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Metals & Mining Analysts' Ratings & Estimates - Juniors

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 27-May-14 (MM) (US$MM) 2013 2014E 2015E 2016E 2017E 2014E 2015E 2016E 2017E Commodity/Country
Alderon Iron Ore Corp AXX 1.9 C$1.38 130 $165 (0.09) (0.22) (0.30) 0.02 0.21 -- -- 74.6 6.6 Fe ore/Canada
Aquila Resources Ltd (AU) AQA 3.0 AUD$3.51 412 $1,335 -- (0.04) (0.06) (0.08) (0.04) -- -- -- -- Fe ore/Australia
Bellzone Mining PLC (UK) BZM 2.0 US$0.07 742 $50 (0.04) (0.06) (0.07) 0.07 -- -- -- 1.0 -- Fe ore/Guinea
Brockman Resources Ltd (AU) BRM 2.0 AUD$0.34 8382 $368 -- (0.01) (0.01) -- -- -- -- -- -- Fe ore/Australia
Equatorial Resources Ltd (CN) EQX 2.0 AUD$0.42 122 $47 -- -- -- -- -- -- -- -- -- Fe ore/Republic of Congo
Gindalbie Metals (AU) GBG 3.6 AUD$0.05 1494 $66 -- (0.01) 0.01 0.01 (0.00) -- 9.2 7.2 -- Fe ore/Australia
Grange Resources Ltd (AU) GRR 2.5 AUD$0.19 1157 $208 0.02 0.03 0.02 0.02 -- 6.2 8.5 10.5 -- Fe ore/Australia
IRC Ltd (HK) 1029 1.8 US$0.09 4860 $451 (0.01) 0.00 0.01 0.01 -- 61.9 7.9 6.9 -- Fe ore/Russia
London Mining PLC (UK) LOND 2.0 US$0.68 138 $94 (0.22) 0.11 0.26 0.29 -- 6.0 2.7 2.3 -- Fe ore/Sierra Leone
New Millenium Iron Corp (CN) NML 2.7 C$0.41 180 $69 (0.04) (0.06) 0.08 0.04 -- -- 5.4 10.4 -- Fe ore/Canada
Sundance Resources Ltd (AU) SDL 1.5 AUD$0.08 3079 $233 -- (0.02) (0.01) -- -- -- -- -- -- Fe ore/Cameroon
Average                     24.7 6.7 16.1 6.6  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Consensus Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0) 
Small-Cap Base Metals
Price Shrs O/S Mkt Cap Earnings Per Share      Price/Earnings  
  Symbol Rating 27-May-14 (MM) (US$MM) 2013 2014E 2015E 2016E 2017E 2014E 2015E 2016E 2017E Commodity/Country
Anglo Pacific Group PLC (UK) APF 2.3 GBP$1.85 111 $346 8.39 0.09 0.14 16.10 -- 21.5 13.7 11.5 -- Royalties
Augusta Resource Corp AZC 1.9 US$2.82 145 $410 (0.05) (0.06) 0.11 (0.02) 0.98 -- 25.1 -- 2.9 Cu/US
CITIC Dameng Holdings Ltd (HK) 1091 2.0 HK$0.54 3025 $211 (0.08) 0.05 0.09 -- -- 11.7 6.1 -- -- Mn/China
Copper Mountain Mining (CN) CUM 2.1 C$2.44 116 $261 0.14 0.22 0.41 0.49 0.61 11.2 6.0 5.0 4.0 Cu, Au/Canada
CST Mining Group Ltd (HK) 985 3.0 US$0.01 27098 $185 -- 0.02 0.03 -- -- 0.3 0.2 -- -- Cu/Peru, Australia
Katanga Mining Ltd (CN) KAT 3.0 US$0.36 1907 $694 0.05 0.04 0.13 -- -- 10.4 2.9 -- -- Cu, Co/DR Congo
Kenmare Resources (UK) KMR 2.1 US$0.19 2782 $515 (0.02) 0.01 0.04 0.05 0.04 32.2 5.3 3.9 4.6 Ti sands/Mozambique
Largo Resources (CN) LGO 2.5 C$0.28 984 $249 (0.01) (0.03) 0.03 0.07 0.08 -- 9.2 4.2 3.4 V/Brazil
Lumina Copper Corp (CN) LCC 2.0 C$7.46 44 $302 (0.13) (0.09) (0.05) (0.06) -- -- -- -- -- Cu/Argentina
Metals X Ltd (AU) MLX 1.3 AUD$0.25 1655 $382 -- 0.04 0.05 0.05 0.06 6.6 5.5 5.0 4.4 Sn, Ni/Australia
Mineral Deposits Ltd (AU) MDL 2.0 US$1.30 104 $135 0.14 (0.20) 0.17 0.35 0.52 -- 7.6 3.7 2.5 Ti sands/Senegal
NGEx Resources Inc (CN) NGQ 1.8 C$2.01 169 $313 (0.17) (0.13) (0.12) (0.12) -- -- -- -- -- Cu, Au/Chile, Canada
OM Holdings Ltd (AU) OMH 2.0 AUD$0.30 733 $203 (0.07) (0.03) 0.08 0.11 0.12 -- 3.9 2.8 2.6 Mn/Australia
PolyMet Mining Corp PLM 2.3 C$1.28 276 $325 -- (0.03) (0.03) -- -- -- -- -- -- Cu, Ni/US
Reservoir Minerals (CN) RMC 1.8 C$6.26 46 $264 (0.12) (0.18) (0.13) (0.11) -- -- -- -- -- Cu, Au/Serbia
Sandfire Resources NL (AU) SFR 2.7 AUD$5.74 156 $825 -- 0.74 0.81 0.84 0.93 7.8 7.1 6.8 6.2 Cu, Au/Australia
Sierra Metals (CN) SMT 2.5 C$1.57 159 $230 (0.17) 0.13 0.15 -- -- 12.2 10.5 -- -- Ag, Cu, Pb, Zn/Mexico, Peru
Sirius Resources NL (AU) SIR 2.0 AUD$3.12 262 $755 -- (0.07) (0.07) 0.15 0.59 -- -- 20.7 5.3 Ni, Cu/Australia
Talvivaara Mining Co (UK) TALV 4.8 EUR$0.09 1906 $238 (0.06) (0.05) (0.02) 0.02 0.03 -- -- 4.2 3.7 Ni/Finland
Trevali Mining Corp (CN) TV 1.7 C$0.98 279 $252 (0.07) 0.03 0.14 0.17 0.15 30.6 7.2 5.7 6.5 Zn, Pb, Cu, Ag/Canada, Peru
Average                     12.7 7.9 7.1 4.0  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Consensus Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0) 
Micro-Cap Base Metals
Price Shrs O/S Mkt Cap Earnings Per Share      Price/Earnings  
  Symbol Rating 27-May-14 (MM) (US$MM) 2013 2014E 2015E 2016E 2017E 2014E 2015E 2016E 2017E Commodity/Country
Aditya Birla Minerals Ltd (AU) ABY 4.0 AUD$0.20 313 $59 -- -- (0.14) (0.08) -- -- -- -- -- Cu/Australia
Altona Mining Ltd (AU) AOH 2.0 AUD$0.17 532 $81 -- 0.02 0.02 0.04 0.04 7.3 6.8 4.2 3.7 Cu, Ni/Finland, Australia
Amerigo Resources Ltd (CN) ARG 1.5 US$0.40 173 $69 0.01 (0.01) 0.04 0.03 0.38 -- 10.0 13.4 1.1 Cu/Chile
Argex Titanium (CN) RGX 2.0 C$0.88 135 $109 -- (0.02) (0.05) 0.02 -- -- -- 51.8 -- Ti/Canada
Atico Mining Corp (CN) ATY 2.0 C$0.74 98 $67 0.01 0.10 0.26 -- -- 7.8 2.8 -- -- Cu, Au/Colombia
Blackthorn Resources Ltd (AU) BTR 2.5 AUD$0.14 164 $22 -- (0.20) (0.02) -- -- -- -- -- -- Zn/Burkina Faso
Candente Copper Corp (CN) DNT 3.8 US$0.17 134 $22 (0.02) (0.01) (0.02) (0.01) -- -- -- -- -- Cu/Peru
China Mining Resources (HK) 340 -- HK$0.08 9139 $95 -- -- -- -- -- -- -- -- -- Mo/China
Curis Resources Ltd (CN) CUV 1.5 C$0.75 75 $52 -- -- -- -- -- -- -- -- -- Cu/US
Duluth Metals Ltd (CN) DM 2.7 C$0.60 137 $76 (0.02) (0.22) (0.11) (0.06) -- -- -- -- -- Cu, Ni/US
EMED Mining Public Co (CN) EMD 1.5 C$0.14 1255 $162 (0.02) (0.01) (0.00) 0.01 0.02 -- -- 9.4 6.2 Cu/Spain
Entrée Gold EGI 3.0 C$0.31 147 $43 (0.08) -- -- -- -- -- -- -- -- Cu, Au/Mongolia
General Moly  GMO 3.3 US$1.05 92 $96 (0.24) (0.10) (0.20) (1.08) -- -- -- -- -- Mo/US  
Griffin Mining Ltd (UK) GFM 1.0 GBP$0.30 179 $90 0.02 0.05 0.08 -- -- 6.3 3.9 -- -- Zn/China
Hillgrove Resources Ltd (AU) HGO 1.8 AUD$0.08 1181 $87 -- 0.01 0.01 0.01 -- 7.5 12.1 8.7 -- Cu, Au/Australia, Indonesia
Ivernia IVW 1.0 US$0.11 801 $89 (0.07) 0.03 0.05 0.06 0.06 4.4 2.5 1.8 1.8 Pb/Australia
Kagara Ltd (AU) KZL -- AUD$0.12 799 $89 -- -- -- -- -- -- -- -- -- Zn/Australia
Mawson West Ltd  (CN) MWE 1.3 AUD$0.41 171 $69 -- (0.03) 0.42 0.39 -- -- 1.0 1.0 -- Cu./DR Congo
Mincor Resources NL (AU) MCR 2.7 AUD$0.91 188 $158 -- 0.05 0.11 -- -- 17.3 8.0 -- -- Ni, Au/Australia
Nautilus Minerals (CN) NUS 2.0 US$0.50 441 $219 (0.06) (0.04) (0.04) (0.02) -- -- -- -- -- seafloor Cu, Pb, Zn, Au, Ag/PNG
Nevada Copper Corp (CN) NCU 1.8 C$2.07 81 $153 (0.06) (0.19) 0.21 -- -- -- 9.8 -- -- Cu/US
Northern Dynasty Minerals NAK 3.0 C$0.85 95 $74 (0.08) (0.05) (0.05) (0.08) -- -- -- -- -- Cu, Au/US
Orbite Aluminae Inc (CN) ORT 2.0 C$0.29 251 $68 (0.08) (0.07) (0.10) -- -- -- -- -- -- bauxite/Canada
Panoramic Resources Ltd (AU) PAN 2.8 AUD$0.62 322 $185 -- (0.00) 0.06 0.07 0.05 -- 10.9 9.2 11.6 Ni/Australia
Rex Minerals Ltd (AU) RXM 2.7 AUD$0.28 221 $57 -- (0.03) (0.04) 0.10 0.14 -- -- 2.8 2.0 Cu/Australia
Royal Nickel (CN) RNC 2.0 C$0.58 94 $50 (0.07) (0.07) (0.04) (0.04) (0.05) -- -- -- -- Ni/Canada
Wellgreen Platinum Corp (CN) WG 1.0 C$0.68 83 $52 -- -- -- -- -- -- -- -- -- Ni, Cu, Pt, Pd/Canada
Western Copper Corp WRN 3.0 C$0.95 94 $82 (0.01) (0.04) (0.04) (0.04) -- -- -- -- -- Cu/Canada
Xinjiang Xinxin Mining (HK) 3833 2.0 CNY$1.16 759 $141 (0.03) 0.10 0.09 0.10 -- 11.9 12.7 12.2 -- Ni, Cu, Co/China
Zazu Metals Corp (CN) ZAZ 2.0 US$0.50 48 $24 (0.04) (0.03) (0.03) (0.01) 0.00 -- -- -- -- Zn,Pb, Ag/US
Average                     8.9 7.3 11.5 4.4  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Consensus Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0) 
Small-Cap Gold Price Shrs O/S Mkt Cap Earnings Per Share      Price/Earnings  
Symbol Rating 27-May-14 (MM) (US$MM) 2013 2014E 2015E 2016E 2017E 2014E 2015E 2016E 2017E Commodity/Country
Asanko Gold AKG 1.9 C$2.12 172 $336 (0.04) (0.09) (0.09) (0.06) (0.29) -- -- -- -- Au/Ghana
Banro Corp BAA 3.4 US$0.43 252 $108 0.01 0.02 0.07 0.14 -- 24.5 6.1 3.1 -- Au/DR Congo
Beadell Resources Ltd (AU) BDR 1.9 AUD$0.67 791 $489 0.14 0.15 0.10 0.10 0.07 4.6 6.9 7.0 9.4 Au/Brazil
Chesapeake Gold Corp (CN) CKG 2.0 C$2.60 44 $106 (0.16) (0.04) (0.01) -- -- -- -- -- -- Au/Mexico
Continental Gold Ltd (CN) CNL 1.9 US$2.86 127 $362 (0.14) (0.06) (0.12) (0.07) 0.32 -- -- -- 8.9 Au/Colombia
Detour Gold Corp (CN) DGC 2.1 US$9.86 157 $1,553 (0.55) (0.06) 0.39 0.75 1.28 -- 25.3 13.2 7.7 Au/Canada
DRDGold Ltd (ADR) DROOY 3.3 ZAR$2.69 385 $101 -- 0.12 0.08 -- -- 21.6 32.9 -- -- Au/South Africa
Dundee Precious Metals (CN) DPM 2.0 US$3.34 140 $467 0.23 0.38 0.45 0.48 -- 8.9 7.4 6.9 -- Au/Bulgaria
Endeavour Mining Corp (CN) EDV 2.0 US$0.66 413 $274 (0.08) 0.02 0.02 0.17 0.19 44.2 37.4 3.8 3.6 Au/Mali, Ghana, Burkina Faso
Evolution Mining Ltd (AU) EVN 3.4 AUD$0.83 710 $544 -- 0.09 0.09 0.08 0.00 9.1 9.0 10.7 NM Au/Australia
G-Resources Group Ltd (HK) 1051 2.3 US$0.03 26490 $687 -- 0.00 0.00 -- -- 7.3 7.4 -- -- Au/Indonesia
Gabriel Resources Ltd (CN) GBU 3.0 C$0.87 384 $308 (0.01) (0.02) (0.04) (0.03) (0.03) -- -- -- -- Au/Romania
Golden Star Resources GSS 3.4 US$0.48 259 $124 (0.08) (0.02) 0.05 (0.08) (0.33) -- 10.1 -- -- Au/Ghana
Guyana Goldfields Inc (CN) GUY 2.0 C$1.95 126 $227 (0.09) (0.11) 0.10 0.44 0.50 -- 18.9 4.5 3.9 Au/Guyana
Kingsrose Mining Ltd (AU) KRM 3.0 AUD$0.44 359 $144 -- 0.01 0.05 -- -- 48.3 8.8 -- -- Au/Indonesia
Luna Gold Corp (CN) LGC 1.8 US$0.93 122 $113 0.08 0.11 0.09 0.16 0.16 8.2 9.9 5.8 5.8 Au/Brazil
McEwen Mining Inc. UXG 2.0 US$2.08 297 $618 (0.01) 0.01 0.09 -- -- NM 23.1 -- -- Au, Ag, Cu/Mexico, US, Argentina
Northern Star Resources (AU) NST 2.4 AUD$1.21 579 $647 -- 0.14 0.25 0.27 -- 8.7 4.9 4.4 -- Au/Australia
Novagold Resources Inc NG 3.0 C$3.19 317 $932 (0.21) -- -- -- -- -- -- -- -- Au/US, Canada
Oceanagold Corp (AU) OGC 2.6 US$2.40 301 $722 0.50 0.29 0.23 0.20 0.20 8.4 10.6 11.8 12.0 Au/Australia, NZ, Philippines
Premier Gold Mines Ltd (CN) PG 1.8 C$2.00 152 $279 0.07 (0.06) (0.07) (0.07) -- -- -- -- -- Au/Canada, US
Pretium Resources PVG 2.0 C$7.46 108 $745 (0.16) (0.14) (0.18) -- -- -- -- -- -- Au, Ag, Cu/Canada
Pan African Resources (UK) PAF 2.0 GBP$0.15 1829 $447 -- 1.91 0.02 1.17 -- 7.6 8.9 12.4 -- Au/Mozambique, South Africa
Paramount Gold & Silver Corp PZG 2.0 US$0.98 158 $155 -- (0.07) (0.06) -- -- -- -- -- -- Au, Ag/Mexico, US
Resolute Mining Ltd (AU) RSG 3.2 AUD$0.62 641 $364 -- 0.07 0.08 0.08 0.05 8.4 7.7 8.2 12.3 Au/Tanzania, Australia
Rio Alto Mining (CN) RIO 2.3 US$1.71 177 $303 0.26 0.26 0.26 0.32 0.40 6.7 6.5 5.4 4.3 Au/Peru
Romarco Minerals Inc (CN) R 2.3 C$0.74 658 $448 (0.02) (0.02) (0.02) (0.02) 0.08 -- -- -- 9.7 Au/US
Rubicon Minerals Corp RBY 2.0 C$1.06 363 $355 (0.03) (0.03) (0.01) 0.09 0.13 -- -- 12.5 8.2 Au/Canada
Sandstorm Gold Ltd (CN) SAND 2.1 US$5.40 106 $574 0.16 0.10 0.13 0.20 0.19 55.6 42.0 27.4 28.4 Au production stream financing
Seabridge Gold SA 1.5 US$7.16 47 $337 (0.29) (0.19) (0.19) -- -- -- -- -- -- Au/Canada
Silver Lake Resources (AU) SLR 2.4 AUD$0.34 503 $160 -- 0.02 0.05 0.08 0.06 21.4 6.3 4.4 5.7 Au/Australia
Sulliden Gold Corp (CN) SUE 2.6 C$0.99 315 $287 (0.03) (0.01) 0.04 0.10 0.11 -- 26.9 10.0 8.9 Au/Peru
Teranga Gold Corp (CN) TGZ 2.1 US$0.57 353 $201 0.18 0.11 0.13 0.16 0.15 5.0 4.5 3.7 3.8 Au/Senegal
Timmins Gold Corp TGD 2.4 US$1.26 163 $206 0.21 0.12 0.12 0.10 0.09 10.2 10.9 12.7 14.0 Au/Mexico
Torex Gold Resources (CN) TXG 2.1 C$1.24 726 $830 (0.11) (0.05) (0.03) 0.03 0.09 -- -- 43.6 14.6 Au/Mexico
Virginia Mines Inc (CN) VGQ 2.0 C$12.01 34 $371 -- (0.12) (0.07) -- -- -- -- -- -- Au/Canada
Average                     17.1 14.5 10.6 9.5  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson One Analytics Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0) 
Micro-Cap Gold Price Shrs O/S Mkt Cap Earnings Per Share      Price/Earnings  
Symbol Rating 27-May-14 (MM) (US$MM) 2013 2014E 2015E 2016E 2017E 2014E 2015E 2016E 2017E Commodity/Country
Almaden Minerals Ltd AAU 2.0 C$1.40 65 $83 -- -- -- -- -- -- -- -- -- Au/Mexico
Amara Mining PLC (UK) AMA 2.0 US$0.30 329 $98 (0.08) (0.02) (0.03) (0.03) -- -- -- -- -- Au/Cote d'Ivoire, Burkina Faso
ATAC Resources Ltd (CN) ATC 2.0 C$1.03 115 $109 (0.02) (0.03) (0.03) (0.03) -- -- -- -- -- Au/Canada
Atacama Pacific Gold Corp (CN) ATM 1.0 C$0.66 55 $33 -- -- -- -- -- -- -- -- -- Au/Chile
Aureus Mining Inc (UK) AUE 1.8 US$0.44 286 $126 (0.03) (0.03) 0.02 0.10 0.12 -- 29.5 4.3 3.7 Au/Liberia, Sierra Leone
Avocet Mining (UK) AVM 3.3 US$0.14 199 $27 (0.23) (0.06) (0.04) (0.02) 0.05 -- -- -- 2.7 Au/Burkina Faso
Balmoral Resources Ltd (CN) BAR 2.5 C$1.11 98 $100 -- -- -- -- -- -- -- -- -- Au/Canada
Belo Sun Mining (CN) BSX 2.1 C$0.19 266 $47 (0.12) (0.06) (0.04) (0.03) 0.12 -- -- -- 1.6 Au/Brazil
Brazil Resources (CN) BRI 1.5 C$0.91 72 $61 -- (0.02) (0.02) (0.05) 0.02 -- -- -- 45.5 Au/Brazil
Colt Resources (CN) GTP 2.0 C$0.27 160 $40 -- -- -- -- -- -- -- -- -- Au, W/Portugal
Doray Minerals (AU) DRM 2.3 AUD$0.75 163 $113 -- 0.19 0.17 0.13 0.14 4.0 4.4 6.0 5.3 Au/Australia
Eastmain Resouces Inc (CN) ER 2.0 C$0.30 120 $33 (0.01) (0.01) -- -- -- -- -- -- -- Au/Canada
Exeter Resource Corp XRA 2.0 C$0.62 88 $50 -- -- -- -- -- -- -- -- -- Au/Chile
Focus Minerals Ltd (AU) FML 3.0 AUD$0.01 9137 $93 -- -- -- -- -- -- -- -- -- Au/Australia
Gold Canyon Resources (CN) GCU 2.5 C$0.23 149 $31 (0.04) (0.05) (0.03) -- -- -- -- -- -- Au/Canada
Gold Standard Ventures GSV 2.0 C$0.74 92 $63 (0.05) (0.06) (0.06) (0.03) -- -- -- -- -- Au/US
Goldrock Mines Corp (CN) GRM 2.5 C$0.44 79 $32 -- -- (0.01) -- -- -- -- -- -- Au/Argentina
Gryphon  Minerals Ltd (AU) GRY 2.0 AUD$0.13 401 $46 -- (0.02) 0.00 0.04 0.06 -- 27.8 3.5 2.1 Au/Burkina Faso
Intrepid Mines Ltd (AU) IAU -- US$0.25 557 $139 (0.01) -- -- -- -- -- -- -- -- Au/Australia
Kaminak Gold Corp (CN) KAM 1.8 C$0.70 93 $60 (0.12) (0.04) (0.05) -- -- -- -- -- -- Au/Canada
Klondex Mines Ltd (CN) KDX 1.8 C$1.82 111 $186 (0.08) 0.23 0.25 0.68 -- 7.9 7.1 2.7 -- Au/US
Lingbao Gold Co Ltd (HK) 3330 4.0 CNY$1.02 297 $49 (0.87) (0.03) (0.06) (0.09) -- -- -- -- -- Au/China
Lydian International (CN) LYD 2.3 GBP$0.01 152 $126 (0.00) (0.00) (0.00) (0.00) -- -- -- -- -- Au/Armenia
Marlin Gold Mining Co (CN) MLN 1.8 CNY$0.09 730 $61 (0.01) (0.00) 0.02 0.02 0.02 -- 5.4 6.0 4.5 Au/Mexico
Midas Gold Corp (CN) MAX 2.2 US$0.64 142 $90 (0.03) (0.03) (0.02) (0.02) (0.02) -- -- -- -- Au/US
Midway Gold Corp MDW 1.7 C$0.97 134 $120 0.00 (0.10) 0.09 0.11 0.23 -- 10.8 9.1 4.2 Au/US
Minera IRL Ltd (UK) MIRL 1.0 US$0.13 229 $30 (0.05) (0.01) (0.02) 0.05 -- -- -- 2.6 -- Au/Peru, Argentina
Orca Gold (CN) ORG 2.0 C$0.49 107 $48 -- -- -- -- -- -- -- -- -- Au/Sudan
Orezone Gold Corp (CN) ORE 2.1 C$0.55 96 $53 (0.15) (0.05) (0.04) (0.04) 0.15 -- -- -- 3.8 Au/Bukina Faso
Petaquilla Minerals Ltd (CN) PTQ 3.0 C$0.13 237 $28 -- -- -- -- -- -- -- -- -- Au, Cu/Panama, Spain
Probe Mines Ltd (CN) PRB 2.2 C$2.55 76 $179 (0.27) (0.13) (0.04) -- -- -- -- -- -- Au/Canada
Richmont Mines RIC 3.0 C$1.34 48 $59 (0.26) 0.04 (0.03) -- -- 33.5 -- -- -- Au/Canada
Roxgold Inc (CN) ROG 1.7 C$0.71 236 $154 (0.03) (0.03) (0.03) 0.16 -- -- -- 4.5 -- Au/Burkina Faso
St Andrew Goldfields Ltd (CN) SAS -- C$0.28 368 $93 (0.01) -- -- -- -- -- -- -- -- Au/Canada
St Barbara Ltd (AU) SBM 3.6 AUD$0.17 488 $79 -- (0.08) 0.02 (0.01) (0.02) -- 7.5 -- -- Au/Australia
San Gold Corp (CN) SGR 4.0 C$0.13 373 $43 (0.08) (0.06) (0.08) (0.08) (0.06) -- -- -- -- Au/Canada
Sandspring Resources Ltd (CN) SSP -- C$0.30 132 $37 -- -- -- -- -- -- -- -- -- Au/Guyana
Saracen Mineral Holdings (AU) SAR 2.6 AUD$0.35 793 $256 -- 0.04 0.05 -- 0.05 9.2 6.4 -- 7.8 Au/Australia
Troy Resources (AU) TRY 3.5 AUD$0.80 111 $82 (0.01) 0.01 (0.05) -- -- 80.0 -- -- -- Au/Australia
True Gold Mining (CN) TGM 1.9 C$0.37 398 $134 (0.14) (0.03) (0.02) 0.10 0.06 -- -- 3.8 6.1 Au/Burkina Faso
Victoria Gold Corp (CN) VIT 2.0 C$0.12 340 $38 (0.03) -- -- -- -- -- -- -- -- Au/Canada
Vista Gold Corp VGZ 2.0 US$0.41 82 $34 (0.68) -- -- -- -- -- -- -- -- Au/Australia, Mexico, US
Wesdome Gold Mines Ltd (CN) WDO 3.5 C$0.80 111 $82 (0.01) 0.01 (0.05) -- -- 80.0 -- -- -- Au/Canada
Average                     35.8 12.4 4.7 7.9  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson One Analytics Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0) 
Silver Price Shrs O/S Mkt Cap Earnings Per Share      Price/Earnings  
Symbol Rating 27-May-14 (MM) (US$MM) 2013 2014E 2015E 2016E 2017E 2014E 2015E 2016E 2017E Commodity/Country
Aurcana Corp (CN) AUN 4.0 C$0.58 75 $43 -- (0.02) 0.10 0.16 -- -- 5.8 3.6 -- Ag/Mexico, US
Bear Creek Mining Corp (CN) BCM 2.0 US$1.76 93 $164 (0.23) (0.13) (0.13) (0.06) 0.77 -- -- -- 2.3 Ag/Peru
Excellon Resources (CN) EXN -- C$1.21 55 $61 -- -- -- -- -- -- -- -- -- Ag, Pb, Zn/Mexico
Mag Silver Corp MVG 2.0 C$6.92 60 $416 (0.49) (0.12) (0.11) (0.09) (0.08) -- -- -- -- Ag/Mexico
Minco Silver Corp (CN) MSV 4.0 C$0.80 60 $44 (0.05) (0.08) (0.08) -- -- -- -- -- -- Ag/China
Sabina Gold & Silver Corp (CN) SBB 2.3 C$0.63 194 $113 (0.05) (0.03) (0.01) -- -- -- -- -- -- Ag, Zn/Canada
SantaCruz Silver Mining Ltd (CN) SCZ 1.5 US$0.71 103 $73 (0.07) 0.05 0.08 0.07 0.14 15.8 8.9 10.1 5.1 Ag/Mexico
Scorpio Mining Corp (CN) SPM 1.0 C$0.29 199 $53 (0.02) (0.01) 0.04 -- -- -- 7.6 -- -- Ag, Zn/Mexico
Silver Bull Resources SVBL -- US$0.30 159 $49 -- -- -- -- -- -- -- -- -- Ag, Zn/Mexico
US Silver & Gold (CN) USA 2.5 C$0.46 78 $33 (0.29) (0.07) (0.04) 0.01 -- -- -- 42.3 -- Ag/US
Wildcat Silver Corp (CN) WS 3.0 C$0.55 144 $73 -- -- -- -- -- -- -- -- -- Ag/US
Average                     15.8 7.4 18.7 3.7  
Platinum Group Metals                            
Atlatsa Resources Corp ATL 3.3 C$0.41 554 $209 0.08 (0.00) 0.02 -- -- -- 19.8 -- -- Pt/South Africa
Eastern Platinum Ltd (CN) ELR 2.8 US$0.08 928 $73 (0.01) 0.00 0.01 (0.01) -- -- 7.8 -- -- Pt/South Africa
North American Palladium PAL 4.0 US$0.28 363 $95 (0.21) (0.14) 0.02 0.06 -- -- 15.5 4.5 -- Pd/\Canada
Wesizwe Platinum Ltd (SA) WEZ 4.0 ZAR$1.00 1628 $158 -- (0.03) (0.04) -- -- -- -- -- -- Pt/South Africa
Average                       14.4 4.5    
Specialty Metals
                             
Alkane Resources Ltd (AU) ALK 3.0 AUD$0.30 373 $103 -- 0.02 0.02 0.07 0.20 15.5 14.2 4.2 1.5 Zr, Nb, REE/Australia
Arafura Resources Ltd (AU) ARU -- AUD$0.06 441 $24 -- -- -- -- -- -- -- -- -- REE/Australia
Avalon Rare Metals AVL 1.5 C$0.54 112 $56 (0.07) (0.12) -- -- -- -- -- -- -- REE/Canada
Canada Lithium (CN) CLQ 1.5 C$0.67 231 $142 (0.03) 0.02 0.09 0.15 0.15 44.7 7.9 4.5 4.5 Li/Canada
China Rare Earth Holdings (HK) 769 -- HK$0.99 1673 $214 -- -- -- -- -- -- -- -- -- REE/China
Frontier Rare Earths Ltd (CN) FRO -- US$0.28 90 $25 -- -- -- -- -- -- -- -- -- REE/South Africa
Great Western Minerals(CN) GWG -- C$0.09 419 $33 -- -- -- -- -- -- -- -- -- REE/South Africa
Lynas Corp Ltd (AU) LYC 2.8 AUD$0.17 1961 $308 -- (0.03) 0.02 0.04 0.06 -- 7.8 3.9 2.8 REE/Australia, Malaysia
Molycorp MCP 3.1 US$2.85 245 $697 (1.09) (1.00) (0.07) 0.28 -- -- -- 10.3 -- REE/US
Tasman Metals Ltd TAS 2.0 C$1.18 66 $71 -- -- -- -- -- -- -- -- -- REE/Sweden
Average                     30.1 10.0 5.7 2.9  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson One Analytics Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0) 
Uranium Price Shrs O/S Mkt Cap Earnings Per Share      Price/Earnings  
Symbol Rating 27-May-14 (MM) (US$MM) 2013 2014E 2015E 2016E 2017E 2014E 2015E 2016E 2017E Commodity/Country
Berkeley Resources Ltd (AU) BKY 1.0 AUD$0.26 180 $43 -- (0.05) (0.03) -- -- -- -- -- -- U/Spain
Energy Fuels (CN) EFR 1.5 C$8.51 20 $154 (1.71) (0.74) (0.50) 0.62 1.08 -- -- 13.7 7.9 U/US
Fission Uranium Corp (CN) FCU 1.5 C$1.20 351 $388 -- (0.04) (0.02) -- -- -- -- -- -- U/Canada
Kivalliq Energy Corp (CN) KIV 1.7 C$0.20 191 $35 0.00 (0.03) -- -- -- -- -- -- -- U/Canada
Laramide Resources Ltd (CN) LAM 3.0 C$0.46 78 $33 (0.03) (0.02) (0.03) -- -- -- -- -- -- U/Australia
Toro Energy Ltd (AU) TOE 2.0 AUD$0.06 1557 $91 -- (0.01) -- -- -- -- -- -- -- U/Australia
UEX Corp (CN) UEX 2.0 C$0.44 228 $91 (0.01) (0.01) (0.01) -- -- -- -- -- -- U/Canada
Ur-Energy Inc  URG 1.8 C$1.26 129 $149 (0.26) (0.04) 0.05 0.14 0.17 -- 23.3 9.2 7.5 U/US
Uranerz Energy Corp URZ 2.0 US$1.46 86 $126 (0.33) (0.08) 0.03 0.11 0.21 -- 43.9 13.3 7.1 U/US
Uranium Energy Corp  UEC 1.8 US$1.82 90 $164 -- (0.13) 0.06 0.20 0.26 -- 31.5 9.0 7.0 U/US
Average                       32.9 11.3 7.4  
Coal                              
Coalspur Mines Ltd (CN) CPT 3.0 C$0.06 641 $38 (0.03) (0.02) (0.02) 0.02 0.06 -- -- 3.2 1.1 coal/Canada
Cokal Ltd (AU) CKA 2.3 AUD$0.14 471 $61 -- (0.00) 0.03 0.09 0.10 -- 5.2 1.5 1.5 coal/Indonesia, Tanzania
Corsa Coal Corp (CN) CSO 3.0 C$0.14 667 $86 -- (0.04) (0.03) 0.02 -- -- -- 7.0 -- coal/US
Fortune Minerals (CN) FT 2.0 C$0.28 188 $49 -- -- -- -- -- -- -- -- -- anthracite, Au, Bi, Co/Canada
Oxford Resource Partners LP OXF 3.0 US$1.06 21 $22 (1.07) (1.21) (1.26) (1.47) -- -- -- -- -- coal/US
Tigers Realm Coal (AU) TIG 2.0 AUD$0.14 890 $115 (0.02) (0.01) (0.02) (0.00) (0.00) -- -- -- -- coal/Russia
Average                       5.2 3.9 1.3  
Fertilizers                              
Allana Potash Corp (CN) AAA 1.5 C$0.38 325 $112 -- (0.03) -- -- -- -- -- -- -- potash/Ethiopia
Arianne Phosphate (CN) DAN 2.0 C$1.10 87 $88 -- -- -- -- -- -- -- -- -- phosphate/Canada
Encanto Potash Corp (CN) EPO 3.0 C$0.12 309 $34 -- -- -- -- -- -- -- -- -- potash/Canada
Hanfeng Evergreen Inc (CN) HF 4.0 C$0.71 60 $39 -- -- -- -- -- -- -- -- -- fertilizers/China
IC Potash Corp (CN) ICP 2.3 C$0.32 173 $51 (0.04) -- -- -- (0.08) -- -- -- -- potash/US
Karnalyte Resources Inc (CN) KRN 3.3 C$1.10 27 $28 (0.25) (0.25) (0.23) (0.02) -- -- -- -- -- potash/Canada
MBAC Fertilizer Corp (CN) MBC 2.0 C$0.49 182 $82 (0.22) (0.07) 0.02 0.06 -- -- 28.7 7.9 -- phosphate, potash/Brazil
Migao Corp (CN) MGO 3.0 C$1.44 52 $70 -- -- -- -- -- -- -- -- -- potash/China
Sirius Minerals PLC (UK) SXX 1.3 GBP$0.12 1873 $363 -- (0.62) (0.01) -- -- -- -- -- -- potash/UK
Stonegate Agricom Ltd (CN) ST 2.3 C$0.13 194 $23 (0.01) -- -- -- -- -- -- -- -- phosphate/Peru, US
Western Potash Corp (CN) WPX 3.0 C$0.42 227 $88 -- -- -- -- -- -- -- -- -- potash/Canada
Average                       28.7 7.9    
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 (27-May-14) 2010 2011 2012 2013 2014E 2015E 2016E 2017E 2018E
Aluminum ($0.81 / lb) $0.99 $1.09 $0.92 $0.84 $0.84 $0.89 $0.92 $0.99 $1.08
Copper ($3.18 / lb) $3.43 $4.00 $3.61 $3.33 $3.21 $3.20 $3.21 $3.25 $3.36
Lead ($0.96 / lb) $0.97 $1.09 $0.94 $0.97 $0.98 $1.00 $1.00 $0.99 $0.98
Nickel ($8.91 / lb) $9.91 $10.38 $7.95 $6.81 $7.14 $7.70 $8.16 $8.31 $9.03
Zinc ($0.94 / lb) $0.98 $1.00 $0.88 $0.87 $0.94 $0.99 $1.04 $1.08 $1.13
Gold ($1263 / oz) $1,226 $1,571 $1,668 $1,411 $1,291 $1,314 $1,329 $1,322 $1,340
Palladium ($831 / oz) $528 $733 $643 $725 $773 $812 $863 $673 $875
Platinum ($1461 / oz) $1,611 $1,719 $1,549 $1,485 $1,541 $1,592 $1,646 $1,666 $1,808
Silver ($19.04 / oz) $20.24 $35.29 $31.13 $23.82 $21.72 $22.07 $22.38 $22.26 $21.91
Uranium ($28.25 / 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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