2.7 C$0.37 94 $31 (0.10) (0.08) (0.05) (0.05) (0.04) -- -- -- -- Ni/Canada
Western Copper Corp WRN 3.0 C$0.67 94 $56 (0.04) (0.02) (0.04) (0.04) -- -- -- -- -- Cu/Canada
Xinjiang Xinxin Mining (HK) 3833 3.0 CNY$0.89 759 $111 0.01 0.01 0.05 0.04 -- 68.4 18.5 21.2 -- Ni, Cu, Co/China
Zazu Metals Corp (CN) ZAZ 2.0 US$0.49 46 $22 (0.03) (0.03) (0.03) (0.03) (0.07) -- -- -- -- Zn,Pb, Ag/US
Average                     25.7 16.6 9.7 3.7  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Consensus Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0) 
Small-Cap Gold Price Shrs O/S Mkt Cap Earnings Per Share      Price/Earnings  
Symbol Rating 31-Jan-14 (MM) (US$MM) 2012 2013E 2014E 2015E 2016E 2013E 2014E 2015E 2016E Commodity/Country
Asanko Gold AKG 2.1 C$1.97 85 $150 -- (0.02) (0.10) (0.06) (0.65) -- -- -- -- Au/Ghana
Banro Corp BAA 2.8 US$0.49 252 $124 0.00 (0.00) (0.02) 0.06 0.24 -- -- 8.6 2.0 Au/DR Congo
Beadell Resources Ltd (AU) BDR 1.8 AUD$0.73 791 $501 (0.06) 0.13 0.16 0.10 0.08 5.5 4.5 7.6 9.2 Au/Brazil
Chesapeake Gold Corp (CN) CKG 1.5 C$3.29 44 $131 (0.21) (0.21) (0.21) (0.07) -- -- -- -- -- Au/Mexico
Continental Gold Ltd (CN) CNL 1.9 US$3.13 127 $396 (0.07) (0.16) (0.10) (0.11) 0.16 -- -- -- 19.9 Au/Colombia
Detour Gold Corp (CN) DGC 2.2 US$6.42 138 $887 (0.34) (0.38) 0.08 0.38 0.38 -- 76.5 16.9 16.9 Au/Canada
DRDGold Ltd (ADR) DROOY 2.7 ZAR$4.37 385 $149 -- -- 0.29 0.40 -- -- 15.1 11.0 -- Au/South Africa
Dundee Precious Metals (CN) DPM 2.0 US$3.58 139 $498 0.65 0.24 0.48 0.51 0.52 15.2 7.5 7.1 6.9 Au/Bulgaria
Endeavour Mining Corp (CN) EDV 1.8 US$0.60 413 $248 (0.06) 0.02 (0.09) (0.04) 0.05 30.0 -- -- 12.0 Au/Mali, Ghana, Burkina Faso
Evolution Mining Ltd (AU) EVN 3.2 AUD$0.64 709 $396 -- -- 0.08 0.10 0.11 -- 8.4 6.4 5.8 Au/Australia
G-Resources Group Ltd (HK) 1051 2.3 US$0.03 26490 $675 -- -- 0.00 0.00 -- -- 7.0 5.8 -- Au/Indonesia
Gabriel Resources Ltd (CN) GBU 3.2 C$1.18 384 $406 (0.03) (0.02) (0.02) (0.04) -- -- -- -- -- Au/Romania
Golden Star Resources GSS 4.0 US$0.61 259 $158 0.02 (0.11) (0.05) (0.02) 0.07 -- -- -- 8.7 Au/Ghana
Guyana Goldfields Inc (CN) GUY 2.0 C$2.42 126 $273 -- (0.09) (0.10) 0.20 -- -- -- 12.0 -- Au/Guyana
Kingsrose Mining Ltd (AU) KRM 3.0 AUD$0.38 336 $111 -- -- 0.05 0.07 0.07 -- 7.2 5.8 5.2 Au/Indonesia
Luna Gold Corp (CN) LGC 1.8 US$1.28 105 $135 0.12 0.08 0.08 0.17 0.29 16.0 16.0 7.4 4.5 Au/Brazil
McEwen Mining Inc. UXG 2.0 US$2.60 297 $773 (0.25) 0.04 0.04 0.22 -- 65.0 65.0 11.8 -- Au, Ag/Mexico, US
Northern Star Resources (AU) NST 2.2 AUD$0.88 428 $329 -- -- 0.11 0.15 -- -- 7.9 5.8 -- Au/Australia
Novagold Resources Inc NG 3.0 C$3.25 317 $921 (0.04) (0.15) (0.08) (0.08) -- -- -- -- -- Au/Alaska, Canada
Oceanagold Corp (AU) OGC 2.1 US$1.78 300 $536 0.10 0.21 0.20 0.19 0.13 8.5 8.8 9.4 13.7 Au/Australia, NZ, Philippines
Premier Gold Mines Ltd (CN) PG 1.6 C$2.04 151 $277 (0.09) (0.09) (0.07) (0.08) -- -- -- -- -- Au/Canada
Pretium Resources PVG 2.0 C$6.52 105 $613 (0.17) (0.13) (0.12) (0.09) -- -- -- -- -- Au, Ag, Cu/Canada
Pan African Resources (UK) PAF 2.0 GBP$0.15 1828 $454 -- -- 0.02 1.61 0.58 -- 7.3 9.3 26.1 Au/Mozambique, South Africa
Paramount Gold & Silver Corp PZG 2.0 US$1.19 156 $185 -- -- (0.07) (0.06) -- -- -- -- -- Au, Ag, Zn, Pb/Mexico
Resolute Mining Ltd (AU) RSG 2.9 AUD$0.55 641 $305 -- -- 0.09 0.08 0.05 -- 6.2 6.9 11.0 Au/Tanzania, Australia
Romarco Minerals Inc (CN) R 2.4 C$0.53 658 $312 (0.02) (0.02) (0.02) (0.01) (0.02) -- -- -- -- Au/US
Rubicon Minerals Corp RBY 2.0 C$1.42 289 $367 (0.04) (0.04) (0.02) 0.04 -- -- -- 40.6 -- Au/Canada
St Barbara Ltd (AU) SBM 2.9 AUD$0.31 488 $134 -- -- (0.03) 0.02 (0.03) -- -- 15.3 -- Au/Australia
Sandstorm Gold Ltd (CN) SAND 2.1 US$5.05 100 $505 0.20 0.07 0.12 0.17 0.26 72.1 41.6 29.0 19.8 Au production stream financing
Seabridge Gold SA 2.5 US$8.03 47 $378 (0.29) (0.32) (0.25) (0.25) -- -- -- -- -- Au/Canada
Silver Lake Resources (AU) SLR 3.2 AUD$0.61 438 $233 -- -- 0.01 0.05 0.03 -- 45.8 11.6 22.4 Au/Australia
Sulliden Gold Corp (CN) SUE 2.2 C$0.76 310 $211 -- (0.03) (0.01) 0.06 0.12 -- -- 13.1 6.4 Au/Peru
Teranga Gold Corp (CN) TGZ 2.0 US$0.83 317 $264 0.38 0.21 0.09 0.06 0.09 4.0 9.5 13.9 9.3 Au/Senegal
Timmins Gold Corp TGD 2.4 US$1.27 144 $184 0.25 0.21 0.12 0.15 0.22 6.1 10.3 8.3 5.7 Au/Mexico
Torex Gold Resources (CN) TXG 1.9 C$1.15 607 $624 -- (0.09) (0.06) (0.02) 0.06 -- -- -- 20.9 Au/Mexico
Virginia Mines Inc (CN) VGQ 2.0 C$13.65 33 $404 -- (0.11) (0.16) (0.15) -- -- -- -- -- Au/Canada
Average                     24.7 20.3 12.0 11.9  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson One Analytics Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0) 
Micro-Cap Gold Price Shrs O/S Mkt Cap Earnings Per Share      Price/Earnings  
Symbol Rating 31-Jan-14 (MM) (US$MM) 2012 2013E 2014E 2015E 2016E 2013E 2014E 2015E 2016E Commodity/Country
Almaden Minerals Ltd AAU 2.0 C$1.54 65 $89 -- -- -- -- -- -- -- -- -- Au/Mexico
Amara Mining PLC (UK) AMA 1.9 US$0.23 220 $52 0.03 (0.09) 0.02 (0.02) -- -- 11.3 -- -- Au/Cote d'Ivoire, Burkina Faso
ATAC Resources Ltd (CN) ATC 2.0 C$0.70 113 $71 (0.07) (0.03) (0.03) (0.03) (0.03) -- -- -- -- Au/Canada
Atacama Pacific Gold Corp (CN) ATM 1.0 C$0.90 55 $44 -- -- -- -- -- -- -- -- -- Au/Chile
Aureus Mining Inc (UK) AUE 1.7 US$0.52 252 $131 (0.04) (0.02) (0.03) 0.01 0.09 -- -- 64.9 5.6 Au/Liberia, Sierra Leone
Avocet Mining (UK) AVM 3.2 US$0.13 200 $26 0.04 (0.13) (0.06) (0.05) 0.04 -- -- -- 3.3 Au/Burkina Faso
Balmoral Resources Ltd (CN) BAR 2.0 C$0.61 98 $54 -- -- -- -- -- -- -- -- -- Au/Canada
Belo Sun Mining (CN) BSX 1.9 C$0.40 266 $94 (0.21) (0.14) (0.06) (0.03) (0.02) -- -- -- -- Au/Brazil
Brigus Gold Corp BRD 2.5 US$0.98 232 $227 0.10 0.05 0.00 (0.00) (0.02) 20.9 -- -- -- Au/Canada
Carpathian Gold (CN) CPN 4.0 US$0.06 694 $44 (0.02) (0.01) 0.01 0.03 0.02 -- 6.5 2.3 3.5 Au/Brazil, Romania
Claude Resources CGR 3.5 C$0.17 176 $27 0.03 (0.05) 0.01 0.01 -- -- 34.0 17.0 -- Au/Canada
Colt Resources (CN) GTP -- C$0.29 -- -- (0.08) -- -- -- -- -- -- -- -- Au, W/Portugal
Corvus Gold (CN) KOR 5.0 C$1.96 70 $124 -- -- -- -- -- -- -- -- -- Au/US
Doray Minerals (AU) DRM 1.6 AUD$0.82 142 $102 -- -- 0.20 0.18 0.12 -- 4.1 4.5 6.7 Au/Australia
Eastmain Resouces Inc (CN) ER 1.7 C$0.42 120 $45 0.01 (0.01) (0.01) -- -- -- -- -- -- Au/Canada
Eco Oro Minerals Corp (CN) EOM 3.0 C$0.40 84 $30 (0.42) (0.04) (0.01) 0.06 -- -- -- 7.2 -- Au/Colombia
Exeter Resource Corp XRA 2.7 C$0.69 88 $55 (0.29) (0.17) (0.06) (0.01) -- -- -- -- -- Au/Chile
Focus Minerals Ltd (AU) FML 3.0 AUD$0.01 9137 $88 -- -- -- -- -- -- -- -- -- Au/Australia
Gold Canyon Resources (CN) GCU 2.3 C$0.25 149 $33 (0.11) (0.05) (0.04) (0.03) -- -- -- -- -- Au/Canada
Gold Standard Ventures GSV -- C$0.82 92 $67 (0.07) -- -- -- -- -- -- -- -- Au/US
Goldrock Mines Corp (CN) GRM 1.5 C$0.35 79 $25 -- -- (0.02) 0.02 -- -- -- 23.3 -- Au/Argentina
Gryphon  Minerals Ltd (AU) GRY 2.4 AUD$0.18 401 $63 -- -- (0.02) 0.01 0.03 -- -- 27.7 7.1 Au/Burkina Faso
International Tower Hill THM 4.0 C$0.68 98 $60 (0.62) (0.16) (0.03) 0.00 -- -- -- -- -- Au/US
Intrepid Mines Ltd (AU) IAU -- US$0.25 557 $137 (0.08) (0.01) (0.01) (0.01) (0.01) -- -- -- -- Au/Australia
Kaminak Gold Corp (CN) KAM 2.0 C$0.79 89 $63 -- (0.12) (0.04) (0.07) -- -- -- -- -- Au/Canada
Klondex Mines Ltd (CN) KDX 1.8 C$1.74 80 $124 -- 0.01 0.14 0.12 0.67 NM 12.8 14.9 2.6 Au/US
Lingbao Gold Co Ltd (HK) 3330 4.0 CNY$1.08 297 $53 0.21 (0.52) (0.07) (0.02) -- -- -- -- -- Au/China
Lydian International (CN) LYD 2.3 GBP$0.01 130 $119 (0.00) (0.00) (0.00) (0.00) (0.11) -- -- -- -- Au/Armenia
Marlin Gold Mining Co (CN) MLN 2.0 CNY$0.09 680 $58 -- (0.01) (0.01) 0.01 -- -- -- 9.5 -- Au/Mexico
Midway Gold Corp MDW 1.9 C$1.15 132 $136 (0.13) (0.05) (0.11) 0.10 0.08 -- -- 11.5 14.4 Au/US
Minera IRL Ltd (UK) MIRL 1.5 US$0.18 183 $32 0.02 (0.05) 0.01 (0.00) 0.06 -- 32.8 -- 2.9 Au/Peru, Argentina
Orca Gold (CN) ORG 2.0 C$0.45 107 $43 -- -- -- -- -- -- -- -- -- Au/Sudan
Orezone Gold Corp (CN) ORE 2.3 C$0.63 96 $60 (0.36) (0.16) (0.07) (0.10) 0.02 -- -- -- 31.4 Au/Bukina Faso
Orvana Minerals Corp (CN) ORV 1.0 US$0.58 137 $80 -- -- 0.22 -- -- -- 2.7 -- -- Au, Cu/Spain, Bolivia, US
Petaquilla Minerals Ltd (CN) PTQ 3.0 C$0.32 237 $68 -- -- -- -- -- -- -- -- -- Au, Cu/Panama, Spain
Probe Mines Ltd (CN) PRB 1.9 C$2.75 76 $186 -- (0.23) (0.13) (0.25) -- -- -- -- -- Au/Canada
Richmont Mines RIC 2.7 C$1.67 40 $59 (0.04) (0.16) 0.10 0.23 -- -- 17.4 7.4 -- Au/Canada
Roxgold Inc (CN) ROG 1.9 C$0.60 186 $100 -- (0.04) (0.03) (0.04) 0.11 -- -- -- 5.6 Au/Burkina Faso
St Andrew Goldfields Ltd (CN) SAS 1.7 C$0.36 368 $119 0.05 0.07 0.07 0.04 -- 5.5 5.1 9.0 -- Au/Canada
San Gold Corp (CN) SGR 3.8 C$0.17 373 $55 (0.04) (0.09) (0.07) (0.10) -- -- -- -- -- Au/Canada
Sandspring Resources Ltd (CN) SSP 1.0 C$0.31 132 $37 -- -- -- -- -- -- -- -- -- Au/Guyana
Saracen Mineral Holdings (AU) SAR 2.5 AUD$0.28 595 $148 -- -- 0.05 0.04 -- -- 5.4 7.8 -- Au/Australia
Treasury Metals (CN) TML -- C$0.31 74 $20 -- -- -- -- -- -- -- -- -- Au/Canada
Troy Resources (AU) TRY 3.5 AUD$0.67 106 $63 (0.43) (0.02) 0.08 -- -- -- 8.4 -- -- Au/Australia
True Gold Mining (CN) TGM 1.8 C$0.39 265 $93 -- (0.08) (0.04) (0.04) 0.15 -- -- -- 2.6 Au/Burkina Faso
Victoria Gold Corp (CN) VIT 2.5 C$0.13 340 $38 -- (0.03) 0.01 -- -- -- 9.0 -- -- Au/Canada, US
Vista Gold Corp VGZ -- US$0.57 -- -- (0.85) -- -- -- -- -- -- -- -- Au/Australia, Mexico, US
Wesdome Gold Mines Ltd (CN) WDO 3.5 C$0.67 106 $63 (0.43) (0.02) 0.08 -- -- -- 8.4 -- -- Au/Canada
Witwatersrand Gold (SA) WGR -- ZAR$10.60 34 $32 (0.53) -- -- -- -- -- -- -- -- Au/South Africa
Average                     13.2 12.1 15.9 7.8  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson One Analytics Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0) 
Silver Price Shrs O/S Mkt Cap Earnings Per Share      Price/Earnings  
Symbol Rating 31-Jan-14 (MM) (US$MM) 2012 2013E 2014E 2015E 2016E 2013E 2014E 2015E 2016E Commodity/Country
Aurcana Corp (CN) AUN 4.3 C$0.84 58 $49 0.02 (0.10) 0.13 0.17 0.39 -- 6.7 5.1 2.2 Ag/Mexico, US
Bear Creek Mining Corp (CN) BCM 2.2 US$1.82 93 $168 (0.27) (0.22) (0.11) (0.13) (0.16) -- -- -- -- Ag/Peru
Excellon Resources (CN) EXN -- C$1.30 55 $64 -- -- -- -- -- -- -- -- -- Ag, Pb, Zn/Mexico
Mag Silver Corp MVG 1.8 C$6.13 60 $369 (0.14) (0.28) (0.15) (0.22) (0.11) -- -- -- -- Ag/Mexico
Minco Silver Corp (CN) MSV 4.0 C$0.95 59 $50 (0.08) (0.07) (0.08) (0.08) -- -- -- -- -- Ag/China
Revett Minerals RVM 4.0 US$0.80 35 $28 0.18 (0.28) (0.19) (0.01) -- -- -- -- -- Ag, Cu/US
Sabina Gold & Silver Corp (CN) SBB 2.3 C$0.87 194 $151 (0.06) (0.03) (0.02) (0.03) -- -- -- -- -- Ag, Zn/Canada
SantaCruz Silver Mining Ltd (CN) SCZ 1.7 US$1.00 91 $91 (0.33) (0.03) 0.05 0.10 0.09 -- 21.3 10.0 11.1 Ag/Mexico
Scorpio Mining Corp (CN) SPM 1.0 C$0.35 199 $63 0.04 (0.03) 0.04 0.08 -- -- 8.0 4.6 -- Ag, Zn/Mexico
Silver Bull Resources SVBL 2.0 US$0.33 159 $53 -- -- -- -- -- -- -- -- -- Ag, Zn/Mexico
South American Silver Corp (CN) SAC -- US$0.33 -- -- (0.09) -- -- -- -- -- -- -- -- Ag/Bolivia
US Silver & Gold (CN) USA 2.7 C$0.50 70 $31 0.08 (0.19) (0.08) (0.05) -- -- -- -- -- Ag/US
Wildcat Silver Corp (CN) WS 3.0 C$0.48 143 $62 -- -- -- -- -- -- -- -- -- Ag/US
Average                       12.0 6.5 6.6  
Platinum Group Metals                            
Atlatsa Resources Corp ATL 3.3 C$0.65 429 $250 (0.04) (0.05) (0.00) 0.03 -- -- -- 26.0 -- Pt/South Africa
Eastern Platinum Ltd (CN) ELR 2.8 US$0.08 928 $75 (0.02) (0.05) 0.00 0.03 -- -- 50.7 2.7 -- Pt/South Africa
North American Palladium PAL 3.4 US$0.44 197 $79 (0.04) (0.21) (0.12) 0.02 -- -- -- 26.6 -- Pd/\Canada
Wesizwe Platinum Ltd (SA) WEZ 4.0 ZAR$0.78 1628 $113 0.70 (0.03) (0.04) (0.04) -- -- -- -- -- Pt/South Africa
Average                       50.7 18.4    
Specialty Metals
                             
Alkane Resources Ltd (AU) ALK 3.0 AUD$0.43 373 $140 0.19 0.01 0.02 0.02 0.02 71.7 22.6 19.0 22.6 Zr, Nb, REE/Australia
American Vanadium Corp (CN) AVC -- C$0.35 47 $15 -- -- -- -- -- -- -- -- -- V/US
Arafura Resources Ltd (AU) ARU 2.0 AUD$0.10 441 $38 -- -- -- -- -- -- -- -- -- REE/Australia
Avalon Rare Metals AVL 2.3 C$0.60 110 $59 -- (0.07) (0.14) -- -- -- -- -- -- REE/Canada
Canada Lithium (CN) CLQ 1.5 C$0.29 398 $103 (0.02) (0.03) 0.04 0.08 0.06 -- 7.2 3.9 4.8 Li/Canada
China Rare Earth Holdings (HK) 769 -- HK$1.07 1673 $231 -- -- -- -- -- -- -- -- -- REE/China
Focus Graphite (CN) FMS 2.0 C$0.56 107 $54 -- -- -- -- -- -- -- -- -- graphite/Canada
Frontier Rare Earths Ltd (CN) FRO 2.0 US$0.33 90 $29 -- -- -- -- -- -- -- -- -- REE/South Africa
Great Western Minerals(CN) GWG 2.0 C$0.12 419 $43 -- -- -- -- -- -- -- -- -- REE/South Africa
Lynas Corp Ltd (AU) LYC 2.8 AUD$0.28 1961 $488 -- -- (0.02) 0.05 0.05 -- -- 6.2 5.4 REE/Australia, Malaysia
Molycorp MCP 2.8 US$4.85 240 $1,166 (0.37) (1.05) (0.33) 0.14 0.35 -- -- 34.2 14.1 REE/US
Sirocco Mining (CN) SIM 4.0 C$0.34 250 $76 0.03 (0.01) 0.03 -- -- -- 13.3 -- -- I-Chile
Tasman Metals Ltd TAS 2.0 C$1.28 61 $70 -- -- -- -- -- -- -- -- -- REE/Sweden
Average                     71.7 14.4 15.8 11.7  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson One Analytics Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0) 
Uranium Price Shrs O/S Mkt Cap Earnings Per Share      Price/Earnings  
Symbol Rating 31-Jan-14 (MM) (US$MM) 2012 2013E 2014E 2015E 2016E 2013E 2014E 2015E 2016E Commodity/Country
Berkeley Resources Ltd (AU) BKY 1.5 AUD$0.29 180 $46 -- -- (0.04) (0.03) -- -- -- -- -- U/Spain
Energy Fuels (CN) EFR 1.8 C$8.79 20 $154 -- -- (0.69) 0.30 1.23 -- -- 29.1 7.2 U/US
Fission Uranium Corp (CN) FCU 1.7 C$1.23 315 $347 -- -- (0.03) (0.03) -- -- -- -- -- U/Canada
Kivalliq Energy Corp (CN) KIV 2.0 C$0.24 191 $41 -- (0.02) (0.02) -- -- -- -- -- -- U/Canada
Laramide Resources Ltd (CN) LAM -- C$0.60 -- -- (0.04) -- -- -- -- -- -- -- -- U/Australia
Toro Energy Ltd (AU) TOE 2.0 AUD$0.07 1504 $96 -- -- -- -- -- -- -- -- -- U/Australia
UEX Corp (CN) UEX 3.0 C$0.52 228 $106 (0.02) (0.01) (0.01) -- -- -- -- -- -- U/Canada
Ur-Energy Inc  URG 1.4 C$1.50 128 $171 (0.11) (0.08) 0.06 0.11 0.11 -- 25.9 13.2 13.6 U/US
Uranerz Energy Corp URZ 1.7 US$1.58 86 $135 (0.19) (0.25) (0.00) 0.07 0.14 -- -- 23.7 11.3 U/US
Uranium Energy Corp  UEC 2.0 US$1.73 90 $155 -- -- (0.02) 0.19 0.31 -- -- 9.2 5.6 U/US
Average                       25.9 18.8 9.4  
Coal                              
Beacon Hill Resources PLC (UK) BHR 1.0 GBP$0.00 1680 $24 (1.46) (0.01) (0.01) 0.00 0.01 -- -- 2.9 1.7 coal/Mozambique
Coalspur Mines Ltd (CN) CPT 2.2 C$0.31 641 $175 -- (0.02) (0.02) (0.02) 0.03 -- -- -- 10.2 coal/Canada
Cokal Ltd (AU) CKA 1.7 AUD$0.20 471 $84 -- -- 0.00 0.06 0.12 -- NM 3.6 1.7 coal/Indonesia, Tanzania
Corsa Coal Corp (CN) CSO 3.0 C$0.17 667 $102 (0.10) (0.01) 0.01 0.02 -- -- 15.3 7.7 -- coal/US
Fortune Minerals (CN) FT 2.0 C$0.40 151 $53 -- -- -- -- -- -- -- -- -- anthracite, Au, Bi, Co/Canada
James River Coal Co JRCC 3.3 US$1.10 36 $40 (3.96) (5.03) (4.70) (3.85) (3.16) -- -- -- -- coal/US
Oxford Resource Partners LP OXF 3.3 US$1.26 21 $26 (0.83) (1.15) (1.52) (1.58) -- -- -- -- -- coal/US
Tigers Realm Coal (AU) TIG 2.0 AUD$0.17 524 $76 (0.02) (0.03) (0.02) (0.02) (0.00) -- -- -- -- coal/Russia
Average                       15.3 4.7 4.5  
Fertilizers                              
Allana Potash Corp (CN) AAA 1.7 C$0.47 270 $113 -- -- -- -- -- -- -- -- -- potash/Ethiopia
Arianne Phosphate (CN) DAN 2.0 C$1.39 85 $106 (0.08) -- -- -- (0.09) -- -- -- -- phosphate/Canada
Encanto Potash Corp (CN) EPO 4.0 C$0.17 306 $45 (0.01) -- -- -- -- -- -- -- -- potash/Canada
Hanfeng Evergreen Inc (CN) HF 4.0 C$0.71 60 $38 -- -- 0.10 -- -- -- 7.1 -- -- fertilizers/China
IC Potash Corp (CN) ICP 2.3 C$0.32 173 $49 (0.07) -- -- -- -- -- -- -- -- potash/US
Karnalyte Resources Inc (CN) KRN 2.5 C$1.37 27 $34 (0.28) (0.13) (0.16) 0.69 -- -- -- 2.0 -- potash/Canada
MBAC Fertilizer Corp (CN) MBC 1.7 C$1.17 152 $159 (0.25) (0.20) 0.01 0.14 0.06 -- 90.4 8.2 19.5 phosphate, potash/Brazil
Migao Corp (CN) MGO 3.5 C$1.18 52 $55 -- -- (0.02) -- -- -- -- -- -- potash/China
Sirius Minerals PLC (UK) SXX 1.3 GBP$0.14 1500 $335 -- -- (0.01) (0.61) -- -- -- -- -- potash/UK
Stonegate Agricom Ltd (CN) ST 2.0 C$0.22 194 $38 (0.04) (0.02) (0.02) (0.04) 0.06 -- -- -- 3.7 phosphate/Peru, US
Western Potash Corp (CN) WPX 3.5 C$0.34 226 $68 -- -- 0.00 -- -- -- -- -- -- potash/Canada
Average                       48.8 5.1 11.6  
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) 
Recent and Forecast Commodity Prices
Cash Price (31-Jan-14) 2010 2011 2012 2013 2014E 2015E 2016E
Aluminum ($0.75 / lb) $0.99 $1.09 $0.92 $0.84 $0.86 $0.92 $0.97
Copper ($3.22 / lb) $3.43 $4.00 $3.61 $3.33 $3.27 $3.23 $3.21
Lead ($0.95 / lb) $0.97 $1.09 $0.94 $0.97 $0.99 $1.00 $1.01
Nickel ($6.21 / lb) $9.91 $10.38 $7.95 $6.81 $6.74 $7.14 $7.57
Zinc ($0.89 / lb) $0.98 $1.00 $0.88 $0.87 $0.94 $0.99 $1.03
Gold ($1246 / oz) $1,226 $1,571 $1,668 $1,411 $1,309 $1,310 $1,334
Palladium ($700 / oz) $528 $733 $643 $725 $758 $825 $841
Platinum ($1369 / oz) $1,611 $1,719 $1,549 $1,485 $1,520 $1,604 $1,632
Silver ($19.17 / oz) $20.24 $35.29 $31.13 $23.82 $22.39 $22.22 $22.57
Uranium ($35.50 / lb) $45.97 $56.32 $48.97 $40.59 $47.78 $58.09 $65.49
Base metal prices are LME cash prices quoted in US$ 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
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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