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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 16-May-14 (MM) (US$MM) 2013 2014E 2015E 2014E 2015E 2013 2014E 2015E 2014E 2015E 2014E %
Alcoa Inc AA 2.7 US$13.45 1172 $15,767 0.33 0.45 0.66 29.6 20.4 1.48 1.35 1.60 10.0 8.4 9.4 0.9%
Alumina Ltd AWC 3.2 US$1.27 2806 $3,558 (0.00) 0.01 0.05 NM 28.0 0.02 0.05 0.08 26.0 16.9 -- --
Aluminum Corp China Ltd (ADR) ACH 3.3 CNY$2.27 3944 $1,440 (0.58) (0.27) (0.09) -- -- 0.61 0.46 0.72 5.0 3.2 22.9 --
Century Aluminum CENX 2.8 US$14.00 89 $1,243 (0.71) 0.67 1.12 21.0 12.5 0.21 1.58 1.94 8.9 7.2 9.4 --
United Company Rusal Ltd (HK) 486 2.9 US$0.45 15193 $6,879 (0.03) 0.03 0.06 14.6 7.8 0.03 0.02 0.05 18.6 9.1 17.1 --
Average                 21.7 17.2       13.7 9.0 14.7  
Iron Ore                                  
African Minerals Ltd (UK) AMI 1.8 US$2.05 332 $680 (0.25) 0.38 0.28 5.3 7.3 (0.60) 0.85 1.03 2.4 2.0 3.1 --
Atlas Iron Ltd (AU) AGO 2.6 AUD$0.75 915 $644 -- 0.11 0.11 7.1 7.0 -- 0.33 0.30 2.3 2.5 1.8 4.0%
China Vanadium Titano Mag (HK) 893 3.0 HK$0.74 2075 $246 0.09 0.09 0.10 7.9 7.2 0.01 -- -- -- -- 0.6 2.4%
Cliffs Natural Resources CLF 3.2 US$16.86 153 $2,583 2.37 0.16 0.40 NM 42.4 6.57 4.18 4.65 4.0 3.6 8.8 3.6%
Fortescue Metals Group Ltd (AU) FMG 2.1 US$4.29 3114 $13,343 -- 1.01 0.85 4.2 5.0 -- 1.42 1.10 3.0 3.9 3.6 4.4%
Kumba Iron Ore Ltd (SA) KIO 3.1 ZAR$370.04 322 $11,638 48.02 44.96 37.37 8.2 9.9 71.59 54.94 49.07 6.7 7.5 -- 10.8%
Labrador Iron Ore Royalty (CN) LIF 2.4 C$29.25 64 $1,719 2.33 2.69 2.84 10.9 10.3 1.91 2.50 2.63 11.7 11.1 -- 3.4%
MMX Mineracao E Metalicos (BZ) MMXM3 3.7 BRL$2.43 162 $179 (2.26) 0.17 0.19 14.3 12.8 -- 1.11 -- 2.2 -- 3.2 --
Mount Gibson Iron Limited (AU) MGX 2.6 AUD$0.75 1091 $762 -- 0.10 0.06 7.3 12.1 -- 0.19 0.12 4.0 6.2 -- 5.4%
Average                 8.2 12.7       4.6 5.3 3.5  
Note: Currency shown is that used by the company for financial reporting. Currency does not always reflect the country/market in which the company/stock symbol trades. GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Consensus Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)
Base Metals & Diversified
Large Cap Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 16-May-14 (MM) (US$MM) 2013 2014E 2015E 2014E 2015E 2013 2014E 2015E 2014E 2015E 2014E %
Anglo American PLC (UK) AAL 2.8 US$26.21 1397 $36,609 2.09 1.90 2.23 13.8 11.7 5.31 5.09 5.53 5.2 4.7 -- 3.7%
Antofagasta PLC (UK) ANTO 3.1 US$13.27 986 $13,082 0.67 0.80 0.86 16.5 15.5 -- 1.82 1.74 7.3 7.6 5.6 8.0%
BHP Billiton Ltd BHP 2.1 US$35.63 3212 $114,425 -- 2.69 2.72 13.2 13.1 -- 4.19 4.45 8.5 8.0 4.4 3.4%
First Quantum Minerals (CN) FM 2.0 US$20.79 591 $12,284 0.96 1.00 1.74 20.8 12.0 1.54 2.08 3.11 10.0 6.7 -- 1.6%
Freeport McMoran C&G FCX 2.2 US$34.99 1039 $36,345 2.66 2.65 3.19 13.2 11.0 6.04 6.87 7.87 5.1 4.4 6.1 3.6%
Glencore International PLC (UK) GLEN 2.4 US$5.47 13278 $72,578 0.33 0.38 0.51 14.5 10.7 0.83 0.84 0.97 6.5 5.6 8.8 3.0%
Grupo Mexico (MX) GMEXICOB 2.3 US$3.27 7805 $25,513 0.23 0.20 0.26 16.2 12.6 0.38 0.20 0.30 16.3 11.0 7.2 2.2%
MMC Norilsk Nickel (RU) GMKN 3.0 US$153.21 158 $24,245 4.73 13.63 16.39 11.2 9.3 26.64 20.95 22.68 7.3 6.8 9.9 8.8%
Rio Tinto PLC (UK) RIO 2.1 US$55.17 1414 $78,000 5.53 5.55 6.10 9.9 9.0 8.16 8.15 8.87 6.8 6.2 6.0 4.1%
Southern Copper Corp SCCO 2.4 US$30.15 833 $25,128 1.92 1.72 2.06 17.5 14.7 2.21 1.98 2.31 15.2 13.0 9.6 1.5%
Teck Resources Ltd TCK 2.5 C$24.63 567 $12,826 1.74 0.97 1.64 25.5 15.0 4.98 3.17 4.15 7.8 5.9 7.9 3.7%
Vale SA (ADR) VALE 2.4 US$13.73 3186 $43,739 2.38 1.99 1.98 6.9 7.0 2.87 2.93 2.93 4.7 4.7 2.7 9.0%
Average                 14.9 11.8       8.4 7.1 6.8  
Mid Cap
                                 
Assore Ltd (SA) ASR 4.2 ZAR$394.06 140 $5,372 -- 41.80 34.77 9.4 11.3 -- 41.02 34.13 9.6 11.5 11.8 2.0%
Aurubis AG (GR) NDA 2.2 EUR$40.21 45 $2,479 -- 2.84 4.01 14.2 10.0 -- 7.37 6.22 5.5 6.5 6.2 2.7%
Boliden AB (SW) BOL 2.7 SEK$91.80 274 $3,828 6.43 5.73 9.72 16.0 9.4 12.81 16.82 19.23 5.5 4.8 6.3 1.9%
Eramet (FR) ERA 2.6 EUR$91.70 27 $3,338 (2.82) 0.95 4.85 96.2 18.9 6.14 10.92 14.73 8.4 6.2 9.1 --
Exxaro Resources Ltd (SA) EXX 2.6 ZAR$143.00 358 $5,001 14.59 17.14 15.68 8.3 9.1 6.06 15.72 14.49 9.1 9.9 13.1 3.8%
Hindustan Zinc (IN) HZ 1.8 INR$135.85 4225 $9,652 -- 16.54 17.96 8.2 7.6 -- -- 18.03 -- 7.5 4.4 2.6%
Iluka Resources Ltd (AU) ILU 2.3 AUD$8.73 419 $3,426 0.14 0.14 0.60 63.9 14.6 -- 0.90 1.18 9.7 7.4 13.2 1.0%
Jiangxi Copper Co "H" (HK) 358 2.9 CNY$10.06 1387 $2,242 1.03 0.85 0.86 11.8 11.7 1.39 1.63 1.27 6.2 7.9 -- 5.0%
Kazakhmys PLC (UK) KAZ 3.0 US$4.21 447 $1,880 0.37 0.08 0.14 52.5 30.0 0.55 0.73 0.80 5.8 5.3 5.5 --
KGHM Polska Miedz (PO) KGH 2.9 PLN$113.90 200 $7,466 15.09 11.39 12.01 10.0 9.5 24.63 18.09 20.19 6.3 5.6 -- 4.4%
Lundin Mining Corp (CN) LUN 2.0 US$5.14 585 $3,011 0.23 0.24 0.53 21.8 9.7 0.26 0.42 0.83 12.2 6.2 -- --
Outokumpu (FN) OUT1V 2.7 EUR$0.24 10387 $3,414 (0.15) (0.02) 0.00 -- 59.0 0.01 (0.00) 0.03 -- 8.2 16.7 --
Sesa Sterlite Ltd (ADR) SSLT 2.4 INR$214.95 2965 $10,716 -- 21.76 26.58 9.9 8.1 -- -- 67.91 -- 3.2 4.7 1.5%
Sumitomo Metal Mining (JP) 5713 2.5 JPY$1,537 582 $8,776 -- 149.11 155.10 10.3 9.9 -- -- 222.55 -- 6.9 6.3 2.4%
Turquoise Hill Resources TRQ 3.0 US$3.81 2012 $7,672 (0.09) 0.06 0.06 60.4 65.2 (0.49) 0.20 0.21 19.3 18.4 -- --
Vale Indonesia Tbk PT (ID) INCO 2.3 US$0.33 9936 $3,269 0.01 0.01 0.02 24.5 16.3 0.03 0.01 0.03 26.0 11.0 9.8 1.5%
Vedanta Resources PLC (UK) VED 2.8 US$16.42 267 $4,385 -- -- 1.15 -- 14.3 -- -- 12.75 -- 1.3 5.2 4.0%
Average                 27.8 18.5       10.3 7.5 8.6  
Small Cap Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 16-May-14 (MM) (US$MM) 2013 2014E 2015E 2014E 2015E 2013 2014E 2015E 2014E 2015E 2014E %
Capstone Mining Corp (CN) CS 1.9 US$2.57 381 $980 0.02 0.25 0.26 10.2 10.0 0.23 0.55 0.54 4.7 4.7 5.6 --
China Molybdenum Co Ltd (HK) 3993 2.6 CNY$2.86 1311 $602 0.23 0.28 0.29 10.1 9.8 0.27 0.28 0.46 10.2 6.2 13.9 4.9%
Hudbay Minerals HBM 2.4 C$10.00 193 $1,773 (0.02) 0.14 0.88 71.0 11.4 0.84 0.50 1.75 20.1 5.7 14.4 0.2%
Independence Group NL (AU) IGO 3.1 AUD$4.15 233 $908 -- 0.38 0.46 10.8 9.1 -- 0.69 0.77 6.0 5.4 5.7 1.0%
Mechel OAO (ADR) MTL 3.7 US$2.12 416 $882 (2.40) (0.88) (0.59) -- -- 0.97 0.75 1.09 2.8 1.9 -- --
Mitsui Mining & Smelting (JP) 5706 2.5 JPY$239 573 $1,344 -- 6.69 32.78 35.7 7.3 -- -- 79.37 -- 3.0 7.1 1.7%
MMG Ltd (HK) 1208 2.3 US$0.26 5290 $1,392 0.02 0.01 0.02 18.3 11.3 -- -- -- -- -- 4.0 3.8%
Nevsun Resources Ltd NSU 2.0 US$3.51 199 $700 0.06 0.63 0.61 5.6 5.8 0.08 1.04 1.05 3.4 3.3 1.7 4.0%
Nyrstar NV (BE) NYR 3.6 EUR$2.57 170 $598 (0.83) (0.46) (0.02) -- -- 1.94 0.78 1.02 3.3 2.5 5.3 --
Oz Minerals (AU) OZL 2.5 AUD$3.91 303 $1,112 (0.18) 0.00 0.09 NM 43.3 0.59 0.90 1.15 4.3 3.4 3.5 5.1%
PanAust Ltd (AU) PNA 2.3 US$2.05 636 $1,302 0.12 0.08 0.13 24.9 16.1 0.29 0.22 0.30 9.2 6.8 7.6 2.7%
Philex Mining Corp (PH) PX 3.3 PHP$9.09 4937 $1,031 0.31 0.54 0.45 16.8 20.0 0.60 0.62 0.62 14.6 14.7 9.1 0.6%
Sherritt International (CN) S 2.0 C$4.32 297 $1,180 (0.21) (0.25) 0.25 -- 17.1 0.34 0.59 0.93 7.4 4.6 -- 0.9%
Taseko Mines Ltd TGB 1.8 C$2.31 194 $411 (0.07) 0.13 0.33 17.2 7.0 0.35 0.46 0.59 5.1 3.9 6.5 --
Thompson Creek Metals TC 3.1 US$2.89 172 $497 (0.13) 0.00 0.12 NM 23.5 0.26 0.57 0.69 5.1 4.2 6.4 --
Volcan Cia Ninera VOLABC1 2.6 US$0.39 2443 $965 0.05 0.07 0.06 5.3 6.5 -- -- -- -- -- 3.7 2.6%
Western Areas NL (AU) WSA 2.7 AUD$4.15 232 $904 -- 0.16 0.28 26.4 14.6 -- 0.55 0.73 7.5 5.7 7.2 0.2%
Average                 21.0 14.2       7.4 5.1 6.8  
Note: Currency shown is that used by the company for financial reporting. Currency does not always reflect the country/market in which the company/stock symbol trades. GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Consensus Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)
Gold
Large Cap Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 16-May-14 (MM) (US$MM) 2013 2014E 2015E 2014E 2015E 2013 2014E 2015E 2014E 2015E 2014E %
AngloGold Ashanti Ltd AU 3.0 US$16.89 403 $6,811 0.31 1.32 1.64 12.8 10.3 3.07 4.20 4.69 4.0 3.6 5.4 1.7%
Barrick Gold Corp ABX 2.9 US$16.62 1165 $19,357 2.51 0.79 1.18 21.2 14.1 4.15 2.34 2.85 7.1 5.8 7.8 1.2%
Franco-Nevada FNV 2.3 US$48.04 147 $7,072 0.94 0.94 1.04 51.2 46.4 1.69 2.02 2.15 23.8 22.3 18.9 1.5%
Goldcorp Inc GG 2.3 US$24.59 813 $19,996 0.78 0.74 1.02 33.1 24.0 1.18 1.84 2.54 13.4 9.7 12.6 --
Newcrest Mining Ltd (AU) NCM 3.2 AUD$10.21 767 $7,335 -- 0.57 0.72 17.8 14.2 -- 1.37 1.59 7.4 6.4 8.3 --
Newmont Mining NEM 3.2 US$23.99 499 $11,960 2.49 0.89 1.43 26.9 16.8 3.13 3.55 4.70 6.8 5.1 9.1 0.4%
Polyus Gold International (UK) PGIL 3.5 US$3.11 3032 $9,417 0.17 0.11 0.12 27.3 25.8 0.14 0.19 0.20 16.3 15.7 6.5 --
Randgold Resources (ADR) GOLD 1.9 US$75.95 93 $7,025 2.98 3.37 4.30 22.5 17.7 5.04 5.89 7.41 12.9 10.2 13.3 0.7%
Yamana Gold Inc AUY 2.3 US$7.42 753 $5,590 0.36 0.26 0.44 28.2 17.0 0.87 0.88 1.18 8.4 6.3 8.4 2.0%
Average                 26.8 20.7       11.1 9.5 10.0  
Mid Cap                                  
African Barrick Gold Ltd (UK) ABG 3.0 US$3.62 410 $1,486 0.26 0.25 0.33 14.4 11.0 0.46 0.93 1.27 3.9 2.9 -- 0.9%
Agnico-Eagle Mines Ltd AEM 2.4 US$32.39 174 $5,646 0.88 1.14 0.96 28.4 33.8 2.54 3.26 3.28 9.9 9.9 9.2 1.0%
Alamos Gold AGI 2.1 US$8.53 127 $1,087 0.56 0.10 0.21 89.3 40.0 0.68 0.51 0.62 16.8 13.8 10.9 2.3%
B2Gold Corp BTG 1.6 US$2.64 676 $1,782 0.10 0.10 0.16 25.9 16.0 0.22 0.24 0.37 10.8 7.2 9.9 --
Buenaventura (ADR) BVN 2.8 US$10.84 275 $2,980 (0.40) 0.83 1.14 13.1 9.5 1.65 0.65 1.06 16.8 10.3 7.8 0.2%
Eldorado Gold Corp EGO 2.3 US$5.81 716 $4,161 0.28 0.23 0.25 25.8 23.4 0.53 0.50 0.54 11.6 10.8 9.9 0.3%
Gold Fields Ltd (ADR) GFI 3.3 US$3.90 775 $3,021 0.08 0.26 0.36 15.0 10.8 0.69 1.10 1.09 3.6 3.6 4.8 2.6%
Harmony Gold (ADR) HMY 1.0 US$3.14 436 $1,368 -- 0.23 -- 13.8 -- -- 0.72 -- 4.4 -- 3.2 --
Iamgold Corp IAG 3.3 US$3.29 377 $1,239 0.36 0.15 0.20 21.3 16.2 0.65 0.82 1.02 4.0 3.2 4.6 --
Kinross Gold Corp KGC 2.7 US$3.93 1144 $4,497 0.28 0.19 0.21 20.8 19.2 0.69 0.86 0.88 4.6 4.5 4.9 --
New Gold Inc NGD 2.3 US$5.09 504 $2,563 0.13 0.14 0.21 36.5 24.2 0.35 0.59 0.72 8.7 7.1 9.0 --
Osisko Mining Corp (CN) OSK 2.8 C$8.05 440 $3,256 0.27 0.30 0.33 26.7 24.1 0.60 0.73 0.79 11.1 10.2 10.1 --
Polymetal International PLC (UK) POLY 3.0 US$9.40 389 $3,661 0.30 0.55 0.61 17.2 15.4 1.19 1.10 1.28 8.6 7.4 1.6 1.0%
Regis Resources Ltd (AU) RRL 2.5 AUD$2.30 500 $1,077 -- 0.21 0.30 11.0 7.7 -- 0.32 0.43 7.3 5.4 5.8 6.5%
Royal Gold Inc RGLD 2.2 US$63.64 65 $4,120 0.92 1.21 1.82 52.6 35.0 2.75 2.99 3.51 21.3 18.1 15.3 1.3%
Sibanye Gold Ltd (SA) SGL 3.0 ZAR$28.50 741 $2,063 3.48 2.87 2.19 9.9 13.0 9.57 6.44 5.84 4.4 4.9 0.0 3.9%
Zijin Mining Group (HK) 2899 3.5 CNY$1.40 6008 $1,349 0.10 0.10 0.10 14.5 14.7 -- 0.24 0.28 5.8 5.0 9.0 7.2%
Average                 25.7 19.6       9.0 7.8 7.3  
Small Cap Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 16-May-14 (MM) (US$MM) 2013 2014E 2015E 2014E 2015E 2013 2014E 2015E 2014E 2015E 2014E %
Alacer Gold Corp (CN) ASR 2.6 US$2.30 290 $667 0.39 0.21 0.11 11.1 21.9 0.64 0.40 0.26 5.8 8.7 3.3 0.9%
Allied Nevada Gold ANV 3.9 US$3.12 104 $326 0.12 (0.41) (0.20) -- -- (0.23) 0.49 0.88 6.4 3.5 12.6 --
Argonaut Gold Ltd (CN) AR 1.9 US$3.61 154 $557 0.18 0.16 0.18 22.4 19.6 0.17 0.40 0.43 9.1 8.4 7.7 --
AuRico Gold Inc AUQ 2.4 US$3.71 248 $921 0.05 (0.05) 0.04 -- 94.6 0.24 0.32 0.48 11.5 7.7 11.1 2.2%
Centamin Egypt (CN) CEE 2.0 US$1.04 1152 $1,196 0.21 0.12 0.11 8.6 9.6 0.22 0.17 0.17 6.1 6.1 -- --
Centerra Gold (CN) CG 2.6 US$4.62 236 $1,092 0.64 0.31 0.41 15.1 11.4 2.04 1.49 1.43 3.1 3.2 1.8 3.2%
Gold Resource Corp GORO 2.0 US$4.30 54 $233 0.00 0.60 0.80 7.2 5.4 -- -- -- -- -- -- --
Highland Gold Mining Ltd (UK) HGM 1.8 US$1.05 325 $341 0.17 0.16 0.17 6.5 6.1 0.29 0.32 0.37 3.3 2.9 4.2 8.0%
Hochschild Mining PLC (UK) HOC 3.1 US$2.54 367 $932 (0.15) (0.02) 0.17 -- 15.1 0.19 0.43 0.58 5.9 4.4 -- --
Kingsgate Consolidated Ltd (AU) KCN 3.5 AUD$0.82 224 $172 -- 0.02 0.04 39.2 21.3 -- 0.24 0.25 3.4 3.3 5.4 --
Kirkland Lake Gold (CN) KGI 2.9 C$2.96 70 $191 (0.06) 0.14 0.37 21.2 8.1 0.34 0.68 0.78 4.3 3.8 5.6 --
Lake Shore Gold LSG 2.6 C$0.80 417 $306 (0.02) 0.03 0.03 29.5 26.7 0.17 0.22 0.23 3.6 3.5 4.4 --
Medusa Mining Ltd (UK) MML 2.0 US$1.59 208 $331 -- 0.29 0.44 5.6 3.6 -- 0.34 0.40 4.7 3.9 4.0 --
Nord Gold NV (UK) NORD 3.4 US$1.75 378 $662 0.31 0.15 0.01 11.5 NM 0.82 0.89 0.76 2.0 2.3 -- 12.5%
Petropavlovsk PLC (UK) POG 3.8 US$1.09 198 $216 (0.34) (0.22) 0.01 -- NM 1.43 0.88 0.79 1.2 1.4 -- --
Primero Mining Corp PPP 1.8 US$6.34 160 $1,011 0.36 0.11 0.27 57.6 23.3 0.64 0.62 0.85 10.3 7.5 8.6 --
Real Gold Mining Ltd (HK) 246 -- CNY$7.08 909 $1,033 -- -- -- -- -- -- -- -- -- -- 2.2 --
Semafo (CN) SMF 2.2 US$3.39 276 $936 0.04 0.10 0.29 33.7 11.8 0.28 0.34 0.56 10.0 6.0 8.7 --
Zhaojin Mining Industry Co Ltd (HK) 1818 3.3 CNY$3.50 874 $491 0.25 0.22 0.22 15.7 15.9 -- 0.50 0.55 6.9 6.4 -- 2.9%
Average                 20.3 19.6       5.7 4.9 6.1  
Note: Currency shown is that used by the company for financial reporting. Currency does not always reflect the country/market in which the company/stock symbol trades. GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson One Analytics Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)
Silver Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 16-May-14 (MM) (US$MM) 2013 2014E 2015E 2014E 2015E 2013 2014E 2015E 2014E 2015E 2014E %
Alexco Resource Corp AXU 3.0 C$1.45 63 $83 (0.07) (0.04) (0.07) -- -- 0.05 (0.04) 0.12 -- 12.1 -- --
Coeur d'Alene Mines Corp CDE 3.0 US$7.94 104 $822 (0.78) (1.09) (0.78) -- -- 1.16 0.71 1.07 11.1 7.4 9.5 --
Endeavour Silver Corp EXK 2.5 US$4.18 101 $423 0.15 0.19 0.15 22.2 28.8 0.77 0.53 0.58 7.9 7.2 6.3 --
First Majestic Silver Corp AG 2.0 US$9.07 117 $1,064 0.56 0.38 0.64 23.6 14.2 1.17 0.95 1.34 9.6 6.8 8.7 --
Fortuna Silver Mines FSM 2.0 US$4.20 126 $529 0.07 0.18 0.30 22.8 13.9 0.36 0.44 0.52 9.6 8.0 6.9 --
Fresnillo (UK) FRES 2.8 US$14.03 737 $10,342 0.38 0.33 0.45 42.8 30.9 0.61 0.81 0.94 17.4 14.9 15.0 2.3%
Great Panther Resources GPL 3.0 C$1.12 139 $143 0.00 (0.02) 0.05 -- 20.7 0.06 0.07 0.15 17.1 7.4 -- --
Hecla Mining Co HL 2.9 US$3.04 343 $1,043 (0.04) 0.00 0.07 NM 42.7 0.08 0.29 0.39 10.6 7.8 5.4 0.3%
Mandalay Resources (CN) MND 1.8 US$0.92 340 $312 0.09 0.08 0.09 11.5 10.2 0.21 0.18 0.19 5.1 4.8 0.0 3.2%
Pan American Silver PAAS 3.1 US$13.30 152 $2,015 (0.32) 0.23 0.37 58.8 36.3 1.43 1.11 1.26 12.0 10.5 7.9 3.8%
Silver Standard SSRI 2.6 US$7.72 81 $623 (0.84) (0.37) 0.08 -- NM 0.24 0.49 1.27 15.8 6.1 7.3 --
Silver Wheaton SLW 1.8 US$21.37 357 $7,638 1.08 0.94 1.11 22.7 19.3 1.50 1.43 1.67 15.0 12.8 16.6 1.3%
Silvercorp SVM 2.3 US$1.86 171 $319 0.06 0.17 0.18 11.0 10.2 -- 0.14 0.35 13.3 5.3 4.8 1.0%
SilverCrest Mines SVLC 2.1 US$1.70 119 $202 0.15 0.09 0.17 18.1 10.0 0.11 0.19 0.25 9.1 6.9 7.6 --
Tahoe Resources TAHO 2.1 US$21.65 147 $3,173 (0.45) 1.06 1.29 20.4 16.8 (0.45) 1.41 1.67 15.4 13.0 13.9 --
Average                 25.4 21.2       12.1 8.7 8.5  
Platinum Group Metals                                
African Rainbow Minerals (SA) ARI 2.2 ZAR$195.73 217 $4,141 -- 22.44 22.08 8.7 8.9 -- 26.42 26.70 7.4 7.3 -- 2.6%
Anglo Platinum Ltd (SA) AMS 3.0 ZAR$467.50 270 $12,311 5.56 16.05 28.09 29.1 16.6 23.29 36.34 42.13 12.9 11.1 12.9 --
Aquarius Platinum Ltd (UK) AQP 2.6 US$0.39 1464 $578 (0.16) (0.00) 0.01 -- 69.6 -- 0.04 0.06 10.5 6.4 15.6 --
Impala Platinum (SA) IMP 3.1 ZAR$117.00 632 $7,223 -- 5.44 8.45 21.5 13.8 -- 9.89 11.93 11.8 9.8 10.5 0.5%
Ivanhoe Mines Ltd (CN) IVP 1.8 US$1.50 576 $863 (0.19) (0.23) (0.18) -- -- (0.36) (0.20) (0.15) -- -- 0.0 --
Lonmin PLC (UK) LMI 2.7 US$4.16 569 $2,371 -- 0.17 0.30 25.1 13.7 -- 0.40 0.59 10.3 7.0 9.5 --
North American Palladium PAL 4.0 US$0.27 274 $68 (0.21) (0.14) 0.02 -- 14.7 0.03 0.02 0.13 12.0 2.0 11.3 --
Northam Platinum Ltd (SA) NHM 2.9 ZAR$43.55 398 $1,691 -- 1.34 2.72 32.5 16.0 -- 2.42 3.99 18.0 10.9 16.2 --
Platinum Group Metals Ltd PLG 2.1 C$1.16 551 $587 (0.04) (0.02) (0.00) -- -- -- (0.02) (0.01) -- -- -- --
Stillwater Mining Co SWC 1.8 US$16.29 120 $1,952 0.47 0.56 0.90 29.0 18.0 1.26 0.59 1.00 27.6 16.3 10.0 --
Average                 24.3 21.4       13.8 8.9 10.7  
Fertilizers Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 16-May-14 (MM) (US$MM) 2013 2014E 2015E 2014E 2015E 2013 2014E 2015E 2014E 2015E 2014E %
Agrium Inc AGU 2.5 US$91.82 144 $13,222 6.94 6.41 8.73 14.3 10.5 11.98 10.07 11.51 9.1 8.0 8.3 3.3%
Arab Potash Co (JR) APOT 3.5 JOD$27.65 83 $3,255 1.57 1.12 1.37 24.7 20.2 -- 1.56 1.21 17.7 22.8 15.0 5.4%
CF Industries CF 2.6 US$240.74 52 $12,536 23.60 19.49 20.74 12.3 11.6 24.78 23.87 28.73 10.1 8.4 6.1 1.7%
Compass Minerals CMP 2.7 US$93.11 34 $3,122 3.80 4.27 4.84 21.8 19.2 7.13 5.83 8.12 16.0 11.5 12.0 2.6%
Incitec Pivot Ltd (AU) IPL 2.5 AUD$2.83 1645 $4,363 -- 0.21 0.25 13.3 11.1 -- 0.33 0.40 8.7 7.0 7.8 3.3%
Intrepid Potash IPI 3.6 US$16.87 76 $1,283 0.31 0.08 0.34 NM 49.0 0.86 1.31 1.53 12.9 11.0 16.5 --
Israel Chemical (IS) ICL 2.8 US$9.05 1273 $11,522 0.64 0.66 0.75 13.7 12.1 0.88 0.95 1.09 9.6 8.3 9.4 9.6%
K & S Aktiengesellschaft (GR) SDF 3.0 EUR$26.06 191 $6,839 2.27 1.34 1.51 19.5 17.3 3.95 2.43 2.45 10.7 10.6 7.5 1.0%
Mosaic Co MOS 2.7 US$49.31 384 $18,918 -- 2.68 3.48 18.4 14.2 4.76 5.35 5.87 9.2 8.4 9.2 2.0%
Potash Corp POT 2.7 US$36.95 846 $31,248 2.09 1.68 2.03 22.0 18.2 3.68 2.63 2.93 14.0 12.6 12.4 3.8%
Sociedad Quimica Minera (ADR) SQM 3.5 US$28.53 120 $3,434 1.77 1.41 1.67 20.3 17.1 -- 2.80 2.38 10.2 12.0 7.5 3.1%
Uralkaliy (RU) URKA 3.5 US$4.65 2936 $13,652 -- -- -- -- -- -- -- -- -- -- 4.5 2.4%
Yara International ASA (NO) YAR 3.1 NOK$280.80 279 $13,203 24.79 23.78 24.15 11.8 11.6 43.69 32.72 36.32 8.6 7.7 6.4 3.6%
Average                 17.5 17.7       11.4 10.7 9.4  
Note: Currency shown is that used by the company for financial reporting. Currency does not always reflect the country/market in which the company/stock symbol trades. GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson One Analytics Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)
Uranium Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 16-May-14 (MM) (US$MM) 2013 2014E 2015E 2014E 2015E 2013 2014E 2015E 2014E 2015E 2014E %
Cameco Corp CCJ 2.4 C$21.44 396 $7,794 1.12 0.86 1.33 25.0 16.1 1.34 1.23 1.75 17.4 12.3 14.6 1.9%
Denison Mines DNN 2.2 US$1.18 485 $570 (0.08) (0.05) (0.03) -- -- (0.05) (0.03) (0.03) -- -- -- --
Energy Resources Australia (AU) ERA 3.0 AUD$1.32 518 $641 (0.23) (0.27) (0.22) -- -- (0.03) 0.04 0.10 32.5 13.1 -- --
Paladin Resources Ltd (AU) PDN 3.2 US$0.40 964 $383 0.21 (0.04) 0.02 -- 20.7 0.18 0.03 0.08 13.6 5.3 21.1 --
Uranium Participation Corp (CN) U 1.9 C$4.91 117 $527 -- 1.33 -- 3.7 -- -- -- -- -- -- 3.6 --
Average                 14.4 18.4       21.2 10.2 13.1  
Coal
Large - Mid Cap Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 16-May-14 (MM) (US$MM) 2013 2014E 2015E 2014E 2015E 2013 2014E 2015E 2014E 2015E 2014E %
Adaro Energy TBK (ID) ADRO 2.5 US$0.11 31986 $3,479 0.01 0.01 0.01 10.4 10.4 0.01 0.01 0.02 7.3 6.1 6.4 2.2%
Alpha Natural Resources ANR 3.1 US$4.17 221 $923 (2.15) (2.82) (1.97) -- -- 0.49 (0.60) 0.51 -- 8.2 20.1 --
Banpu Public Co Ltd (TH) BANPU 2.8 THB$30.25 2582 $2,411 1.22 1.82 2.20 16.6 13.7 5.11 5.12 5.38 5.9 5.6 -- 4.0%
China Coal Energy Co (HK) 1898 3.4 CNY$3.45 4107 $2,273 0.29 0.26 0.29 13.4 11.7 0.51 0.84 0.84 4.1 4.1 9.2 2.3%
China Shenhua Energy Co (HK) 1088 2.2 HK$17.24 3399 $9,407 2.27 2.05 2.12 8.4 8.1 2.73 3.47 3.57 5.0 4.8 4.8 5.3%
Consol Energy CNX 2.0 US$44.03 230 $10,123 2.54 1.34 1.82 33.0 24.3 2.86 3.88 4.61 11.4 9.5 11.1 0.6%
Fushan Int'l Energy Group (HK) 639 2.9 HK$2.15 5302 $1,471 0.21 0.18 0.19 11.9 11.3 -- 0.31 0.30 6.9 7.2 -- 4.9%
Neyveli Lignite Corp (IN) NLC 1.0 INR$76.30 1678 $2,153 -- 9.54 -- 8.0 -- -- -- -- -- -- -- 3.7%
New Hope Corp Ltd (AU) NHC 2.9 AUD$3.03 831 $2,360 -- 0.08 0.11 40.0 28.2 -- 0.13 0.17 22.8 17.6 13.7 3.6%
Peabody Energy BTU 2.0 US$18.79 271 $5,098 0.34 (0.68) 0.29 -- 64.2 -- 1.41 2.50 13.3 7.5 12.9 1.8%
PT Tambang Batubara Bukit (ID) PTBA 2.4 IDR$10,825 2304 $2,179 822.00 787.69 922.64 13.7 11.7 923.84 636.85 857.64 17.0 12.6 10.0 4.3%
Yanzhou Coal Mining Co Ltd (HK) 1171 3.5 CNY$4.89 1958 $1,536 0.16 0.37 0.42 13.1 11.5 (0.45) 1.53 1.44 3.2 3.4 9.1 0.4%
Average                 16.9 19.5       9.7 7.9 11.0  
Small Cap                                  
Arch Coal ACI 2.9 US$4.08 212 $866 (1.08) (1.92) (1.18) -- -- 0.26 (0.19) 0.42 -- 9.7 20.9 0.2%
Borneo Lumbung Energi & Mtl (ID) BORN -- IDR$121 17693 $187 -- -- -- -- -- -- -- -- -- -- 4.7 --
China Qinfa Group Ltd (HK) 866 3.0 CNY$0.26 2078 $86 0.01 0.16 -- 1.6 -- -- -- -- -- -- 6.7 3.1%
Cloud Peak Energy CLD 2.4 US$19.18 61 $1,169 0.73 0.10 0.50 NM 38.6 2.96 1.78 2.04 10.7 9.4 7.7 --
New World Resources (UK) NWRN 4.1 EUR$0.42 265 $152 (0.87) (0.45) (0.25) -- -- (0.16) (0.07) 0.23 -- 1.8 16.1 --
PT Bumi Resources (ID) BUMI 3.4 US$0.02 20773 $407 (0.03) (0.01) (0.00) -- -- -- 0.01 0.02 2.0 1.0 9.4 --
SouthGobi Resources (CN) SGQ 3.4 US$0.57 187 $107 (0.52) (0.21) (0.22) -- -- 0.04 0.04 0.06 14.0 9.2 27.7 --
Walter Energy WLT 3.1 US$6.34 66 $417 (3.37) (5.52) (2.79) -- -- (0.43) (0.55) 1.16 -- 5.5 31.7 0.6%
Average                 1.6 38.6       8.9 6.1 15.6  
Limited Partnership                                  
Alliance Resource Partners LP ARLP 2.3 US$92.00 37 $3,407 7.26 8.15 9.12 11.3 10.1 19.07 12.55 14.95 7.3 6.2 5.2 5.3%
Natural Resource Partners LP NRP 2.7 US$15.32 110 $1,691 1.54 1.18 1.34 13.0 11.5 2.25 1.73 1.98 8.8 7.7 10.0 9.1%
Penn Virginia Resource Prtns LP PVR 1.9 US$14.15 66 $928 (0.49) 0.08 0.53 NM 26.7 4.20 5.20 6.71 2.7 2.1 -- --
Rhino Resources Inc RNO 2.7 US$13.32 29 $387 0.44 (0.04) 0.09 -- NM 1.84 1.11 0.94 12.1 14.2 6.0 13.4%
Average                 12.2 16.1       7.7 7.5 7.1  
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)
Recent and Forecast Commodity Prices
Cash Price (16-May-14) 2010 2011 2012 2013 2014E 2015E 2016E 2017E 2018E
Aluminum ($0.79 / lb) $0.99 $1.09 $0.92 $0.84 $0.84 $0.89 $0.92 $0.99 $1.08
Copper ($3.15 / lb) $3.43 $4.00 $3.61 $3.33 $3.22 $3.20 $3.21 $3.23 $3.37
Lead ($0.96 / lb) $0.97 $1.09 $0.94 $0.97 $0.98 $1.00 $1.00 $0.99 $0.98
Nickel ($8.69 / lb) $9.91 $10.38 $7.95 $6.81 $7.05 $7.50 $7.91 $8.21 $9.07
Zinc ($0.93 / lb) $0.98 $1.00 $0.88 $0.87 $0.93 $0.99 $1.04 $1.08 $1.15
Gold ($1293 / oz) $1,226 $1,571 $1,668 $1,411 $1,294 $1,315 $1,331 $1,332 $1,344
Palladium ($814 / oz) $528 $733 $643 $725 $775 $820 $861 $677 $875
Platinum ($1460 / oz) $1,611 $1,719 $1,549 $1,485 $1,549 $1,610 $1,664 $1,670 $1,808
Silver ($19.35 / oz) $20.24 $35.29 $31.13 $23.82 $21.92 $22.19 $22.45 $22.56 $22.16
Uranium ($29.00 / lb) $45.97 $56.32 $48.97 $40.42 $42.49 $55.59 $67.71 $68.73 $80.00
Base metal prices are LME cash prices quoted in US$ 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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