Table of Contents
COMMODITY & SHARE PERFORMANCE…………………………………………………………………………………………………………………………… 3
PRICE / NAV AT FORWARD CURVE PRICES……………………………………………………………………………………………………………………… 4
SPECULATIVE NET LONG/SHORT POSITIONS…………………………………………………………………………………………………………………… 5
INVENTORY & PRICE…………………………………………………………………………………………………………………………………………………… 6
SUMMARY VALUATION & RECOMMENDATIONS………………………………………………………………………………………………………………… 7
SHARE PRICE PERFORMANCE:
SHARE PRICE PERFORMANCE IN LOCAL CURRENCY TABLE……………………………………………………………………………… 8
CHARTS…………………………………………………………………………… 9
SHARE PRICE PERFORMANCE IN US$ CURRENCY TABLE……………………………………………………………………………… 10
CHARTS…………………………………………………………………………… 11
METAL & SHARE PRICE CYCLE BENCHMARKS IN LOCAL CURRENCY TABLE…………………………………………… 12
CHARTS………………………………………… 13
VALUATIONS:
EARNINGS, P/E & RELATIVE P/E MULTIPLES TABLE……………………………………………………………………………… 14
CHARTS…………………………………………………………………………… 15
EPS LEVERAGE TO CHANGES IN COMMODITY PRICES…………………………………………………………………………………………………… 16
OPERATING CASH FLOW & P/CF MULTIPLES TABLE……………………………………………………………………………… 18
CHARTS…………………………………………………………………………… 19
EBITDA & ENTERPRISE VALUE MULTIPLES TABLE……………………………………………………………………………… 20
CHARTS…………………………………………………………………………… 21
FREE CASH FLOW ANALYSIS TABLE……………………………………………………………………………………………………………… 22
CHARTS…………………………………………………………………………………………………………… 23
NET ASSET VALUES TABLE……………………………………………………………………………………………………………… 24
CHARTS…………………………………………………………………………………………………………… 25
NET ASSET VALUE LEVERAGE TO COMMODITY PRICES…………………………………………………………………………………………………… 26
DIVIDEND & MARGIN ANALYSIS TABLE……………………………………………………………………………………………………………… 27
CHARTS…………………………………………………………………………………………………………… 28
METAL PRODUCTION & LEVERAGE………………………………………………………………………………………………………………………..……… 29
BALANCE SHEET:
MARKET CAPITALIZATION & ENTERPRISE VALUE…………………………………………………………………………………………………………… 30
BALANCE SHEET (most recent quarter actuals)………………………………………………………………………………………………………………… 31
BALANCE SHEET ANALYSIS (most recent quarter actuals) TABLE…………………………………………………………… 32
CHARTS………………………………………………………… 33
ESTIMATES & VALUATION BASED ON FORWARD CURVE PRICES………………………………………………………………………………………… 34
NORTH AMERICAN RISK / REWARD ANALYSIS………………………………………………………………………………………………………………… 35
METAL PRICES:
INPUT ASSUMPTIONS & FORECAST PRICES………………………………………………………………………………………………………………… 36
METAL PRICE RISK/REWARD ANALYSIS……………………………………………………………………………………………………………………… 37