BMO - Gold Sector Analysis by riteshbhansali

VIEWS: 104 PAGES: 61

									Global Mining
Research

May 7, 2012
                                                  Gold Sector Analysis
                                                  Potential New Gold Mines Assessed

                                                  The BMO Research universe of 62 global gold stocks has 76 potential
Stocks With New Mines in 2012                     new mines scheduled to start by 2020. The projects have been ranked
                                                  in order of appeal to investors and potential corporate predators.
AR                       Outperform
                                                  1:                                        The potential new mines are forecast to produce 25Moz/year by
Price:   C$7.50         Target Price: C$11.00                                               2020 from gold reserves of 315Moz in gold resources of 500Moz.

                                                  2:                                        Cerro Negro, Edikan, San Antonio, Perama Hill and Skouries rank
AUQ                      Outperform                                                         as the best five projects under the scoring method. Meanwhile,
Price:   C$8.57
                                                                                            Cote Lake, La Colosa, Joanna, Borden Lake and Tusker rank as
                        Target Price: C$14.00
                                                                                            the least attractive projects given current information.

AUY                      Outperform               3:                                        Larger gold stocks may consider acquisitions or divestiture to
                                                                                            upgrade their project pipeline. The estimated returns raise the
Price:   US$14.12     Target Price: US$22.00                                                question of whether some weaker projects should be undertaken.

                                                  Fig 1: New Gold Mines Are Forecast to Produce 25Moz/Year by 2020
ELD                      Outperform
                                                                                      30

Price:   C$13.15        Target Price: C$20.00
                                                                                      25


NCM                      Outperform
                                                       Annual Gold Production (Moz)




                                                                                      20

Price:   A$26.65        Target Price: A$40.00
                                                                                      15


NGD                      Outperform                                                   10


Price:   C$8.56         Target Price: C$15.00
                                                                                       5



PRU                      Outperform                                                    0
                                                                                             Dec'12E   Dec'13E    Dec'14E      Dec'15E   Dec'16E     Dec'17E   Dec'18E   Dec'19E    Dec'20E   Dec'21E   Dec'22E
                                                                                                       Africa    Australasia     China    Europe      N.America    S.America     Russia   Other
Price:   A$2.50          Target Price: A$3.25
                                                  Source: BMO Capital Markets
Prices at May 4, 2012

                                                  Fig 2: Some 76 New Mines Are Scheduled to Commence by 2020
                                                                                      1.4


David Haughton                                                                        1.2
                                                       Annual Gold Production (Moz)




+1-416-359-4052                                                                       1.0
david.haughton@bmo.com
                                                                                      0.8

Andrew Breichmanas                                                                    0.6
+1-416-359-8387
andrew.breichmanas@bmo.com                                                            0.4

                                                                                      0.2
John Hayes
                                                                                      0.0
+1-416-359-6189
                                                                                                   New Liberty
                                                                                                          Orion
                                                                                                  La Colorada
                                                                                                  Krumovgrad


                                                                                                  San Antonio
                                                                                                        Hounde


                                                                                                        La India



                                                                                                   Cerro Moro
                                                                                                   Mongbwalu


                                                                                                      Jeronimo
                                                                                                 Cerro Blanco


                                                                                                      Bombore
                                                                                                          Eagle

                                                                                                       Agi Dagi




                                                                                                         Volcan




                                                                                                           Haile


                                                                                                   Lobo Marte
                                                                                                          Certej




                                                                                                          Suyai

                                                                                                     Meliadine




                                                                                                           Wafi
                                                                                                         Conga
                                                                                                  Cerro Negro
                                                                                                          Kibali
                                                                                                     La Colosa
                                                                                               Rosia Montana
                                                                                                      Caspiche


                                                                                                        Natalka
                                                                                                         Donlin
                                                                                                   Perama Hill




                                                                                                         Akyem
                                                                                                C1 Santa Luz




                                                                                                            Pilar




                                                                                                       Phoenix




                                                                                                    Back River


                                                                                                         Tusker




                                                                                                   Rainy River




                                                                                                       Fronteer




                                                                                                   Blackwater
                                                                                               Eastern Dragon
                                                                                                        Ernesto

                                                                                                    New Afton

                                                                                                         Didipio

                                                                                                        Joanna




                                                                                                    Baomahun
                                                                                                Tocantinzinho
                                                                                                  Efemcukuru


                                                                                                       Tengrela

                                                                                                    Angostura
                                                                                              Young-Davidson
                                                                                                 Borden Lake
                                                                                                     Massawa
                                                                                                         Merian
                                                                                                         Edikan
                                                                                                    Cote Lake
                                                                                                 Volta Grande

                                                                                                        Esaase
                                                                                                          Golpu


                                                                                                         Aurora
                                                                                                       El Morro



                                                                                                     Tropicana

                                                                                               Fruta Del Norte

                                                                                                      Eleonore


                                                                                                  Detour Lake
                                                                                                    Livengood


                                                                                                        Pascua
                                                                                                  Pueblo Viejo
                                                                                                      Skouries




                                                                                                      Olympias




                                                                                                        Morelos
                                                                                               Hammond Reef




                                                                                                   Cadia East




                                                                                                 Cerro Casale
                                                                                                      Arqueros




                                                                                                     Mercedes




                                                                                             Golden Meadows




johnp.hayes@bmo.com

Andrew Kaip                                                                                                        2012 Projects     2013 Projects     2014 Projects     2015 Projects
+1-416-359-7224                                                                                                    2016 Projects     2017 Projects     2018 Projects     2019 Projects

andrew.kaip@bmo.com                               Source: BMO Capital Markets




This report was prepared in part by an analyst(s) employed by a Canadian affiliate, BMO Nesbitt Burns Inc., and who is (are) not registered
as a research analyst(s) under FINRA rules. For disclosure statements, including the Analyst's Certification, please refer to pages 59 to 61.
Global Mining Research
New Gold Mines Ranked
May 7, 2012



                          1. Gold Projects Ranked for Appeal
                                 The BMO senior and intermediate gold stock universe is forecast to grow
Gold production growth to        production to a peak of 64Moz in 2018 from 42Moz in 2011. The growth is
2018 for BMO stocks.             driven by 76 potential new mines scheduled to start up during 2012 to 2020.


                                 Analysis of the 76 New Mines Starting in 2012 to 2020
                                 The potential new mines are forecast to produce ~25Moz/year by 2020 from
                                 gold reserves of 315Moz in gold resources of 500Moz. The gold-equivalent
                                 reserves are 415Moz included in resources of 690Moz using spot prices.
The 76 proposed new gold
mines contribute 25Moz/year      The in situ resource value stands at US$1,140B or US$86/t (1.6g/t), at spot.
by 2020 for life-of-mine         Development capital is estimated at US$85B with life-of-mine capital of
output of 530Moz of gold.        US$140B, for an average of US$200/oz of gold equivalent.

                                 The average life-of-mine cash costs are forecast at US$510/oz of gold
                                 equivalent with US$700/oz in combined capital and operating costs.
                                 The projects offer potential returns at spot prices with an average IRR of 26%
                                 and an average cash flow payback of ~3.2 years after start-up.


                                 Some Projects May Not Proceed as Planned
                                 The large number of proposed new mine developments that contribute to the
Cost and labour pressures.       cost pressures and labour shortages experienced by the industry suggests
                                 that not all of the projects will be delivered as planned.
Should mines with poor
investment return be built?      The disappointing investment returns offered by some of the projects raise
                                 the question of whether the weaker developments should be undertaken.


                                 Potential for More Industry Consolidation
                                 The pursuit of growth opportunities has been a major driver for merger and
Potential for acquisitions       acquisition activity within the global gold industry. Larger gold stocks may
and divestitures to upgrade      consider acquisitions or divestiture to upgrade their project pipeline.
the project pipeline.
                                 Potentially attractive targets include: Argonaut, Aureus, Avion, Detour,
                                 Extorre, Perseus, Romarco, Rubicon and Torex based on the encouraging new
                                 project ranking combined with the relative corporate valuation.

                                 Fig 3: Proposed New Gold Mine Ranking
                                                                 80

Cerro Negro, Edikan, San
Antonio, Perama Hill and                                         60
                                           New Project Ranking




Skouries rank as the most
attractive five projects under                                   40

the scoring method.                                                      Better
                                                                         Score
                                                                 20

Meanwhile, Cote Lake, La
Colosa, Joanna, Borden                                           0
                                                                           Cerro Negro
                                                                                  Edikan
                                                                           San Antonio
                                                                            Perama Hill
                                                                                    Haile
                                                                         C1 Santa Luz
                                                                           La Colorada
                                                                                 La India
                                                                                Tengrela
                                                                            New Liberty
                                                                                    Wafi
                                                                                   Suyai


                                                                                   Orion
                                                                                     Pilar
                                                                                Agi Dagi
                                                                                Fronteer
                                                                       Young-Davidson
                                                                           Detour Lake


                                                                                  Akyem


                                                                                 Hounde




                                                                                   Certej

                                                                              Tropicana
                                                                                El Morro




                                                                                   Kibali
                                                                             Baomahun



                                                                               Jeronimo



                                                                                  Conga
                                                                            Lobo Marte
                                                                                  Donlin
                                                                                   Eagle




                                                                             La Colosa
                                                                               Skouries

                                                                           Efemcukuru
                                                                           Pueblo Viejo
                                                                             New Afton

                                                                                 Morelos

                                                                           Krumovgrad
                                                                            Cerro Moro
                                                                        Eastern Dragon


                                                                                Phoenix


                                                                              Massawa
                                                                                 Ernesto

                                                                          Volta Grande
                                                                                 Pascua
                                                                                  Volcan
                                                                               Arqueros
                                                                             Angostura
                                                                                  Merian
                                                                                   Golpu
                                                                        Rosia Montana

                                                                                 Esaase
                                                                               Eleonore
                                                                            Rainy River
                                                                                 Natalka
                                                                            Blackwater

                                                                         Tocantinzinho
                                                                            Mongbwalu
                                                                              Meliadine

                                                                        Fruta Del Norte
                                                                               Bombore
                                                                                  Didipio
                                                                             Livengood


                                                                                  Aurora
                                                                              Caspiche
                                                                          Cerro Blanco
                                                                          Cerro Casale
                                                                             Back River
                                                                                  Tusker
                                                                          Borden Lake
                                                                                 Joanna
                                                                             Cote Lake
                                                                              Mercedes

                                                                            Cadia East



                                                                              Olympias




                                                                        Hammond Reef




                                                                      Golden Meadows




Lake and Tusker rank as the
least attractive projects
given current information.                                                 2012 Projects
                                                                           2016 Projects
                                                                                           2013 Projects
                                                                                           2017 Projects
                                                                                                           2014 Projects
                                                                                                           2018 Projects
                                                                                                                           2015 Projects
                                                                                                                           2019 Projects


                                 Source: BMO Capital Markets




Page 2 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012


                              To Build or Not to Build
                              The gold companies need to consider the fiscal prudence of developing
                              projects that offer weak investment returns.

                              Major gold companies such as Barrick and Newmont arguably should consider
Scope for companies to        acquiring advanced development projects or companies with prospective
upgrade projects through      projects rather than undertake the large capital expenditure programs for
acquisition or divestiture.   more difficult projects like Donlin, Cerro Casale or Conga.
                              For Kinross, Lobo Marte and Fruta del Norte are in the bottom quartile with an
                              IRR of <20% at spot and may be a distraction from Tasiast, which is
                              considered a brownfield project and excluded from the new project rankings.

                              Single mine companies with challenging projects include Trelawney (Cote
                              Lake), Aurizon (Joanna), Probe (Borden Lake), Sabina (Back River), Midas
                              (Golden Meadows), Exeter (Caspiche), Victoria (Eagle), Guyana (Aurora) and
                              ITH (Livengood). Terminating low return projects is difficult for a single mine
                              company, but the market can govern that decision when funding is sought.

                              Fig 4: New Mine Ranking Versus Peak Annual Gold Production

                                                               1.40
                                                                                                                                                            Donlin
Barrick and Newmont may                                        1.20                                                                                               Cerro
wish to reconsider a                                                                                                                                              Casale
                                 Peak Gold Production (Moz)




commitment to Donlin, Cerro                                    1.00
                                                                                                                                                      Caspiche
Casale and Conga given the                                                                                                        Rosia                           La Colosa
                                                               0.80                                                              Montana
potentially poor investment                                                                        Detour
                                                                                                                                          Livengood
                                                                                                                                           Conga
returns anticipated.                                           0.60                                                               FDN               Golden
                                                                                                                                       Lobo Marte Meadow
                                                                           Haile                          Volcan           Rainy             Aurora
                                                               0.40               Morelos                                                              Tusker
                                                                                                    Volte                  River                           Cote
                                                                                                   Grande           Esaase                 Back River
                                                                                                                              Bombore                      Lake
                                                               0.20                   Cerro Moro                 Angostura                Eagle            Borden
                                                                                                 Phoenix
                                                                                                                                             Cerro          Lake
                                                                                 New Liberty                                      Didipio    Blanco Joanna
                                                               0.00
                                                                      0                    19                         38                         57                        76
                                                                                                               Project Ranking
                                                                                                Multi-Mine Company   Single Mine Company



                              Source: BMO Capital Markets


                              Fig 5: New Mine IRR Below 20% at Spot Versus Peak Annual Gold Production

                                                               1.40

Single mine companies with                                                  Donlin

more challenging projects                                      1.20                                         Cerro
                                                                                                            Casale
include:
                                  Peak Gold Production (Moz)




                                                               1.00
+ Trelawney (Cote Lake)                                                                                                                Pascua
                                                                                                                                                           La Colosa
+ Aurizon (Joanna)                                             0.80
+ Probe (Borden Lake)                                                                                                        Kibali
                                                                                                                                           Conga
                                                                                                             Eleonore
+ Sabina (Back River)                                          0.60
                                                                                                                                                Fruta del Norte
+ Midas (Golden Meadows)                                                                                                  Meliadine                El Morro Aurora
+ Exeter (Caspiche)                                            0.40                                                               Lobo Marte
                                                                                                                                    Cote Lake
+ Victoria (Eagle)                                                        Cerro                                                       Back River
                                                                                                                                                       Borden Lake
                                                               0.20                  Joanna
+ Guyana (Aurora)                                                         Blanco                                                           Olympias Jeronimo
+ ITH (Livengood)                                              0.00
                                                                                                                                                      Didipio

+ Orezone (Bombore)                                               10.0%                   12.5%                        15.0%
                                                                                                      Project Internal Rate of Return at Spot
                                                                                                                                                   17.5%                    20.0%



                              Source: BMO Capital Markets




Page 3 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012


                                 Some Attractive Projects in Amongst the Gold Stocks
                                 The most attractive projects in single mine companies include Haile
                                 (Romarco), New Liberty (Aureus), Morelos (Torex), Cerro Moro (Extorre),
                                 Phoenix (Rubicon), Detour Lake (Detour), Volte Grande (Belo Sun), and
                                 Volcan (Andina) all ranked in the top half of the project list.

                                 The general trend of the new projects suggests that stocks with the better
                                 projects tend to have greater market capitalization than the weaker projects.

                                 Detour, Haile & Morelos Should Attract a Major Gold Stock

                                 Few single project companies offer the combination of a good ranking and
                                 project size sufficient to attract the attention of a major gold stock with just
                                 Detour Lake, Haile and Morelos exceeding 0.3Moz/year of the better ranked
                                 projects.

                                 Eldorado and Yamana Have the Best Pipeline for the Senior Stocks

                                 The most attractive (best quartile) projects held by senior gold stocks include:
Eldorado and Yamana have         Cerro Negro for Goldcorp; Perama Hill, Skouries and Efemcukuru for
the best pipeline for the        Eldorado; C1 Santa Luz and Suyai for Yamana; Pueblo Viejo for Barrick (60%)
senior stocks.                   and Goldcorp (40%); and La India for Agnico-Eagle.
                                 The seniors with the best project pipeline (defined by projects in the best two
                                 quartiles) include Eldorado (with five projects) and Yamana (five projects).

                                 Perseus and Argonaut Have the Best Pipeline for the Mid-Tier Stocks

                                 The most attractive (best quartile) projects held by mid-tier gold stocks
Perseus and Argonaut have        include: Edikan and Tengrela for Perseus; San Antonio and La Colorada for
the best pipeline for the mid-   Argonaut; New Afton for New Gold; and Krumovgrad for Dundee Precious
tier stocks.                     Metals.

                                 Meanwhile, AuRico (Young-Davidson and Orion) and Alamos (Agi Dagi) also
                                 have projects ranked in the top half of the new project rankings.


                                 Fig 6: New Mine Ranking Versus Stock Market Capitalization

                                                                      100.00
The most attractive projects
in single mine companies                                               30.00
                                 Stock Market Capitalization (US$B)




include                                                                10.00
+ Haile (Romarco)
+ New Liberty (Aureus)                                                  3.00
                                                                                                                Detour
+ Morelos (Torex)                                                                                                                Rosia
                                                                                   Haile                                        Montana                       Back River Joanna
                                                                                                Morelos
+ Cerro Moro (Extorre)                                                  1.00
                                                                                                             Phoenix                      Esaase         Aurora
                                                                                                                                                                            Cote
+ Phoenix (Rubicon)                                                                                   Cerro Moro
                                                                                                                                   Rainy         Livengood                  Lake
                                                                        0.30                                    Volte                                        Caspiche    Golden
+ Detour Lake (Detour)                                                                                         Grande              River
                                                                                                                                                                        Meadow
                                                                                           New Liberty                     Angostura
+ Volte Grande (Belo Sun)                                               0.10
                                                                                                                                                 Bombore
                                                                                                                                                           Eagle Borden
+ Volcan (Andina)                                                                                                  Volcan                                          Lake
                                                                        0.03
                                                                               0                    19                      38                       57                   76
                                                                                                                      Project Ranking
                                                                                                      Multi-Mine Company   Single Mine Company



                                 Source: BMO Capital Markets




Page 4 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012


Fig 7: New Mine Location Map




Source: BMO Capital Markets




Page 5 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012

Fig 8: New Project Ranking Summary (Best at Top)
       Rank                                                                     IRR   In Situ Value   Peak Output   LOM Capex   Capex & Opex
         #            Mine      Start-up     Stock        Tier        Region    (%)      (US$B)        (Moz gold)     (US$B)      (US$/oz)
         1    Cerro Negro        2013      GG        Senior      S.America     39%         9.1           0.67          1.80         532
         2    Edikan             2012      PRU       Mid-Tier    Africa        47%          9.2          0.32          0.38          826
         3    San Antonio        2014      AR        Mid-Tier    N.America     75%         2.7           0.11          0.18          666
         4    Perama Hill        2014      ELD       Senior      Europe        39%         2.3           0.14          0.28          595
         5    Skouries           2015      ELD       Senior      Europe        42%        18.7           0.14          1.21          513
         6    Haile              2014      R         Developer   N.America     35%          6.6          0.39          0.73          454
         7    C1 Santa Luz       2013      AUY       Senior      S.America     40%         3.4           0.12          0.44          740
         8    Efemcukuru         2012      ELD       Senior      Europe        22%          2.7          0.17          0.51          622
         9    La Colorada        2012      AR        Mid-Tier    N.America     101%         2.2          0.07          0.04          709
        10    Pueblo Viejo       2012      ABX/GG    Senior      N.America     23%        99.8           1.07          7.57          475
        11    La India           2014      AEM       Senior      N.America     46%          1.9          0.13          0.30          644
        12    New Afton          2012      NGD       Mid-Tier    N.America     28%         9.0           0.11          0.94          667
        13    Tengrela           2013      PRU       Mid-Tier    Africa        64%         1.5           0.22          0.31          941
        14    New Liberty        2014      AUE       Developer   Africa        58%         1.8           0.14          0.24          926
        15    Morelos            2015      TXG       Developer   N.America     36%         7.9           0.37          0.68          634
        16    Wafi               2018      NCM/HAR   Senior      Australasia   39%          6.8          0.59          1.07          616
        17    Suyai              2016      AUY       Senior      S.America     39%          5.0          0.40          0.75          554
        18    Krumovgrad         2015      DPM       Mid-Tier    Europe        46%         1.4           0.08          0.21          751
        19    Cerro Moro         2014      XG        Developer   S.America     48%          2.1          0.14          0.43          773
        20    Eastern Dragon     2013      ELD       Senior      China         20%         1.4           0.11          0.31          661
        21    Orion              2016      AUQ       Mid-Tier    N.America     42%         0.5           0.06          0.11          714
        22    Pilar              2013      AUY       Senior      S.America     24%          2.8          0.15          0.58          820
        23    Agi Dagi           2014      AGI       Mid-Tier    Europe        38%          3.6          0.26          0.71          707
        24    Phoenix            2014      RMX       Developer   N.America     23%         0.8           0.20          0.52         757
        25    Fronteer           2017      NEM       Senior      N.America      40%         0.0          0.53          0.83          564
        26    Young-Davidson     2012      AUQ       Mid-Tier    N.America     29%          7.9          0.26          1.10          728
        27    Detour Lake        2013      DGC       Developer   N.America     26%        45.4           0.68          2.19          716
        28    Massawa            2015      GOLD      Senior      Africa        30%          5.2          0.29          0.70          746
        29    Mercedes           2012      AUY       Senior      S.America     22%         1.9           0.11          0.50          769
        30    Ernesto            2013      AUY       Senior      S.America     26%          1.5          0.11          0.33          862
        31    Akyem              2014      NEM       Senior      Africa        20%        12.5           0.47          1.93          787
        32    Cadia East         2012      NCM       Senior      Australasia   24%        103.8          0.56          9.40          707
        33    Volta Grande       2016      BSX       Developer   S.America     28%          3.7          0.33          0.80          757
        34    Pascua             2013      ABX       Senior      S.America     17%        69.3           0.96          8.35          534
        35    Hounde             2016      AVR       Mid-Tier    Africa        57%          1.5          0.12          0.13          814
        36    Volcan             2015      ADM       Developer   S.America     30%        14.6           0.34          1.04          708
        37    Olympias           2012      ELD       Senior      Europe        18%        12.3           0.19          0.98         535
        38    Arqueros           2015      KCN       Mid-Tier    S.America     30%         2.1           0.03          0.25         1001
        39    Angostura          2015      EOM       Developer   S.America     29%         5.4           0.26          0.67         806
        40    Merian             2015      NEM       Senior      S.America     25%          3.7          0.29          1.37          984
        41    Certej             2015      ELD       Senior      Europe        23%         5.0           0.13          0.48          641
        42    Golpu              2017      NCM/HAR   Senior      Australasia   23%        92.1           0.36          9.84          620
        43    Rosia Montana      2015      GBU       Developer   Europe        20%        32.6           0.85          3.21          675
        44    Tropicana          2014      ANG       Senior      Australasia   21%          8.5          0.47          1.19          996
        45    El Morro           2017      GG        Senior      S.America     18%        41.1           0.40          5.89          576
        46    Esaase             2014      KGN       Developer   Africa        26%         5.3           0.36          0.73         1009
        47    Eleonore           2014      GG        Senior      N.America     15%          5.8          0.61          2.36          790
        48    Rainy River        2015      RR        Developer   N.America     28%         7.5           0.37          1.37         825
        49    Natalka            2015      PLGL      Senior      Russia        20%        75.0           1.26          7.22          698
        50    Blackwater         2017      NGD       Mid-Tier    N.America     24%          9.8          0.66          1.71          826
        51    Kibali             2014      GOLD      Senior      Africa        16%        23.1           0.71          2.71          860
        52    Baomahun           2014      CLF       Mid-Tier    Africa        20%          3.4          0.15          0.32         1020
        53    Tocantinzinho      2015      ELD       Senior      S.America     22%         3.9           0.16          0.54          834
        54    Mongbwalu          2014      ANG       Senior      Africa        20%          1.5          0.15          0.59          924
        55    Meliadine          2017      AEM       Senior      N.America     16%          7.4          0.46          1.06          817
        56    Hammond Reef       2016      OSK       Mid-Tier    N.America     27%         0.0           0.34          1.24          641
        57    Jeronimo           2015      AUY       Senior      S.America     19%          3.5          0.17          0.60          895
        58    Fruta Del Norte    2017      KGC       Senior      S.America     17%        12.4           0.54          2.10          629
        59    Bombore            2015      ORE       Developer   Africa        26%         2.6           0.23          0.60          897
        60    Didipio            2013      OGC       Mid-Tier    Australasia   19%         5.9           0.12          0.86         1011
        61    Livengood          2018      ITH       Developer   N.America     28%        25.3           0.76          2.06         838
        62    Conga              2016      NEM/BVN   Senior      S.America     17%        27.2           0.63          5.84          723
        63    Lobo Marte         2016      KGC       Senior      S.America     17%        11.4           0.41          1.41          796
        64    Donlin             2019      ABX/NG    Mixed       N.America     10%        64.0           1.33          9.57          831
        65    Aurora             2014      GUY       Developer   S.America     20%        10.4           0.40          1.71          998
        66    Eagle              2014      VIT       Developer   N.America     21%         7.9           0.24          0.65         951
        67    Caspiche           2018      XRC       Developer   S.America     27%        58.5           0.95          5.67          798
        68    Cerro Blanco       2018      GG        Senior      S.America     11%          2.3          0.18          0.76          662
        69    Cerro Casale       2018      ABX/KGC   Senior      S.America     14%        69.3           1.16          8.19          759
        70    Golden Meadows     2018      MAX       Developer   N.America     24%         3.4           0.41          0.85         1049
        71    Back River         2016      SBB       Developer   N.America     18%         6.6           0.28          0.99         1047
        72    Tusker             2016      ABG       Mid-Tier    Africa        20%          6.2          0.32          1.14         1025
        73    Borden Lake        2016      PRB       Developer   N.America     20%          0.5          0.27          1.07          864
        74    Joanna             2014      ARZ       Mid-Tier    N.America     12%         4.1           0.13          0.46         1113
        75    La Colosa          2018      ANG       Senior      S.America     19%         0.0           0.84          3.77         760
        76    Cote Lake          2016      TRR       Developer   N.America     17%          0.0          0.32          1.52          974

Source: BMO Capital Markets




Page 6 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012

Fig 9: New Project Ranking Summary (Alphabetic)
       Rank                                                                       IRR   In Situ Value   Peak Output   LOM Capex   Capex & Opex
         #            Mine      Start-up       Stock        Tier        Region    (%)      (US$B)        (Moz gold)     (US$B)      (US$/oz)
        23    Agi Dagi           2014      AGI         Mid-Tier    Europe        38%          3.6          0.26          0.71          707
        31    Akyem              2014      NEM         Senior      Africa        20%        12.5           0.47          1.93          787
        39    Angostura          2015      EOM         Developer   S.America     29%         5.4           0.26          0.67         806
        38    Arqueros           2015      KCN         Mid-Tier    S.America     30%         2.1           0.03          0.25         1001
        65    Aurora             2014      GUY         Developer   S.America     20%        10.4           0.40          1.71          998
        71    Back River         2016      SBB         Developer   N.America     18%         6.6           0.28          0.99         1047
        52    Baomahun           2014      CLF         Mid-Tier    Africa        20%          3.4          0.15          0.32         1020
        50    Blackwater         2017      NGD         Mid-Tier    N.America     24%          9.8          0.66          1.71          826
        59    Bombore            2015      ORE         Developer   Africa        26%         2.6           0.23          0.60          897
        73    Borden Lake        2016      PRB         Developer   N.America     20%         0.5           0.27          1.07         864
         7    C1 Santa Luz       2013      AUY         Senior      S.America     40%         3.4           0.12          0.44          740
        32    Cadia East         2012      NCM         Senior      Australasia   24%        103.8          0.56          9.40          707
        67    Caspiche           2018      XRC         Developer   S.America     27%        58.5           0.95          5.67          798
        68    Cerro Blanco       2018      GG          Senior      S.America     11%          2.3          0.18          0.76          662
        69    Cerro Casale       2018      ABX/KGC     Senior      S.America     14%        69.3           1.16          8.19          759
        19    Cerro Moro         2014      XG          Developer   S.America     48%          2.1          0.14          0.43          773
         1    Cerro Negro        2013      GG          Senior      S.America     39%         9.1           0.67          1.80         532
        41    Certej             2015      ELD         Senior      Europe        23%         5.0           0.13          0.48          641
        62    Conga              2016      NEM/BVN     Senior      S.America     17%        27.2           0.63          5.84          723
        76    Cote Lake          2016      TRR         Developer   N.America     17%          0.0          0.32          1.52          974
        27    Detour Lake        2013      DGC         Developer   N.America     26%        45.4           0.68          2.19          716
        60    Didipio            2013      OGC         Mid-Tier    Australasia   19%         5.9           0.12          0.86         1011
        64    Donlin             2019      ABX/NG      Mixed       N.America     10%        64.0           1.33          9.57          831
        66    Eagle              2014      VIT         Developer   N.America     21%         7.9           0.24          0.65         951
        20    Eastern Dragon     2013      ELD         Senior      China         20%         1.4           0.11          0.31          661
         2    Edikan             2012      PRU         Mid-Tier    Africa        47%          9.2          0.32          0.38          826
         8    Efemcukuru         2012      ELD         Senior      Europe        22%          2.7          0.17          0.51          622
        45    El Morro           2017      GG          Senior      S.America     18%        41.1           0.40          5.89          576
        47    Eleonore           2014      GG          Senior      N.America     15%          5.8          0.61          2.36          790
        30    Ernesto            2013      AUY         Senior      S.America     26%          1.5          0.11          0.33          862
        46    Esaase             2014      KGN         Developer   Africa        26%         5.3           0.36          0.73         1009
        25    Fronteer           2017      NEM         Senior      N.America      40%         0.0          0.53          0.83          564
        58    Fruta Del Norte    2017      KGC         Senior      S.America     17%        12.4           0.54          2.10          629
        70    Golden Meadows     2018      MAX         Developer   N.America     24%         3.4           0.41          0.85         1049
        42    Golpu              2017      NCM/HAR     Senior      Australasia   23%        92.1           0.36          9.84          620
         6    Haile              2014      R           Developer   N.America     35%          6.6          0.39          0.73          454
        56    Hammond Reef       2016      OSK         Mid-Tier    N.America     27%         0.0           0.34          1.24          641
        35    Hounde             2016      AVR         Mid-Tier    Africa        57%          1.5          0.12          0.13          814
        57    Jeronimo           2015      AUY         Senior      S.America     19%          3.5          0.17          0.60          895
        74    Joanna             2014      ARZ         Mid-Tier    N.America     12%         4.1           0.13          0.46         1113
        51    Kibali             2014      GOLD        Senior      Africa        16%        23.1           0.71          2.71          860
        18    Krumovgrad         2015      DPM         Mid-Tier    Europe        46%         1.4           0.08          0.21          751
         9    La Colorada        2012      AR          Mid-Tier    N.America     101%         2.2          0.07          0.04          709
        75    La Colosa          2018      ANG         Senior      S.America     19%         0.0           0.84          3.77         760
        11    La India           2014      AEM         Senior      N.America     46%          1.9          0.13          0.30          644
        61    Livengood          2018      ITH         Developer   N.America     28%        25.3           0.76          2.06         838
        63    Lobo Marte         2016      KGC         Senior      S.America     17%        11.4           0.41          1.41          796
        28    Massawa            2015      GOLD        Senior      Africa        30%          5.2          0.29          0.70          746
        55    Meliadine          2017      AEM         Senior      N.America     16%         7.4           0.46          1.06         817
        29    Mercedes           2012      AUY         Senior      S.America     22%         1.9           0.11          0.50          769
        40    Merian             2015      NEM         Senior      S.America     25%          3.7          0.29          1.37          984
        54    Mongbwalu          2014      ANG         Senior      Africa        20%          1.5          0.15          0.59          924
        15    Morelos            2015      TXG         Developer   N.America     36%         7.9           0.37          0.68          634
        49    Natalka            2015      PLGL        Senior      Russia        20%        75.0           1.26          7.22          698
        12    New Afton          2012      NGD         Mid-Tier    N.America     28%         9.0           0.11          0.94          667
        14    New Liberty        2014      AUE         Developer   Africa        58%         1.8           0.14          0.24          926
        37    Olympias           2012      ELD         Senior      Europe        18%        12.3           0.19          0.98          535
        21    Orion              2016      AUQ         Mid-Tier    N.America     42%         0.5           0.06          0.11          714
        34    Pascua             2013      ABX         Senior      S.America     17%        69.3           0.96          8.35          534
         4    Perama Hill        2014      ELD         Senior      Europe        39%         2.3           0.14          0.28          595
        24    Phoenix            2014      RMX         Developer   N.America     23%         0.8           0.20          0.52         757
        22    Pilar              2013      AUY         Senior      S.America     24%         2.8           0.15          0.58         820
        10    Pueblo Viejo       2012      ABX/GG      Senior      N.America     23%        99.8           1.07          7.57          475
        48    Rainy River        2015      RR          Developer   N.America     28%         7.5           0.37          1.37         825
        43    Rosia Montana      2015      GBU         Developer   Europe        20%        32.6           0.85          3.21          675
         3    San Antonio        2014      AR          Mid-Tier    N.America     75%         2.7           0.11          0.18          666
         5    Skouries           2015      ELD         Senior      Europe        42%        18.7           0.14          1.21          513
        17    Suyai              2016      AUY         Senior      S.America     39%          5.0          0.40          0.75          554
        13    Tengrela           2013      PRU         Mid-Tier    Africa        64%         1.5           0.22          0.31          941
        53    Tocantinzinho      2015      ELD         Senior      S.America     22%         3.9           0.16          0.54          834
        44    Tropicana          2014      ANG         Senior      Australasia   21%          8.5          0.47          1.19          996
        72    Tusker             2016      ABG         Mid-Tier    Africa        20%          6.2          0.32          1.14         1025
        36    Volcan             2015      ADM         Developer   S.America     30%        14.6           0.34          1.04          708
        33    Volta Grande       2016      BSX         Developer   S.America     28%          3.7          0.33          0.80          757
        16    Wafi               2018      NCM/HAR     Senior      Australasia   39%          6.8          0.59          1.07          616
        26    Young-Davidson     2012      AUQ         Mid-Tier    N.America     29%          7.9          0.26          1.10          728

Source: BMO Capital Markets




Page 7 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012




Fig 10: Equal Weight Ranking on IRR, Payback, Years to Start-up, Cash Flow, 10% NPV, LOM Capex and Opex, In Situ Value Metrics, and Risk (Best at Top)
 Internal Rate of Return (%)     Cash Flow Pay Back (yrs)          Years to Start-up       LOM Cash Flow (US$/ozEq)      NPV at 10% (US$/ozEq)       LOM Capex (US$/ozEq)      Capex & Opex (US$/ozEq)      In Situ M&I Value (US$/t)      In Situ M&I Value (US$B)          LOM Capex (US$B)             Perceived Risk                Project Ranking
La Colorada           101%     Skouries            0.75     Edikan                 0.25   Merian            1215.9    Tengrela            560.2   La Colorada         36.5   Haile               454.3   Suyai                 1387.2   Cadia East             103.8   La Colorada         0.04   Edikan                 1.00   Cerro Negro              1   GG
San Antonio            75%     Tengrela            0.75     Mercedes               0.25   Perama Hill       1104.3    Perama Hill         460.4   Golpu              109.8   Pueblo Viejo        475.4   Cerro Blanco           897.2   Pueblo Viejo            99.8   Orion               0.11   Mercedes               1.00   Edikan                   2   PRU
Tengrela               64%     Hounde              1.00     La Colorada            0.50   Tengrela           945.9    Merian              390.3   Edikan             113.2   Skouries            512.9   Kibali                 880.1   Golpu                  92.1    Hounde              0.13   La Colorada            1.00   San Antonio              3   AR
New Liberty            58%     Krumovgrad          1.00     Efemcukuru             0.75   Pilar              928.8    C1 Santa Luz        390.2   Hammond Reef       117.9   Cerro Negro         531.8   Cerro Moro             876.1   Natalka                75.0    San Antonio         0.18   Efemcukuru             1.00   Perama Hill              4   ELD
Hounde                 57%     New Liberty         1.00     New Afton              0.75   Wafi               874.9    Pilar               340.4   Hounde             120.9   Pascua              534.4   Olympias               828.9   Pascua                 69.3    Krumovgrad          0.21   Detour Lake            1.00   Skouries                 5   ELD
Cerro Moro             48%     San Antonio         1.00     Olympias               0.75   C1 Santa Luz       874.4    New Liberty         317.1   Wafi               123.2   Olympias            534.6   Phoenix                761.9   Cerro Casale           69.3    New Liberty         0.24   Ernesto                1.00   Haile                    6   R
Edikan                 47%     C1 Santa Luz        1.25     Young-Davidson         0.75   Agi Dagi           711.2    San Antonio         307.8   San Antonio        124.9   Suyai               554.4   Jeronimo               633.8   Donlin                 64.0    Arqueros            0.25   Pilar                  1.00   C1 Santa Luz             7   AUY
Krumovgrad             46%     La Colorada         1.25     Cadia East             1.00   Skouries           705.1    Eastern Dragon      293.4   Haile              125.4   Fronteer            563.9   Efemcukuru             505.4   Caspiche               58.5    Perama Hill         0.28   Akyem                  1.00   Efemcukuru               8   ELD
La India               46%     Perama Hill         1.25     Pueblo Viejo           1.00   Golpu              699.1    Krumovgrad          284.8   Livengood          130.3   El Morro            575.6   Orion                  494.4   Detour Lake            45.4    La India            0.30   Eleonore               1.00   La Colorada              9   AR
Skouries               42%     Cerro Moro          1.50     Detour Lake            1.25   Massawa            695.9    Massawa             276.8   Olympias           137.3   Perama Hill         594.8   Cerro Negro            474.8   El Morro               41.1    Tengrela            0.31   Cadia East             1.20   Pueblo Viejo            10   ABX/GG
Orion                  42%     Edikan              1.50     Eastern Dragon         1.25   Pueblo Viejo       661.3    Agi Dagi            275.5   Detour Lake        140.9   Wafi                616.3   Donlin                 473.3   Rosia Montana          32.6    Eastern Dragon      0.31   Pueblo Viejo           1.20   La India                11   AEM
Fronteer               40%     Fronteer            1.50     C1 Santa Luz           1.50   Haile              660.6    Skouries            275.3   Fronteer           143.8   Golpu               619.5   Pueblo Viejo           440.5   Conga                  27.2    Baomahun            0.32   Pascua                 1.20   New Afton               12   NGD
C1 Santa Luz           40%     La India            1.50     Didipio                1.50   Eastern Dragon     641.1    Cerro Moro          274.9   Golden Meadows     145.2   Efemcukuru          622.4   Wafi                   422.3   Livengood              25.3    Ernesto             0.33   Tropicana              1.20   Tengrela                13   PRU
Suyai                  39%     Orion               1.50     Ernesto                1.50   Phoenix            638.3    Efemcukuru          274.1   Morelos            150.4   Fruta Del Norte     628.8   Fruta Del Norte        418.9   Kibali                 23.1    Edikan              0.38   La India               1.20   New Liberty             14   AUE
Perama Hill           39%      Suyai               1.50     Pascua                 1.75   New Afton          624.8    Edikan              273.8   Skouries           155.3   Morelos             634.2   Eleonore               416.4   Skouries               18.7    Cerro Moro          0.43   Arqueros               1.20   Morelos                 15   TXG
Cerro Negro            39%     Cerro Negro         1.75     Cerro Negro            2.00   Morelos           619.2     La India            272.8   Volcan             157.2   Hammond Reef        641.1   Mongbwalu              402.7   Volcan                 14.6    C1 Santa Luz        0.44   Merian                 1.20   Wafi                    16   NCM/HAR
Wafi                   39%     Esaase              1.75     Pilar                  2.00   La India           618.1    Haile               272.2   Natalka            158.7   Certej              641.3   Eastern Dragon         399.7   Akyem                  12.5    Joanna              0.46   Lobo Marte             1.20   Suyai                   17   AUY
Agi Dagi               38%     Haile               1.75     Tengrela               2.00   Cerro Negro        610.2    Cerro Negro         270.8   Bombore            170.6   La India            644.4   Meliadine              296.9   Fruta Del Norte        12.4    Certej              0.48   Fronteer               1.20   Krumovgrad              18   DPM
Morelos                36%     Massawa             1.75     Cerro Moro             2.25   Eleonore           606.2    New Afton           261.4   Cerro Negro        172.5   Eastern Dragon      661.3   Back River             296.3   Olympias               12.3    Mercedes            0.50   Meliadine              1.20   Cerro Moro              19   XG
Haile                  35%     Meliadine           1.75     New Liberty            2.25   San Antonio       598.4     Suyai               258.9   Certej             173.6   Cerro Blanco        661.7   Mercedes               264.1   Lobo Marte             11.4    Efemcukuru          0.51   Young-Davidson         1.40   Eastern Dragon          20   ELD
Massawa                30%     Morelos             1.75     San Antonio            2.25   New Liberty        590.2    Morelos             243.6   El Morro           182.3   San Antonio         666.2   New Liberty            235.8   Aurora                 10.4    Phoenix             0.52   Eastern Dragon         1.40   Orion                   21   AUQ
Arqueros               30%     Wafi                1.75     Tropicana              2.25   Efemcukuru         586.6    Orion               236.8   Volta Grande       182.5   New Afton           666.6   Golpu                  225.5   Blackwater              9.8    Tocantinzinho       0.54   C1 Santa Luz           1.40   Pilar                   22   AUY
Volcan                 30%     Baomahun            2.25     Akyem                  2.50   Krumovgrad         579.0    Young-Davidson      236.4   Caspiche           182.9   Rosia Montana       675.0   Tropicana              224.3   Edikan                  9.2    Pilar               0.58   Cerro Negro            1.40   Agi Dagi                23   AGI
Angostura              29%     Certej              2.25     Kibali                 2.50   Suyai              577.8    Wafi                233.8   Pueblo Viejo       188.0   Natalka             697.7   Pilar                  217.4   Cerro Negro             9.1    Mongbwalu           0.59   San Antonio            1.40   Phoenix                 24   RMX
Young-Davidson         29%     Ernesto             2.25     Phoenix                2.50   Young-Davidson     576.2    Pueblo Viejo        226.9   Cadia East         191.2   Agi Dagi            706.8   Massawa                203.0   New Afton               9.0    Bombore             0.60   Agi Dagi               1.40   Fronteer                25   NEM
Rainy River           28%      Angostura           2.50     Agi Dagi               2.75   Rosia Montana     562.1     Phoenix             224.1   La India           192.9   Cadia East          707.4   Aurora                 197.8   Tropicana               8.5    Jeronimo            0.60   Perama Hill            1.40   Young-Davidson          26   AUQ
Livengood              28%     Arqueros            2.50     Aurora                 2.75   Donlin             558.3    Mercedes            218.7   Phoenix            199.5   Volcan              708.1   Krumovgrad             194.3   Eagle                   7.9    Eagle               0.65   Tocantinzinho          1.40   Detour Lake             27   DGC
New Afton              28%     Blackwater          2.50     La India               2.75   Natalka            547.9    Ernesto             210.4   Pascua             200.6   La Colorada         708.9   Perama Hill            182.4   Morelos                 7.9    Angostura           0.67   Volta Grande           1.40   Massawa                 28   GOLD
Volta Grande           28%     Eastern Dragon      2.50     Mongbwalu              2.75   Conga              533.2    Fronteer            201.7   New Afton          200.9   Orion               714.0   Angostura              177.6   Young-Davidson          7.9    Morelos             0.68   Orion                  1.40   Mercedes                29   AUY
Caspiche               27%     Efemcukuru          2.50     Baomahun               3.00   Detour Lake        532.8    Detour Lake         184.4   Cerro Casale       202.0   Detour Lake         716.1   Tengrela               154.1   Rainy River             7.5    Massawa             0.70   El Morro               1.40   Ernesto                 30   AUY
Hammond Reef           27%     Tropicana           2.50     Eagle                  3.00   Orion              530.6    Rosia Montana       182.0   Lobo Marte         206.1   Conga               723.2   Morelos                147.2   Meliadine               7.4    Agi Dagi            0.71   New Afton              1.60   Akyem                   31   NEM
Bombore                26%     Volcan              2.50     Eleonore               3.00   Fronteer           527.0    La Colorada         169.2   Suyai              215.0   Young-Davidson      727.6   Ernesto                146.4   Wafi                    6.8    Esaase              0.73   Tengrela               1.60   Cadia East              32   NCM
Ernesto                26%     Didipio             2.75     Esaase                 3.00   Kibali             525.2    Volta Grande        166.5   Angostura          216.4   C1 Santa Luz        740.1   Baomahun               132.8   Haile                   6.6    Haile               0.73   Phoenix                1.60   Volta Grande            33   BSX
Esaase                 26%     Eagle               2.75     Haile                  3.00   El Morro           522.0    Angostura           165.9   Rosia Montana      221.2   Massawa             745.7   New Afton              128.4   Back River              6.6    Suyai               0.75   Haile                  1.60   Pascua                  34   ABX
Detour Lake            26%     Agi Dagi            3.00     Joanna                 3.00   Mercedes           516.0    Akyem               163.6   Tocantinzinho      226.5   Krumovgrad          750.5   Young-Davidson         128.3   Tusker                   6.2   Cerro Blanco        0.76   Krumovgrad             1.60   Hounde                  35   AVR
Merian                 25%     New Afton           3.00     Perama Hill            3.00   Volta Grande       509.8    Rainy River         161.5   Baomahun           232.1   Phoenix             757.0   Rosia Montana          112.5   Didipio                 5.9    Volta Grande        0.80   Skouries               1.60   Volcan                  36   ADM
Blackwater             24%     Rosia Montana       3.00     Angostura              3.25   Cerro Moro         506.5    Volcan              157.9   Cerro Moro         233.2   Volta Grande        757.1   Merian                 110.3   Eleonore                 5.8   Fronteer            0.83   Jeronimo               1.60   Olympias                37   ELD
Cadia East             24%     Volta Grande        3.00     Arqueros               3.25   Akyem              499.5    Arqueros            156.4   Akyem              236.4   Cerro Casale        759.2   Pascua                 110.1   Angostura                5.4   Golden Meadows      0.85   Rainy River            1.60   Arqueros                38   KCN
Pilar                  24%     Akyem               3.25     Bombore                3.25   Cerro Casale       494.4    Esaase              155.7   New Liberty        237.0   La Colosa           760.0   Hounde                 109.3   Esaase                  5.3    Didipio             0.86   Hammond Reef           1.60   Angostura               39   EOM
Golden Meadows         24%     El Morro            3.25     Krumovgrad             3.25   Rainy River        491.1    Cadia East          154.3   Agi Dagi           237.4   Mercedes            768.6   Natalka                104.0   Massawa                 5.2    New Afton           0.94   Blackwater             1.60   Merian                  40   NEM
Phoenix                23%     Phoenix             3.25     Merian                 3.25   Mongbwalu          483.3    Mongbwalu           151.6   Arqueros           238.1   Cerro Moro          773.3   Certej                 102.6   Suyai                   5.0    Olympias            0.98   Donlin                 1.60   Certej                  41   ELD
Certej                 23%     Pilar               3.25     Volcan                 3.25   Blackwater         480.8    Bombore             150.8   Esaase             241.7   Akyem               786.5   Arqueros               98.9    Certej                  5.0    Back River          0.99   Olympias               1.80   Golpu                   42   NCM/HAR
Golpu                  23%     Tocantinzinho       3.25     Certej                 3.50   Cadia East         478.1    Blackwater          146.7   La Colosa          246.6   Eleonore            790.1   Haile                  93.2    Joanna                  4.1    Volcan              1.04   Didipio                1.80   Rosia Montana           43   GBU
Pueblo Viejo           23%     Golden Meadows      3.50     Morelos                3.50   Aurora             476.1    Eleonore            139.5   Blackwater         248.5   Lobo Marte          796.4   El Morro                87.9   Tocantinzinho            3.9   Meliadine           1.06   Mongbwalu              1.80   Tropicana               44   ANG
Tocantinzinho          22%     Hammond Reef        3.50     Skouries               3.50   Edikan             475.7    Aurora              135.0   Kibali             249.8   Caspiche            798.3   Volta Grande           87.5    Merian                  3.7    Borden Lake         1.07   Joanna                 1.80   El Morro                45   GG
Mercedes               22%     Jeronimo            3.50     Jeronimo               3.75   Borden Lake        468.1    Tropicana           134.7   Meliadine          254.2   Angostura           805.8   Akyem                  87.2    Volta Grande            3.7    Wafi                1.07   Tusker                 1.80   Esaase                  46   KGN
Efemcukuru             22%     Livengood           3.50     Rainy River            3.75   Bombore            463.7    Certej              126.0   Fruta Del Norte    258.9   Hounde              814.1   Didipio                84.0    Agi Dagi                3.6    Young-Davidson      1.10   Conga                  1.80   Eleonore                47   GG
Tropicana              21%     Merian              3.50     Rosia Montana          3.75   Ernesto            451.6    Baomahun            123.9   Orion              260.7   Meliadine           817.2   Golden Meadows         83.6    Jeronimo                3.5    Tusker              1.14   Hounde                 1.80   Rainy River             48   RR
Eagle                  21%     Mongbwalu           3.50     Massawa                4.00   Fruta Del Norte   449.3     Livengood           123.7   C1 Santa Luz       262.3   Pilar               820.0   Fronteer               82.1    Golden Meadows          3.4    Tropicana           1.19   Golpu                  1.80   Natalka                 49   PLGL
Natalka                20%     Pascua              3.50     Natalka                4.00   Volcan             437.0    Kibali              122.6   Donlin             263.7   Rainy River         824.8   C1 Santa Luz           78.7    Baomahun                3.4    Skouries            1.21   Cerro Blanco           1.80   Blackwater              50   NGD
Tusker                 20%     Rainy River         3.50     Tocantinzinho          4.00   Angostura          436.9    Conga               121.2   Young-Davidson     264.0   Blackwater          825.8   Esaase                  77.2   C1 Santa Luz             3.4   Hammond Reef        1.24   La Colosa              1.80   Kibali                  51   GOLD
Baomahun              20%      Young-Davidson      3.50     Borden Lake            4.25   La Colosa         433.1     Tocantinzinho       120.1   Krumovgrad         268.5   Edikan              826.3   Conga                  76.2    Pilar                   2.8    Rainy River         1.37   Cerro Casale           1.80   Baomahun                52   CLF
Rosia Montana         20%      Donlin              3.75     Cote Lake              4.25   Pascua            419.8     Borden Lake         120.1   Rainy River        270.9   Donlin             830.7    Skouries               76.0    Efemcukuru              2.7    Merian              1.37   Wafi                   1.80   Tocantinzinho           53   ELD
Mongbwalu             20%      Lobo Marte          3.75     Hammond Reef           4.25   Livengood         411.5     Hammond Reef        116.7   Perama Hill        273.6   Tocantinzinho       834.3   Tusker                 75.2    San Antonio             2.7    Lobo Marte          1.41   New Liberty            2.00   Mongbwalu               54   ANG
Akyem                  20%     Tusker              3.75     Suyai                  4.25   Esaase             410.4    Didipio             106.2   Efemcukuru         280.0   Livengood           837.7   Edikan                 72.7    Bombore                 2.6    Cote Lake           1.52   Kibali                 2.00   Meliadine               55   AEM
Eastern Dragon        20%      Borden Lake         4.00     Volta Grande           4.25   Back River         409.2    Jeronimo            105.9   Tropicana          280.1   Kibali              860.1   Joanna                 70.6    Perama Hill             2.3    Blackwater          1.71   Eagle                  2.00   Hammond Reef            56   OSK
Borden Lake           20%      Cerro Blanco        4.00     Back River             4.50   Arqueros           401.9    Caspiche            105.2   Eagle              282.0   Ernesto             861.8   Cerro Casale           69.0    Cerro Blanco            2.3    Aurora              1.71   Esaase                 2.00   Jeronimo                57   AUY
Aurora                20%      Conga               4.00     Lobo Marte             4.50   Cote Lake          399.4    La Colosa           102.8   Massawa            287.7   Borden Lake         863.7   Borden Lake            66.8    La Colorada             2.2    Cerro Negro         1.80   Volcan                 2.00   Fruta Del Norte         58   KGC
Jeronimo              19%      Mercedes            4.00     Tusker                 4.50   Tocantinzinho      391.1    Fruta Del Norte     101.8   Tusker             288.7   Jeronimo            895.1   Rainy River            64.0    Cerro Moro              2.1    Akyem               1.93   Massawa                2.00   Bombore                 59   ORE
Didipio               19%      Back River          4.25     Conga                  4.75   Cerro Blanco      386.4     Back River          94.2    Didipio            298.8   Bombore            896.5    Lobo Marte             57.4    Arqueros                2.1    Livengood           2.06   Natalka                2.00   Didipio                 60   OGC
La Colosa             19%      Cerro Casale        4.25     Hounde                 4.75   Caspiche          380.1     Tusker              92.4    Jeronimo           301.5   Mongbwalu           924.3   Blackwater             56.0    La India                1.9    Fruta Del Norte     2.10   Cote Lake              2.00   Livengood               61   ITH
El Morro              18%      Fruta Del Norte     4.25     Orion                  4.75   Hammond Reef      376.6     Hounde              92.2    Conga              304.6   New Liberty        926.0    Tocantinzinho          56.0    Mercedes                1.9    Detour Lake         2.19   Suyai                  2.00   Conga                   62   NEM/BVN
Olympias              18%      Pueblo Viejo        4.25     Blackwater             5.25   Jeronimo          372.4     Eagle               90.0    Borden Lake        312.0   Tengrela           940.8    San Antonio            51.8    New Liberty             1.8    Eleonore            2.36   Fruta Del Norte        2.00   Lobo Marte              63   KGC
Back River            18%      Bombore             4.50     Fronteer               5.25   Certej            370.3     Pascua              87.7    Back River         316.5   Eagle              951.2    Cadia East             47.2    Ernesto                 1.5    Kibali              2.71   Aurora                 2.20   Donlin                  64   ABX/NG
Cote Lake             17%      Detour Lake         4.50     Fruta Del Norte        5.50   Tropicana         350.3     Cote Lake           87.6    Tengrela           327.5   Cote Lake           974.3   Detour Lake            44.1    Tengrela                1.5    Rosia Montana       3.21   Certej                 2.20   Aurora                  65   GUY
Lobo Marte             17%     La Colosa           4.50     El Morro               6.00   Tusker             342.1    El Morro            70.7    Cote Lake          332.2   Merian              983.8   La Colorada            43.5    Hounde                  1.5    La Colosa           3.77   Morelos                2.20   Eagle                   66   VIT
Fruta Del Norte        17%     Eleonore            4.75     Golpu                  6.00   Joanna             339.3    Lobo Marte          68.7    Mercedes           350.2   Tropicana           995.7   Caspiche               43.0    Mongbwalu               1.5    Caspiche            5.67   Borden Lake            2.20   Caspiche                67   XRC
Pascua                17%      Caspiche            5.00     Meliadine              6.00   Baomahun          338.4     Golden Meadows      68.2    Eastern Dragon     355.9   Aurora              997.6   Bombore                42.8    Krumovgrad              1.4    Conga               5.84   Livengood              2.20   Cerro Blanco            68   GG
Conga                 17%      Cote Lake           5.00     Caspiche               6.25   Didipio           292.6     Natalka             64.8    Joanna             359.5   Arqueros           1001.1   La India               39.4    Eastern Dragon          1.4    El Morro            5.89   Cerro Moro             2.40   Cerro Casale            69   ABX/KGC
Meliadine             16%      Golpu               5.25     Cerro Blanco           6.25   Lobo Marte        288.5     Meliadine           64.3    Aurora             368.3   Esaase             1008.6   Volcan                 37.4    Phoenix                 0.8    Natalka             7.22   Baomahun               2.40   Golden Meadows          70   MAX
Kibali                16%      Aurora              5.50     Golden Meadows         6.25   Meliadine         280.8     Golpu               47.6    Ernesto            378.2   Didipio            1011.2   Eagle                  35.7    Orion                   0.5    Pueblo Viejo        7.57   Angostura              2.40   Back River              71   SBB
Eleonore              15%      Joanna              5.75     Livengood              6.25   La Colorada       277.7     Olympias            44.1    Eleonore           383.0   Baomahun           1019.8   Agi Dagi               33.0    Borden Lake             0.5    Cerro Casale        8.19   Bombore                2.40   Tusker                  72   ABG
Cerro Casale          14%      Kibali              5.75     La Colosa              6.75   Eagle             261.2     Joanna              36.1    Pilar              385.1   Tusker             1025.4   Livengood              32.5    Fronteer                0.0    Pascua              8.35   Rosia Montana          2.40   Borden Lake             73   PRB
Joanna                12%      Natalka             5.75     Cerro Casale           7.00   Golden Meadows    252.4     Cerro Blanco        35.0    Cerro Blanco       437.9   Back River         1047.0   La Colosa               0.0    La Colosa               0.0    Cadia East          9.40   Back River             2.40   Joanna                  74   ARZ
Cerro Blanco          11%      Olympias            6.00     Wafi                   7.00   Hounde            211.8     Cerro Casale        32.2    Mongbwalu          438.6   Golden Meadows    1049.3    Cote Lake               0.0    Cote Lake               0.0    Donlin              9.57   Golden Meadows         2.40   La Colosa               75   ANG
Donlin                10%      Cadia East          6.25     Donlin                 7.50   Olympias          123.8     Donlin               7.6    Merian             487.0   Joanna             1112.9   Hammond Reef            0.0    Hammond Reef            0.0    Golpu               9.84   Caspiche               2.60   Cote Lake               76   TRR


Source: BMO Capital Markets




Page 8 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012




Fig 11: Equal Weight Ranking on IRR, Payback, Years to Start-up, Cash Flow, 10% NPV, LOM Capex and Opex, In Situ Value Metrics, and Risk (Alphabetic)
 Internal Rate of Return (%)     Cash Flow Pay Back (yrs)          Years to Start-up        LOM Cash Flow (US$/oz)       NPV at 10% (US$/oz)         LOM Capex (US$/oz)       Capex & Opex (US$/oz)       In Situ M&I Value (US$/t)      In Situ M&I Value (US$B)          LOM Capex (US$B)             Perceived Risk                Project Ranking
Agi Dagi               38%     Agi Dagi            3.00     Agi Dagi               2.75   Agi Dagi           711.2   Agi Dagi           275.5   Agi Dagi           237.4   Agi Dagi            706.8   Agi Dagi               33.0    Agi Dagi                 3.6   Agi Dagi            0.71   Agi Dagi               1.40   Agi Dagi                23   AGI
Akyem                  20%     Akyem               3.25     Akyem                  2.50   Akyem              499.5   Akyem              163.6   Akyem              236.4   Akyem               786.5   Akyem                   87.2   Akyem                   12.5   Akyem               1.93   Akyem                  1.00   Akyem                   31   NEM
Angostura              29%     Angostura           2.50     Angostura              3.25   Angostura          436.9   Angostura          165.9   Angostura          216.4   Angostura           805.8   Angostura              177.6   Angostura                5.4   Angostura           0.67   Angostura              2.40   Angostura               39   EOM
Arqueros               30%     Arqueros            2.50     Arqueros               3.25   Arqueros           401.9   Arqueros           156.4   Arqueros           238.1   Arqueros           1001.1   Arqueros               98.9    Arqueros                 2.1   Arqueros            0.25   Arqueros               1.20   Arqueros                38   KCN
Aurora                 20%     Aurora              5.50     Aurora                 2.75   Aurora             476.1   Aurora             135.0   Aurora             368.3   Aurora              997.6   Aurora                 197.8   Aurora                  10.4   Aurora              1.71   Aurora                 2.20   Aurora                  65   GUY
Back River             18%     Back River          4.25     Back River             4.50   Back River         409.2   Back River          94.2   Back River         316.5   Back River         1047.0   Back River             296.3   Back River               6.6   Back River          0.99   Back River             2.40   Back River              71   SBB
Baomahun               20%     Baomahun            2.25     Baomahun               3.00   Baomahun           338.4   Baomahun           123.9   Baomahun           232.1   Baomahun           1019.8   Baomahun               132.8   Baomahun                 3.4   Baomahun            0.32   Baomahun               2.40   Baomahun                52   CLF
Blackwater             24%     Blackwater          2.50     Blackwater             5.25   Blackwater        480.8    Blackwater         146.7   Blackwater         248.5   Blackwater         825.8    Blackwater             56.0    Blackwater              9.8    Blackwater          1.71   Blackwater             1.60   Blackwater              50   NGD
Bombore                26%     Bombore             4.50     Bombore                3.25   Bombore            463.7   Bombore            150.8   Bombore            170.6   Bombore             896.5   Bombore                42.8    Bombore                  2.6   Bombore             0.60   Bombore                2.40   Bombore                 59   ORE
Borden Lake            20%     Borden Lake         4.00     Borden Lake            4.25   Borden Lake        468.1   Borden Lake        120.1   Borden Lake        312.0   Borden Lake         863.7   Borden Lake            66.8    Borden Lake              0.5   Borden Lake         1.07   Borden Lake            2.20   Borden Lake             73   PRB
C1 Santa Luz           40%     C1 Santa Luz        1.25     C1 Santa Luz           1.50   C1 Santa Luz      874.4    C1 Santa Luz       390.2   C1 Santa Luz       262.3   C1 Santa Luz       740.1    C1 Santa Luz            78.7   C1 Santa Luz             3.4   C1 Santa Luz        0.44   C1 Santa Luz           1.40   C1 Santa Luz             7   AUY
Cadia East            24%      Cadia East          6.25     Cadia East             1.00   Cadia East        478.1    Cadia East         154.3   Cadia East         191.2   Cadia East         707.4    Cadia East             47.2    Cadia East             103.8   Cadia East          9.40   Cadia East             1.20   Cadia East              32   NCM
Caspiche               27%     Caspiche            5.00     Caspiche               6.25   Caspiche           380.1   Caspiche           105.2   Caspiche           182.9   Caspiche            798.3   Caspiche               43.0    Caspiche                58.5   Caspiche            5.67   Caspiche               2.60   Caspiche                67   XRC
Cerro Blanco           11%     Cerro Blanco        4.00     Cerro Blanco           6.25   Cerro Blanco       386.4   Cerro Blanco        35.0   Cerro Blanco       437.9   Cerro Blanco        661.7   Cerro Blanco           897.2   Cerro Blanco             2.3   Cerro Blanco        0.76   Cerro Blanco           1.80   Cerro Blanco            68   GG
Cerro Casale           14%     Cerro Casale        4.25     Cerro Casale           7.00   Cerro Casale       494.4   Cerro Casale        32.2   Cerro Casale       202.0   Cerro Casale        759.2   Cerro Casale           69.0    Cerro Casale            69.3   Cerro Casale        8.19   Cerro Casale           1.80   Cerro Casale            69   ABX/KGC
Cerro Moro             48%     Cerro Moro          1.50     Cerro Moro             2.25   Cerro Moro         506.5   Cerro Moro         274.9   Cerro Moro         233.2   Cerro Moro          773.3   Cerro Moro             876.1   Cerro Moro               2.1   Cerro Moro          0.43   Cerro Moro             2.40   Cerro Moro              19   XG
Cerro Negro            39%     Cerro Negro         1.75     Cerro Negro            2.00   Cerro Negro        610.2   Cerro Negro        270.8   Cerro Negro        172.5   Cerro Negro         531.8   Cerro Negro            474.8   Cerro Negro              9.1   Cerro Negro         1.80   Cerro Negro            1.40   Cerro Negro              1   GG
Certej                 23%     Certej              2.25     Certej                 3.50   Certej             370.3   Certej             126.0   Certej             173.6   Certej              641.3   Certej                 102.6   Certej                   5.0   Certej              0.48   Certej                 2.20   Certej                  41   ELD
Conga                  17%     Conga               4.00     Conga                  4.75   Conga             533.2    Conga              121.2   Conga              304.6   Conga              723.2    Conga                  76.2    Conga                  27.2    Conga               5.84   Conga                  1.80   Conga                   62   NEM/BVN
Cote Lake              17%     Cote Lake           5.00     Cote Lake              4.25   Cote Lake          399.4   Cote Lake           87.6   Cote Lake          332.2   Cote Lake           974.3   Cote Lake               0.0    Cote Lake                0.0   Cote Lake           1.52   Cote Lake              2.00   Cote Lake               76   TRR
Detour Lake           26%      Detour Lake         4.50     Detour Lake            1.25   Detour Lake       532.8    Detour Lake        184.4   Detour Lake        140.9   Detour Lake        716.1    Detour Lake            44.1    Detour Lake             45.4   Detour Lake         2.19   Detour Lake            1.00   Detour Lake             27   DGC
Didipio                19%     Didipio             2.75     Didipio                1.50   Didipio           292.6    Didipio            106.2   Didipio            298.8   Didipio            1011.2   Didipio                84.0    Didipio                 5.9    Didipio             0.86   Didipio                1.80   Didipio                 60   OGC
Donlin                 10%     Donlin              3.75     Donlin                 7.50   Donlin             558.3   Donlin               7.6   Donlin             263.7   Donlin              830.7   Donlin                 473.3   Donlin                  64.0   Donlin              9.57   Donlin                 1.60   Donlin                  64   ABX/NG
Eagle                  21%     Eagle               2.75     Eagle                  3.00   Eagle              261.2   Eagle               90.0   Eagle              282.0   Eagle               951.2   Eagle                  35.7    Eagle                    7.9   Eagle               0.65   Eagle                  2.00   Eagle                   66   VIT
Eastern Dragon         20%     Eastern Dragon      2.50     Eastern Dragon         1.25   Eastern Dragon     641.1   Eastern Dragon     293.4   Eastern Dragon     355.9   Eastern Dragon      661.3   Eastern Dragon         399.7   Eastern Dragon           1.4   Eastern Dragon      0.31   Eastern Dragon         1.40   Eastern Dragon          20   ELD
Edikan                 47%     Edikan              1.50     Edikan                 0.25   Edikan             475.7   Edikan             273.8   Edikan             113.2   Edikan              826.3   Edikan                 72.7    Edikan                   9.2   Edikan              0.38   Edikan                 1.00   Edikan                   2   PRU
Efemcukuru             22%     Efemcukuru          2.50     Efemcukuru             0.75   Efemcukuru         586.6   Efemcukuru         274.1   Efemcukuru         280.0   Efemcukuru          622.4   Efemcukuru             505.4   Efemcukuru               2.7   Efemcukuru          0.51   Efemcukuru             1.00   Efemcukuru               8   ELD
El Morro               18%     El Morro            3.25     El Morro               6.00   El Morro           522.0   El Morro            70.7   El Morro           182.3   El Morro            575.6   El Morro                87.9   El Morro                41.1   El Morro            5.89   El Morro               1.40   El Morro                45   GG
Eleonore               15%     Eleonore            4.75     Eleonore               3.00   Eleonore           606.2   Eleonore           139.5   Eleonore           383.0   Eleonore            790.1   Eleonore               416.4   Eleonore                5.8    Eleonore            2.36   Eleonore               1.00   Eleonore                47   GG
Ernesto                26%     Ernesto             2.25     Ernesto                1.50   Ernesto            451.6   Ernesto            210.4   Ernesto            378.2   Ernesto             861.8   Ernesto                146.4   Ernesto                  1.5   Ernesto             0.33   Ernesto                1.00   Ernesto                 30   AUY
Esaase                 26%     Esaase              1.75     Esaase                 3.00   Esaase             410.4   Esaase             155.7   Esaase             241.7   Esaase             1008.6   Esaase                  77.2   Esaase                   5.3   Esaase              0.73   Esaase                 2.00   Esaase                  46   KGN
Fronteer               40%     Fronteer            1.50     Fronteer               5.25   Fronteer           527.0   Fronteer           201.7   Fronteer           143.8   Fronteer            563.9   Fronteer                82.1   Fronteer                 0.0   Fronteer            0.83   Fronteer               1.20   Fronteer                25   NEM
Fruta Del Norte        17%     Fruta Del Norte     4.25     Fruta Del Norte        5.50   Fruta Del Norte    449.3   Fruta Del Norte    101.8   Fruta Del Norte    258.9   Fruta Del Norte     628.8   Fruta Del Norte        418.9   Fruta Del Norte         12.4   Fruta Del Norte     2.10   Fruta Del Norte        2.00   Fruta Del Norte         58   KGC
Golden Meadows         24%     Golden Meadows      3.50     Golden Meadows         6.25   Golden Meadows     252.4   Golden Meadows      68.2   Golden Meadows     145.2   Golden Meadows     1049.3   Golden Meadows          83.6   Golden Meadows           3.4   Golden Meadows      0.85   Golden Meadows         2.40   Golden Meadows          70   MAX
Golpu                  23%     Golpu               5.25     Golpu                  6.00   Golpu              699.1   Golpu               47.6   Golpu              109.8   Golpu               619.5   Golpu                  225.5   Golpu                   92.1   Golpu               9.84   Golpu                  1.80   Golpu                   42   NCM/HAR
Haile                  35%     Haile               1.75     Haile                  3.00   Haile              660.6   Haile              272.2   Haile              125.4   Haile               454.3   Haile                  93.2    Haile                    6.6   Haile               0.73   Haile                  1.60   Haile                    6   R
Hammond Reef           27%     Hammond Reef        3.50     Hammond Reef           4.25   Hammond Reef       376.6   Hammond Reef       116.7   Hammond Reef       117.9   Hammond Reef        641.1   Hammond Reef             0.0   Hammond Reef             0.0   Hammond Reef        1.24   Hammond Reef           1.60   Hammond Reef            56   OSK
Hounde                 57%     Hounde              1.00     Hounde                 4.75   Hounde             211.8   Hounde              92.2   Hounde             120.9   Hounde              814.1   Hounde                 109.3   Hounde                   1.5   Hounde              0.13   Hounde                 1.80   Hounde                  35   AVR
Jeronimo               19%     Jeronimo            3.50     Jeronimo               3.75   Jeronimo           372.4   Jeronimo           105.9   Jeronimo           301.5   Jeronimo            895.1   Jeronimo               633.8   Jeronimo                 3.5   Jeronimo            0.60   Jeronimo               1.60   Jeronimo                57   AUY
Joanna                 12%     Joanna              5.75     Joanna                 3.00   Joanna             339.3   Joanna              36.1   Joanna             359.5   Joanna             1112.9   Joanna                  70.6   Joanna                   4.1   Joanna              0.46   Joanna                 1.80   Joanna                  74   ARZ
Kibali                 16%     Kibali              5.75     Kibali                 2.50   Kibali             525.2   Kibali             122.6   Kibali             249.8   Kibali              860.1   Kibali                 880.1   Kibali                  23.1   Kibali              2.71   Kibali                 2.00   Kibali                  51   GOLD
Krumovgrad             46%     Krumovgrad          1.00     Krumovgrad             3.25   Krumovgrad         579.0   Krumovgrad         284.8   Krumovgrad         268.5   Krumovgrad          750.5   Krumovgrad             194.3   Krumovgrad               1.4   Krumovgrad          0.21   Krumovgrad             1.60   Krumovgrad              18   DPM
La Colorada           101%     La Colorada         1.25     La Colorada            0.50   La Colorada       277.7    La Colorada        169.2   La Colorada         36.5   La Colorada        708.9    La Colorada            43.5    La Colorada              2.2   La Colorada         0.04   La Colorada            1.00   La Colorada              9   AR
La Colosa              19%     La Colosa           4.50     La Colosa              6.75   La Colosa          433.1   La Colosa          102.8   La Colosa          246.6   La Colosa           760.0   La Colosa               0.0    La Colosa                0.0   La Colosa           3.77   La Colosa              1.80   La Colosa               75   ANG
La India               46%     La India            1.50     La India               2.75   La India           618.1   La India           272.8   La India           192.9   La India            644.4   La India                39.4   La India                 1.9   La India            0.30   La India               1.20   La India                11   AEM
Livengood              28%     Livengood           3.50     Livengood              6.25   Livengood          411.5   Livengood          123.7   Livengood          130.3   Livengood           837.7   Livengood               32.5   Livengood               25.3   Livengood           2.06   Livengood              2.20   Livengood               61   ITH
Lobo Marte             17%     Lobo Marte          3.75     Lobo Marte             4.50   Lobo Marte         288.5   Lobo Marte          68.7   Lobo Marte         206.1   Lobo Marte          796.4   Lobo Marte              57.4   Lobo Marte              11.4   Lobo Marte          1.41   Lobo Marte             1.20   Lobo Marte              63   KGC
Massawa                30%     Massawa             1.75     Massawa                4.00   Massawa            695.9   Massawa            276.8   Massawa            287.7   Massawa             745.7   Massawa                203.0   Massawa                  5.2   Massawa             0.70   Massawa                2.00   Massawa                 28   GOLD
Meliadine              16%     Meliadine           1.75     Meliadine              6.00   Meliadine         280.8    Meliadine           64.3   Meliadine          254.2   Meliadine          817.2    Meliadine             296.9    Meliadine               7.4    Meliadine           1.06   Meliadine              1.20   Meliadine               55   AEM
Mercedes               22%     Mercedes            4.00     Mercedes               0.25   Mercedes           516.0   Mercedes           218.7   Mercedes           350.2   Mercedes            768.6   Mercedes               264.1   Mercedes                 1.9   Mercedes            0.50   Mercedes               1.00   Mercedes                29   AUY
Merian                 25%     Merian              3.50     Merian                 3.25   Merian            1215.9   Merian             390.3   Merian             487.0   Merian              983.8   Merian                 110.3   Merian                   3.7   Merian              1.37   Merian                 1.20   Merian                  40   NEM
Mongbwalu              20%     Mongbwalu           3.50     Mongbwalu              2.75   Mongbwalu         483.3    Mongbwalu          151.6   Mongbwalu          438.6   Mongbwalu          924.3    Mongbwalu              402.7   Mongbwalu               1.5    Mongbwalu           0.59   Mongbwalu              1.80   Mongbwalu               54   ANG
Morelos                36%     Morelos             1.75     Morelos                3.50   Morelos            619.2   Morelos            243.6   Morelos            150.4   Morelos             634.2   Morelos                147.2   Morelos                  7.9   Morelos             0.68   Morelos                2.20   Morelos                 15   TXG
Natalka                20%     Natalka             5.75     Natalka                4.00   Natalka            547.9   Natalka             64.8   Natalka            158.7   Natalka             697.7   Natalka                104.0   Natalka                 75.0   Natalka             7.22   Natalka                2.00   Natalka                 49   PLGL
New Afton              28%     New Afton           3.00     New Afton              0.75   New Afton          624.8   New Afton          261.4   New Afton          200.9   New Afton           666.6   New Afton              128.4   New Afton                9.0   New Afton           0.94   New Afton              1.60   New Afton               12   NGD
New Liberty            58%     New Liberty         1.00     New Liberty            2.25   New Liberty        590.2   New Liberty        317.1   New Liberty        237.0   New Liberty         926.0   New Liberty            235.8   New Liberty              1.8   New Liberty         0.24   New Liberty            2.00   New Liberty             14   AUE
Olympias               18%     Olympias            6.00     Olympias               0.75   Olympias           123.8   Olympias            44.1   Olympias           137.3   Olympias            534.6   Olympias               828.9   Olympias                12.3   Olympias            0.98   Olympias               1.80   Olympias                37   ELD
Orion                  42%     Orion               1.50     Orion                  4.75   Orion              530.6   Orion              236.8   Orion              260.7   Orion               714.0   Orion                  494.4   Orion                    0.5   Orion               0.11   Orion                  1.40   Orion                   21   AUQ
Pascua                 17%     Pascua              3.50     Pascua                 1.75   Pascua             419.8   Pascua              87.7   Pascua             200.6   Pascua              534.4   Pascua                 110.1   Pascua                  69.3   Pascua              8.35   Pascua                 1.20   Pascua                  34   ABX
Perama Hill           39%      Perama Hill         1.25     Perama Hill            3.00   Perama Hill       1104.3   Perama Hill        460.4   Perama Hill        273.6   Perama Hill         594.8   Perama Hill            182.4   Perama Hill              2.3   Perama Hill         0.28   Perama Hill            1.40   Perama Hill              4   ELD
Phoenix                23%     Phoenix             3.25     Phoenix                2.50   Phoenix            638.3   Phoenix            224.1   Phoenix            199.5   Phoenix             757.0   Phoenix                761.9   Phoenix                  0.8   Phoenix             0.52   Phoenix                1.60   Phoenix                 24   RMX
Pilar                  24%     Pilar               3.25     Pilar                  2.00   Pilar              928.8   Pilar              340.4   Pilar              385.1   Pilar               820.0   Pilar                  217.4   Pilar                    2.8   Pilar               0.58   Pilar                  1.00   Pilar                   22   AUY
Pueblo Viejo           23%     Pueblo Viejo        4.25     Pueblo Viejo           1.00   Pueblo Viejo       661.3   Pueblo Viejo       226.9   Pueblo Viejo       188.0   Pueblo Viejo        475.4   Pueblo Viejo           440.5   Pueblo Viejo            99.8   Pueblo Viejo        7.57   Pueblo Viejo           1.20   Pueblo Viejo            10   ABX/GG
Rainy River            28%     Rainy River         3.50     Rainy River            3.75   Rainy River        491.1   Rainy River        161.5   Rainy River        270.9   Rainy River         824.8   Rainy River            64.0    Rainy River              7.5   Rainy River         1.37   Rainy River            1.60   Rainy River             48   RR
Rosia Montana          20%     Rosia Montana       3.00     Rosia Montana          3.75   Rosia Montana      562.1   Rosia Montana      182.0   Rosia Montana      221.2   Rosia Montana       675.0   Rosia Montana          112.5   Rosia Montana           32.6   Rosia Montana       3.21   Rosia Montana          2.40   Rosia Montana           43   GBU
San Antonio            75%     San Antonio         1.00     San Antonio            2.25   San Antonio        598.4   San Antonio        307.8   San Antonio        124.9   San Antonio         666.2   San Antonio             51.8   San Antonio              2.7   San Antonio         0.18   San Antonio            1.40   San Antonio              3   AR
Skouries               42%     Skouries            0.75     Skouries               3.50   Skouries           705.1   Skouries           275.3   Skouries           155.3   Skouries            512.9   Skouries               76.0    Skouries                18.7   Skouries            1.21   Skouries               1.60   Skouries                 5   ELD
Suyai                  39%     Suyai               1.50     Suyai                  4.25   Suyai              577.8   Suyai              258.9   Suyai              215.0   Suyai               554.4   Suyai                 1387.2   Suyai                    5.0   Suyai               0.75   Suyai                  2.00   Suyai                   17   AUY
Tengrela               64%     Tengrela            0.75     Tengrela               2.00   Tengrela           945.9   Tengrela           560.2   Tengrela           327.5   Tengrela            940.8   Tengrela               154.1   Tengrela                 1.5   Tengrela            0.31   Tengrela               1.60   Tengrela                13   PRU
Tocantinzinho          22%     Tocantinzinho       3.25     Tocantinzinho          4.00   Tocantinzinho      391.1   Tocantinzinho      120.1   Tocantinzinho      226.5   Tocantinzinho       834.3   Tocantinzinho           56.0   Tocantinzinho            3.9   Tocantinzinho       0.54   Tocantinzinho          1.40   Tocantinzinho           53   ELD
Tropicana              21%     Tropicana           2.50     Tropicana              2.25   Tropicana          350.3   Tropicana          134.7   Tropicana          280.1   Tropicana           995.7   Tropicana              224.3   Tropicana                8.5   Tropicana           1.19   Tropicana              1.20   Tropicana               44   ANG
Tusker                 20%     Tusker              3.75     Tusker                 4.50   Tusker             342.1   Tusker              92.4   Tusker             288.7   Tusker             1025.4   Tusker                  75.2   Tusker                   6.2   Tusker              1.14   Tusker                 1.80   Tusker                  72   ABG
Volcan                 30%     Volcan              2.50     Volcan                 3.25   Volcan             437.0   Volcan             157.9   Volcan             157.2   Volcan              708.1   Volcan                 37.4    Volcan                  14.6   Volcan              1.04   Volcan                 2.00   Volcan                  36   ADM
Volta Grande           28%     Volta Grande        3.00     Volta Grande           4.25   Volta Grande       509.8   Volta Grande       166.5   Volta Grande       182.5   Volta Grande        757.1   Volta Grande            87.5   Volta Grande             3.7   Volta Grande        0.80   Volta Grande           1.40   Volta Grande            33   BSX
Wafi                   39%     Wafi                1.75     Wafi                   7.00   Wafi               874.9   Wafi               233.8   Wafi               123.2   Wafi                616.3   Wafi                   422.3   Wafi                     6.8   Wafi                1.07   Wafi                   1.80   Wafi                    16   NCM/HAR
Young-Davidson         29%     Young-Davidson      3.50     Young-Davidson         0.75   Young-Davidson     576.2   Young-Davidson     236.4   Young-Davidson     264.0   Young-Davidson      727.6   Young-Davidson         128.3   Young-Davidson           7.9   Young-Davidson      1.10   Young-Davidson         1.40   Young-Davidson          26   AUQ


Source: BMO Capital Markets




Page 9 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012



                                           2. New Projects Offset Depletion
                                                 The BMO Research gold stock universe is forecast to generate ~25Moz per
                                                 year of new gold production by 2020 through the construction of 76 proposed
                                                 mines commencing production in 2012 through to 2020.

                                                 The 76 new projects consist of:
                                                                 North America with 9.5Moz by 2020 from 25 projects with:
Major regions for forecast                                                                     Back River, Blackwater, Borden Lake, Cote Lake, Detour, Donlin,
new gold mines are:                                                                            Eagle, Eleonore, Fronteer, Golden Meadow, Haile, Hammond
                                                                                               Reef, Joanna, La Colorada, La India, Livengood, Meliadine,
+ 9.5Moz North America                                                                         Morelos, New Afton, Orion, Phoenix, Pueblo Viejo, Rainy River,
+ 8.9Moz South America                                                                         San Antonio and Young-Davidson.
+ 3.2Moz Africa
                                                                 South America for 8.9Moz by 2020 from 24 projects with:
+ 2.0Moz Australasia
+ 1.7Moz Europe                                                                                Angostura, Arqueros, Aurora, C1 Santa Luz, Caspiche, Cerro
+ 1.3Moz Russia                                                                                Blanco, Cerro Casale, Cerro Moro, Cerro Negro, Conga, El Morro,
+ 0.1Moz China                                                                                 Ernesto & Pau-a-Pique, Fruta del Norte, Jeronimo, La Colosa,
                                                                                               Lobo Marte, Mercedes, Merian, Pascua-Lama, Pila de Gioas,
                                                                                               Suyia, Tocantinzinho, Volcan and Volta Grande.
                                                                 Africa with 3.2Moz by 2020 from 12 projects with:

                                                                                               Akyem, Baomahun, Bombore, Edikan, Esaase, Hounde, Kibali,
                                                                                               Massawa, Mongbwalu, New Liberty, Tengrela and Tusker.
                                                                 Australasia with 2.0Moz by 2020 from 5 projects with:

                                                                                               Cadia East, Didipio, Golpu-Wafi and Tropicana.
                                                                 Europe with 1.7Moz by 2020 from 8 Projects with:
                                                                                               Agi Dagi, Certej, Efemcukuru, Krumovgrad, Olympias, Perama
                                                                                               Hill, Rosia Montana, and Skouries.
                                                                 Russia with 1.3Moz by 2020 from Natalka
                                                                 China with 0.1Moz by 2020 from Eastern Dragon

Fig 12: Location Mix in 2020                     Fig 13: Forecast New Gold Mine Production, by Mine Location

                                                                                    30



                                                                                    25                                                                                       Russia
                                                     Annual Gold Production (Moz)




                                                                                    20                                                                                   S. America
                               Africa
        N.America
                                                                                    15


                     S.America                                                                                                                                           N. America
                                                                                    10



                                                                                    5                                                                                     Europe
    Africa      Australasia   China     Europe                                                                                                                           Australasia
    N.America   S.America     Russia    Other
                                                                                                                                                                           Africa
                                                                                    0
                                                                                         Dec'12E   Dec'13E    Dec'14E      Dec'15E   Dec'16E   Dec'17E   Dec'18E   Dec'19E   Dec'20E   Dec'21E   Dec'22E
                                                                                                   Africa    Australasia     China    Europe    N.America    S.America   Russia    Other


Source: BMO Capital Markets                      Source: BMO Capital Markets




Page 10 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012


                              Gold Production Forecast to Peak in 2018
                              Gold production is forecast to grow from 42Moz in 2011 to a peak of 64Moz in
                              2018 for the BMO Research universe of gold stocks.
                              The BMO Research universe of gold stocks consists of 62 global stocks with a
                              market capitalization of US$260B and represents ~50% of the world mined
                              supply on gold.

                              The BMO Research existing gold mines are expected to increase production
                              from 42Moz in 2011 to a peak of 46Moz in 2016 with the expansion of
                              existing mines and the ramp-up of recently completed mines offsetting
                              depletion of older operations. The production from existing gold mines then
                              decline to 36Moz in 2020 as depletion exceeds expansion.

                              The new mines commencing production from 2012 within the BMO Research
                              gold stock universe steadily increase production to a peak of 26Moz in 2020.

                              The new mine forecasts are broadly based on the guidance provided by the
                              62 global gold stocks covered by BMO Research. Early stage project forecasts
                              are based on current resources and initial concepts of development.
                              The track record of the company guidance raises a valid question about the
                              probability that all proposed mines will be delivered on time and on budget.

                              Fig 14: BMO Research Gold Stock Universe Production Forecast
                                                                       70


Gold production is forecast                                            60
to grow from 42Moz in 2011
                                        Annual Gold Production (Moz)




to a peak of 64Moz in 2018                                             50


for the BMO Research                                                   40
universe of gold stocks.
                                                                       30


                                                                       20


                                                                       10


                                                                       0
                                                                       2005   2006   2007   2008   2009    2010   2011 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E
                                                                                                                     Base      Growth


                              Source: BMO Capital Markets


                              Fig 15: BMO Research Senior/Mid-Tier/Developer Gold Production Forecast
                                                                       70


The various assumptions                                                60
implied in the new mines
                                        Annual Gold Production (Moz)




analysed by BMO Research                                               50


form the basis of the gold                                             40

company valuations.
                                                                       30


                                                                       20


                                                                       10


                                                                       0
                                                                       2005   2006   2007   2008   2009    2010   2011 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E
                                                                                             Senior   Mid-Tier     Developer    Senior   Mid-Tier   Developer
                                                                                                          Base                           Growth


                              Source: BMO Capital Markets




Page 11 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012


                                                                                                                                                                           New Supply May Place Pressure on the Gold Price
                                                                                                                                                                           Global gold mine production has been increasing since 2008 after nearly a
                                                                                                                                                                           decade of falling output and under-investment in the sector.

                                                                                                                                                                           The growing mine production reflects an increased investment in gold supply
                                                                                                                                                                           and a general six-to-eight year lag from discovery to production for a gold
                                                                                                                                                                           project given the environmental, technical and financial restraints.

                                                                                                                                                                           The BMO Research gold stock universe is projected to grow production by
Supply increase of 6.5%/year                                                                                                                                               about ~6.5% per year over the next seven years, assuming that all the
for BMO Research stocks.                                                                                                                                                   announced projects commence on schedule.

                                                                                                                                                                           The outlook for the rest of the world mine supply of gold is unclear especially
                                                                                                                                                                           with China now the largest single producing nation representing ~13% of the
                                                                                                                                                                           world mine supply of gold based on a myriad of small producers.

                                                                                                                                                                           If the rest of the world supply remained flat, then the contribution of the BMO
Perhaps <3.4%/year for the                                                                                                                                                 Research projected gold production growth would diminish to ~3.4%
world supply growth.                                                                                                                                                       compound annual growth over the next seven years.
                                                                                                                                                                           An assumed flat production outlook for the rest of the world may be a
                                                                                                                                                                           challenge to sustain and would require a considerable investment to offset
                                                                                                                                                                           depletion of existing operations.

                                                                                                                                                                           A large increase in supply without a corresponding increase in demand uptake
                                                                                                                                                                           would normally result in a lower price for most commodities.

                                                                                                                                                                           However, gold is not a normal commodity, given its quasi-money status.
Gold is not a normal metal.                                                                                                                                                Gold price responds to currency markets, inflation risks, geopolitical
                                                                                                                                                                           developments and financial market flux.

                                                                                                                                                                           The nature of gold supply and demand has changed over the past decade.

                                                                                                                                                                           The gold supply-side consists of only mine production and price-sensitive
                                                                                                                                                                           scrap, while the demand-side has broadened into jewellery, investment,
                                                                                                                                                                           fabrication and central bank purchases. The nature of the demand for gold
                                                                                                                                                                           has also changed, in that China and India now account for about one-half of
                                                                                                                                                                           the physical off-take in jewellery and bar.

                                                                                                                                                                           BMO Research analysis suggests that increased mine supply of gold may
                                                                                                                                                                           place the gold price under pressure, but the price sensitive supply of scrap
                                                                                                                                                                           and the level of investment demand complicate the impact on the metal price.

Fig 16: World Gold Supply                                                                                                                                                                                                                                              Fig 17: World Gold Demand
                       5,000                                                                                                                                                                                                                                                                  5,000



                       4,000                                                                                                                                                                                                                                                                  4,000
                                                                                                                                                                                   Official Sales                                                                                                                                                                                                                                                                                    Investment
                                                                                                                                                                                                                                                                       Gold Demand (tonnes)
Gold Supply (tonnes)




                       3,000                                                                                                                                                                                                                                                                  3,000
                                                                                                                                                                                                                            Scrap
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Other

                       2,000                                                                                                                                                                                                                                                                  2,000



                                                                                                                                                                                                          Mine Production
                       1,000                                                                                                                                                                                                                                                                  1,000                                                                                                                                                                                   Jewellery


                          0                                                                                                                                                                                                                                                                      0
                                                                                                                                                                                                                                                                                                                    1982



                                                                                                                                                                                                                                                                                                                                         1985




                                                                                                                                                                                                                                                                                                                                                                                          1992




                                                                                                                                                                                                                                                                                                                                                                                                                                           1999




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            2006
                               1980
                                      1981
                                             1982
                                                    1983
                                                           1984
                                                                  1985
                                                                         1986
                                                                                1987
                                                                                       1988
                                                                                              1989
                                                                                                     1990
                                                                                                            1991
                                                                                                                   1992
                                                                                                                          1993
                                                                                                                                 1994
                                                                                                                                        1995
                                                                                                                                               1996
                                                                                                                                                      1997
                                                                                                                                                             1998
                                                                                                                                                                    1999
                                                                                                                                                                           2000
                                                                                                                                                                                  2001
                                                                                                                                                                                         2002
                                                                                                                                                                                                2003
                                                                                                                                                                                                       2004
                                                                                                                                                                                                              2005
                                                                                                                                                                                                                     2006
                                                                                                                                                                                                                            2007
                                                                                                                                                                                                                                   2008
                                                                                                                                                                                                                                          2009
                                                                                                                                                                                                                                                 2010
                                                                                                                                                                                                                                                        2011




                                                                                                                                                                                                                                                                                                      1980
                                                                                                                                                                                                                                                                                                             1981


                                                                                                                                                                                                                                                                                                                           1983
                                                                                                                                                                                                                                                                                                                                  1984


                                                                                                                                                                                                                                                                                                                                                1986
                                                                                                                                                                                                                                                                                                                                                       1987
                                                                                                                                                                                                                                                                                                                                                              1988
                                                                                                                                                                                                                                                                                                                                                                     1989
                                                                                                                                                                                                                                                                                                                                                                            1990
                                                                                                                                                                                                                                                                                                                                                                                   1991


                                                                                                                                                                                                                                                                                                                                                                                                 1993
                                                                                                                                                                                                                                                                                                                                                                                                        1994
                                                                                                                                                                                                                                                                                                                                                                                                               1995
                                                                                                                                                                                                                                                                                                                                                                                                                      1996
                                                                                                                                                                                                                                                                                                                                                                                                                             1997
                                                                                                                                                                                                                                                                                                                                                                                                                                    1998


                                                                                                                                                                                                                                                                                                                                                                                                                                                  2000
                                                                                                                                                                                                                                                                                                                                                                                                                                                         2001
                                                                                                                                                                                                                                                                                                                                                                                                                                                                2002
                                                                                                                                                                                                                                                                                                                                                                                                                                                                       2003
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              2004
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     2005


                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   2007
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      2012F
                                                                                                                                                                                                                                                               2012F




                                                       Mine Supply                        Gold Scrap                       Hedging                    Net Official Sector                              Disinvestment                                                                                                          Jewellery                       Other Fabrication                          De-Hedging                        Official Sector                       Investment


Source: GFMS Thompson Reuters                                                                                                                                                                                                                                          Source: GFMS Thompson Reuters




Page 12 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012


                               Not All Companies Offer Compelling Production Growth
                               Many of the BMO Research gold companies have set significant production
                               growth targets over the next few years. The companies are forecast to
                               increase gold production to 62Moz in 2016 from 42Moz in 2011.

                               Many of the major gold stocks (those with a market capitalization exceeding
                               US$10B) are pursuing considerable production growth goals, but the sizeable
                               existing production base limits the percentage growth for the stocks.

                               Gold production growth rates to 2016 for the larger gold stocks varies widely
                               with IAMGOLD (-4%), Barrick (5%), Gold Fields (15%), Newmont (15%),
                               AngloGold (18%), Kinross (27%), Newcrest (30%), Agnico-Eagle (33%),
                               Polyus (67%), Randgold (101%), Yamana (115%) and Eldorado (157%).

                               Fig 18: Forecast Gold Production Growth From 2011 to 2016E

                                                                           2.0
Many of the major gold
                               Gold Production Growth 2011-2016 (Moz)




stocks are pursuing
considerable production                                                    1.5

growth goals.
                                                                           1.0




                                                                           0.5




                                                                           0.0
                                                                                   ITH




                                                                                  OGC

                                                                                  AVR

                                                                                    AR



                                                                                    VIT
                                                                                  EOM
                                                                                    RR




                                                                                  DGC




                                                                                   ELD
                                                                                   IAG
                                                                                  MAX

                                                                                      P




                                                                                  AUE
                                                                                  PRB




                                                                                  SBB

                                                                                  RMX
                                                                                  BSX

                                                                                  CEE




                                                                                  TXG




                                                                                  ABX




                                                                                  OSK

                                                                                  AUY
                                                                                    GG
                                                                                  XRC
                                                                                  NGD



                                                                                  TGZ
                                                                                  ARZ
                                                                                   CLF


                                                                                  SGR




                                                                                  KCN




                                                                                  KGN
                                                                                  TRR
                                                                                  SMF
                                                                                  ADM

                                                                                  HAR
                                                                                  PRU
                                                                                  ASR
                                                                                  GBU
                                                                                  KGC
                                                                                 GOLD
                                                                                  NCM
                                                                                  NEM
                                                                                  RSG
                                                                                  GSS




                                                                                    XG
                                                                                  POG
                                                                                  GBG
                                                                                  CGA
                                                                                  ORE




                                                                                  AUQ
                                                                                  LSG


                                                                                  GUY
                                                                                  ABG




                                                                                    CG




                                                                                  ANG

                                                                                 PLGL
                                                                                  AVM




                                                                                      R




                                                                                  AEM
                                                                                   AGI




                                                                                   GFI
                                                                                   Australia   North America   South Africa   Russia   UK

                               Source: BMO Capital Markets


                               Fig 19: Forecast Gold Production Growth Rate From 2012 to 2016E

                                                                           400%
Smaller stocks offer better
                               Gold Production Growth Rate 2011-2016 (%)




exposure for gold production
growth.                                                                    300%




                                                                           200%




                                                                           100%




                                                                             0%
                                                                                   KGC




                                                                                    ELD
                                                                                   ABX


                                                                                   POG



                                                                                       P




                                                                                  PLGL


                                                                                   CGA




                                                                                   BSX




                                                                                   MAX


                                                                                   RMX
                                                                                   SBB
                                                                                   NGD

                                                                                   NEM




                                                                                   HAR


                                                                                   TGZ
                                                                                   OGC
                                                                                   ARZ


                                                                                  GOLD

                                                                                   KCN

                                                                                   SMF
                                                                                   ASR
                                                                                    CLF

                                                                                   SGR

                                                                                     AR
                                                                                   ADM

                                                                                   DGC
                                                                                   GBU
                                                                                    ITH
                                                                                   KGN


                                                                                       R
                                                                                     RR


                                                                                     VIT
                                                                                   XRC
                                                                                    IAG


                                                                                   RSG
                                                                                   ANG
                                                                                   GSS




                                                                                   ABG
                                                                                     CG


                                                                                     GG
                                                                                   AUQ
                                                                                   CEE

                                                                                   AUY
                                                                                   GBG




                                                                                   LSG
                                                                                   OSK
                                                                                   AUE


                                                                                   GUY


                                                                                   ORE
                                                                                   PRB




                                                                                   TXG
                                                                                     XG
                                                                                   EOM
                                                                                    GFI




                                                                                   NCM
                                                                                   AEM
                                                                                   AVM




                                                                                   AVR
                                                                                    AGI




                                                                                   PRU


                                                                                   TRR




                                                                                   Australia   North America   South Africa   Russia   UK

                               Source: BMO Capital Markets




Page 13 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012


                             Potential for More Industry Consolidation
                             The pursuit of growth opportunities has been a major driver for merger and
                             acquisition activity within the global gold industry over the past decade.

                             Larger stocks have the capacity to pursue more M&A activity with smaller
                             growth stocks offering appealing targets.

                             Major gold companies may consider acquisitions for growth where smaller
                             companies offer better development projects than the organic pipeline.

                             Barrick, Newmont, AngloGold, and Agnico-Eagle are possible predators for
                             prospective projects or companies holding interesting projects.

                             Potentially attractive targets include: Argonaut, Aureus, Avion, Detour,
                             Extorre, Perseus, Romarco, Rubicon and Torex based on the encouraging new
                             project ranking combined with the relative corporate valuation.

                             Fig 20: Gold Stock Market Capitalization Versus P/NPV, Using 10% at Spot

                                                            100,000
A systematic pricing                                                    Cheap
                             Market Capitalization (US$M)




                                                                                                                       ABX
mechanism of larger gold                                                                                          GG
                                                                                                                         NEM         NCM
stocks trading at a P/NPV                                                                                        ANG
                                                                                                                                                                      e
                                                                                                                                                                 Valu
                                                                                                                             AUY
premium to smaller stocks                                                                      KGC    PLGL GFI
                                                                                                                                                          Fair
                                                                                                                       ELD
                                                             10,000                                                                   GOLD
                                                                                                                                             AEM                     FNV
and growth-oriented stocks                                                               HAR             IAG NGD
                                                                                                      OSK
trading at a premium to                                                                    DGC CG            AUQ
                                                                                         ABG                    ASR AGI
mature companies…                                                                             POG
                                                                                                   SMF
                                                                                          CEE                   PRU
                                                                                  R                TXGRSG     RMX       ARZ
                                                              1,000                            KCN      AR
                                                                                       GBU CGA                                                     TRR
                                                                              SBB              KGNOGC
                                                                                    SGR GBG  GUY     TGZAVM
                                                                                                                         MAX
                                                                                        GSS ORE AVR CLF
                                                                                      RR    LSG ITH
                                                                                                     XG       XRC
                                                                                          AUE BSX
…may encourage companies                                                                       EOM         P          Gold Price  US$1,642/oz
to seek the “size prize.”                                                                                              10% nominal discount rate           Expensive
                                                               100
                                                                 25%                50%              75%          100%               125%                150%         175%
                                                                                                Share price to NPV per share
                             Source: BMO Capital Markets


                             Fig 21: Gold Stock Internal Rate of Return, Using Spot Prices

                                                            40%        Gold = US$1,642/oz
Seeking value-accretive                                                Silver = US$30.29/oz
                                                                       Copper = US$3.74/lb
                              Internal Rate of Return




scrip acquisitions is a                                                    A$/US$ = 1.02
relative game for any                                       30%            C$/US$ = 1.00
                                                                         US$/Rand = 7.82
company to consider                                                    US$/Rouble = 29.79

cheaper targets.                                                                                            Cheaper
                                                            20%



                                                            10%
The pursuit of a better
growth outlook may drive
further M&A activity.                                        0%
                                                                   AUY




                                                                   GUY
                                                                    AGI




                                                                    GFI




                                                                     VIT
                                                                   FNV




                                                                   ABX




                                                                   RMX




                                                                       P




                                                                   CGA




                                                                   CEE




                                                                   AUE

                                                                   PRB
                                                                   SBB
                                                                  PLGL
                                                                   TRR




                                                                    ELD


                                                                   NGD
                                                                   ASR




                                                                   OGC


                                                                      AR




                                                                   AVR




                                                                   KGN
                                                                   MAX




                                                                   OSK




                                                                   BSX




                                                                   ORE




                                                                   GSS
                                                                   NCM
                                                                   ARZ
                                                                   NEM




                                                                   AVM




                                                                   EOM
                                                                    IAG




                                                                   ADM
                                                                   TXG
                                                                   GBG




                                                                   LSG




                                                                   TGZ
                                                                  GOLD




                                                                   PRU




                                                                     ITH
                                                                   KGC
                                                                   DGC

                                                                   HAR
                                                                   XRC




                                                                   GBU


                                                                   KCN
                                                                     RR



                                                                   SGR
                                                                   AEM




                                                                     GG
                                                                   ANG


                                                                   AUQ


                                                                    CLF




                                                                     XG


                                                                   SMF
                                                                   POG




                                                                     CG
                                                                       R
                                                                   ABG

                                                                   RSG




                                                                      Australia       North America        South Africa            Russia     UK         Royalty

                             Source: BMO Capital Markets




Page 14 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012



                                           3. Seventy-Six New Mines by 2020
                                                 The BMO Research gold stock universe is forecast to construct 76 proposed
                                                 new mines commencing production in 2012 through to 2020.

                                                 The new mine development schedule and project parameters are based on
                                                 gold company guidance plus BMO estimates for longer-dated developments.

                                                 Recent experience demonstrates the difficulties encountered by the gold
                                                 companies to deliver the proposed developments on time and on budget.


                                                 Fig 22: Forecast New Gold Mine Production, by Start-up Year

                                                                                30
Forecast new gold mines
add:                                                                            25
                                                 Annual Gold Production (Moz)




+ 2.6Moz/year for 2012                                                          20
+ 3.0Moz/year for 2013
+ 4.8Moz/year for 2014                                                          15
+ 4.8Moz/year for 2015
+ 3.5Moz/year for 2016                                                          10
+ 2.7Moz/year for 2017
+ 4.8Moz/year for 2018
                                                                                5
+ 1.3Moz/year for 2019
                                                                                0
                                                                                     Dec'12    Dec'13     Dec'14       Dec'15      Dec'16       Dec'17    Dec'18     Dec'19     Dec'20      Dec'21   Dec'22
                                                                                                           2012 Projects        2013 Projects     2014 Projects     2015 Projects
                                                                                                           2016 Projects        2017 Projects     2018 Projects     2019 Projects

                                                 Source: BMO Capital Markets


Fig 23: Location Mix in 2020                     Fig 24: Forecast New Gold Mine Production, by Mine Location

                                                                                30



                                                                                25
                                                 Annual Gold Production (Moz)




                                                                                20

                               Africa
        N.America
                                                                                15


                     S.America
                                                                                10



    Africa      Australasia   China     Europe                                  5
    N.America   S.America     Russia    Other

                                                                                0
                                                                                     Dec'12E   Dec'13E    Dec'14E      Dec'15E     Dec'16E      Dec'17E   Dec'18E   Dec'19E     Dec'20E    Dec'21E   Dec'22E
                                                                                               Africa    Australasia     China      Europe       N.America    S.America       Russia     Other

Source: BMO Capital Markets                      Source: BMO Capital Markets




Page 15 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012

                              Fig 25: Forecast Peak Production (by 2020) Expected for New Gold Mines


                                          Arqueros
                                              Orion
                                       La Colorada
                                       Krumovgrad
Seventy-six new mines with:        Eastern Dragon
                                            Ernesto
                                         Mercedes
                                       San Antonio
+ 4 mines >1.0Moz/year                   New Afton
+ 15 mines >0.5Moz/year                     Hounde
                                     C1 Santa Luz
+ 30 mines >0.2Moz/year                      Didipio
                                              Certej
+ 27 mines <0.2Moz/year                     La India
                                            Joanna
                                           Skouries
                                       New Liberty
                                       Perama Hill
                                        Cerro Moro
                                        Mongbwalu
                                                Pilar
                                        Baomahun
                                     Tocantinzinho
                                          Jeronimo
New mine locations:                    Efemcukuru
                                      Cerro Blanco
                                          Olympias
                                           Phoenix
+ 25 in North America                      Tengrela
+ 24 in South America                     Bombore
                                              Eagle
+ 12 in Africa                           Angostura
                                  Young-Davidson
+ 8 in Europe                              Agi Dagi
                                      Borden Lake
+ 5 in Australasia                      Back River
                                          Massawa
+ 1 in Russia                                Merian
+ 1 in China                                 Edikan
                                             Tusker
                                         Cote Lake
                                      Volta Grande
                                             Volcan
                                   Hammond Reef
                                            Esaase
                                              Golpu
                                       Rainy River
                                            Morelos
                                               Haile
                                             Aurora
                                           El Morro
                                              Suyai
                                        Lobo Marte
                                  Golden Meadows
                                          Meliadine
                                         Tropicana
                                             Akyem
                                           Fronteer
                                   Fruta Del Norte
                                        Cadia East
                                               Wafi
                                          Eleonore
                                             Conga
                                        Blackwater
                                       Cerro Negro
                                       Detour Lake
                                              Kibali
                                         Livengood
                                         La Colosa
                                   Rosia Montana
                                          Caspiche
                                            Pascua
                                      Pueblo Viejo
                                      Cerro Casale
                                            Natalka
                                             Donlin

                                                    0.0     0.2     0.4   0.6    0.8    1.0    1.2    1.4
                                                                  Annual Gold Production (Moz)

                                       2012 Projects         2013 Projects     2014 Projects   2015 Projects

                                       2016 Projects         2017 Projects     2018 Projects   2019 Projects

                              Source: BMO Capital Markets




Page 16 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012


Fig 26: Forecast New Mine Construction Capital (US$M) and Start-up Timing
Start-up Capital (US$M)     Total Capex Sunk to '12 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19
Edikan              PRU         335        250        84
Mercedes            AUY         302        227        75
La Colorada         AR           31         12             20
Efemcukuru          ELD         399        362                  38
New Afton           NGD         611        439                 172
Olympias            ELD         597        150                 447
Young-Davidson AUQ              540        198                 342
Cadia East          NCM        7443       1841                     5602
Pueblo Viejo        ABX/GG     4232       3217                     1015
Detour Lake         DGC        1489        656                           833
Eastern Dragon      ELD         257        164                            93
C1 Santa Luz        AUY         233         88                                145
Didipio             OGC         497        182                                315
Ernesto             AUY         196         86                                110
Pascua              ABX        6118       2718                                    3400
Cerro Negro         GG         1072        197                                          875
Pilar               AUY         405        140                                          265
Tengrela            PRU         280         13                                          268
Cerro Moro          XG          290         6                                                284
New Liberty         AUE         178         0                                                178
San Antonio         AR          136         7                                                129
Tropicana           ANG         919        176                                               744
Akyem               NEM        1253        528                                                    725
Kibali              GOLD       2484        484                                                   2000
Phoenix             RMX         386        164                                                    221
Agi Dagi            AGI         508         15                                                         493
Aurora              GUY        1161        116                                                        1044
La India            AEM         205         5                                                          200
Mongbwalu           ANG         465         5                                                          460
Baomahun            CLF         294         39                                                              255
Eagle               VIT         400         0                                                               400
Eleonore            GG         1822        572                                                             1250
Esaase              KGN         647         58                                                              589
Haile               R           641        147                                                              494
Joanna              ARZ         420         10                                                              410
Perama Hill         ELD         208         18                                                              190
Angostura           EOM         529         0                                                                    529
Arqueros            KCN         176         1                                                                    175
Bombore             ORE         501         11                                                                   490
Krumovgrad          DPM         178         0                                                                    178
Merian              NEM         938         63                                                                   875
Volcan              ADM         788         31                                                                   757
Certej              ELD         315         45                                                                        270
Morelos             TXG         600         0                                                                         600
Skouries            ELD         616         50                                                                        566
Jeronimo            AUY         440         40                                                                             400
Rainy River         RR          739         0                                                                              739
Rosia Montana       GBU        2643        717                                                                            1926
Massawa             GOLD        646         55                                                                                  590
Natalka             PLGL       5125        289                                                                                 4835
Tocantinzinho       ELD         402         37                                                                                  365
Borden Lake         PRB         800         0                                                                                        800
Cote Lake           TRR        1119         0                                                                                       1119
Hammond Reef        OSK        1000         0                                                                                       1000
Suyai               AUY         571         46                                                                                       525
Volta Grande        BSX         615         0                                                                                        615
Back River          SBB         774         44                                                                                            730
Lobo Marte          KGC        1035         85                                                                                            950
Tusker              ABG         710         0                                                                                             710
Conga               NEM/BVN    4659        584                                                                                                4075
Hounde              AVR         125         0                                                                                                  125
Orion               AUQ          84         2                                                                                                   82
Blackwater          NGD        1591         46                                                                                                          1545
Fronteer            NEM         610         20                                                                                                           590
Fruta Del Norte     KGC        1571        171                                                                                                               1400
El Morro            GG         3971        182                                                                                                                         3789
Golpu               NCM/HAR    4080        109                                                                                                                         3971
Meliadine           AEM         842         74                                                                                                                          768
Caspiche            XRC        5376         0                                                                                                                               5376
Cerro Blanco        GG          661        111                                                                                                                               550
Golden Meadows MAX              780         0                                                                                                                                780
Livengood           ITH        1733         67                                                                                                                              1666
La Colosa           ANG        3030        105                                                                                                                                        2925
Cerro Casale        ABX/KGC    6547        264                                                                                                                                             6283
Wafi                NCM/HAR     784         27                                                                                                                                              757
Donlin              ABX/NG     7190        440                                                                                                                                                       6750


Source: BMO Capital Markets



                                                                 The construction timetable is based on company guidance and BMO Research
                                                                 estimates for the longer-dated developments.

                                                                 In most instances, the BMO Research estimate for start-up capital exceeds
Capex exceeds guidance.                                          company guidance given the recent trends for capital cost escalation.

                                                                 Mines that appear to remain on schedule for 2012, based on expectations set
Some on-time delivery.                                           one year ago, include Edikan, Mercedes, Cadia East, La Colorada, Young-
                                                                 Davidson and New Afton.

                                                                 Delivery schedule slippage for the 2012 mines, based on expectations set a
Mostly slippage in delivery.                                     year ago, include Efemcukuru, Eastern Dragon, Olympias (tailings) and
                                                                 Pueblo Viejo.

                                                                 The potential for delivery delays increases with the longer-dated mine
                                                                 development programs.




Page 17 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012


Fig 27: Forecast New Mine Expected Peak Production Rate (000oz) and Start-up Timing
Peak Gold Production (koz)   Peak Moz   1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19
Edikan            PRU          0.315     315
Mercedes          AUY          0.113     113
La Colorada       AR           0.066           66
Efemcukuru        ELD          0.175               175
New Afton         NGD          0.114               114
Olympias          ELD          0.187               187
Young-Davidson AUQ             0.257               257
Cadia East        NCM          0.556                    556
Pueblo Viejo      ABX/GG       1.073                   1073
Detour Lake       DGC          0.680                         680
Eastern Dragon    ELD          0.105                         105
C1 Santa Luz      AUY          0.122                              122
Didipio           OGC          0.123                              123
Ernesto           AUY          0.107                              107
Pascua            ABX          0.963                                   963
Cerro Negro       GG           0.671                                        671
Pilar             AUY          0.147                                        147
Tengrela          PRU          0.217                                        217
Cerro Moro        XG           0.143                                             143
New Liberty       AUE          0.139                                             139
San Antonio       AR           0.113                                             113
Tropicana         ANG          0.472                                             472
Akyem             NEM          0.474                                                  474
Kibali            GOLD         0.709                                                  709
Phoenix           RMX          0.204                                                  204
Agi Dagi          AGI          0.260                                                       260
Aurora            GUY          0.395                                                       395
La India          AEM          0.128                                                       128
Mongbwalu         ANG          0.146                                                       146
Baomahun          CLF          0.153                                                            153
Eagle             VIT          0.239                                                            239
Eleonore          GG           0.606                                                            606
Esaase            KGN          0.359                                                            359
Haile             R            0.388                                                            388
Joanna            ARZ          0.128                                                            128
Perama Hill       ELD          0.141                                                            141
Angostura         EOM          0.256                                                                 256
Arqueros          KCN          0.029                                                                  29
Bombore           ORE          0.231                                                                 231
Krumovgrad        DPM          0.078                                                                  78
Merian            NEM          0.292                                                                 292
Volcan            ADM          0.340                                                                 340
Certej            ELD          0.127                                                                      127
Morelos           TXG          0.369                                                                      369
Skouries          ELD          0.138                                                                      138
Jeronimo          AUY          0.174                                                                           174
Rainy River       RR           0.365                                                                           365
Rosia Montana     GBU          0.850                                                                           850
Massawa           GOLD         0.288                                                                                288
Natalka           PLGL         1.259                                                                               1259
Tocantinzinho     ELD          0.159                                                                                159
Borden Lake       PRB          0.272                                                                                     272
Cote Lake         TRR          0.323                                                                                     323
Hammond Reef      OSK          0.341                                                                                     341
Suyai             AUY          0.400                                                                                     400
Volta Grande      BSX          0.331                                                                                     331
Back River        SBB          0.283                                                                                          283
Lobo Marte        KGC          0.407                                                                                          407
Tusker            ABG          0.321                                                                                          321
Conga             NEM/BVN      0.625                                                                                               625
Hounde            AVR          0.122                                                                                               122
Orion             AUQ          0.061                                                                                                61
Blackwater        NGD          0.664                                                                                                         664
Fronteer          NEM          0.527                                                                                                         527
Fruta Del Norte   KGC          0.538                                                                                                              538
El Morro          GG           0.395                                                                                                                        395
Golpu             NCM/HAR      0.360                                                                                                                        360
Meliadine         AEM          0.461                                                                                                                        461
Caspiche          XRC          0.948                                                                                                                             948
Cerro Blanco      GG           0.181                                                                                                                             181
Golden Meadows MAX             0.413                                                                                                                             413
Livengood         ITH          0.764                                                                                                                             764
La Colosa         ANG          0.844                                                                                                                                       844
Cerro Casale      ABX/KGC      1.165                                                                                                                                           1165
Wafi              NCM/HAR      0.585                                                                                                                                            585
Donlin            ABX/NG       1.329                                                                                                                                                     1329


Source: BMO Capital Markets




                                                                  The production profile for each proposed new mine is based on company
Assumed production profile.                                       guidance and BMO Research estimates for the longer-dated developments or
                                                                  in the absence of published reserves.

                                                                  The BMO Research estimate of peak production during 2012 to 2020 will differ
                                                                  from company guidance, which is typically an average production range.
                                                                  The peak production rate includes any subsequent expansion of the mine
                                                                  after start-up and is not necessarily representative of the life-of-mine
                                                                  production profile.

                                                                  BMO Research notes that the most optimal engineered project in terms of
                                                                  resource utilization or throughput may not yield the most financially optimal
                                                                  project, which may be the basis of competing for financial resources.




Page 18 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012


                                Capital Expenditure Pressure
                                New project development plans have experienced capital cost escalation due
                                to a number of factors including change in scope, scale, and timing, in
                                addition to inflationary cost escalation.

                                BMO Research generally takes a more conservative view of capital and
                                includes the sunk costs and subsequent expansions for multi-phase projects.

                                Fig 28: New Mine Capital Expenditure Guidance History
                                                                                            Capital Expenditure Revisions (US$M)
                                     Start-up   Project           Stock     2005    2006     2007        2008       2009      2010   2011    2012
                                    1Q 2012     Edikan            PRU                         120         175         148      160    175
                                    1Q 2012     Mercedes          AUY                                                 152      152    194
                                    2Q 2012     La Colorada       AR                                                                   14
                                    3Q 2012     Efemcukuru        ELD                          104       142        152       152     152
The large number of                 3Q 2012     New Afton         NGD                                               700                       765
                                    3Q 2012     Olympias          ELD                                                                 165     420
proposed new mine                   3Q 2012     Young-Davidson    AUQ                                    306        293       339
                                    4Q 2012     Cadia East        NCM                                                       1,949
developments combined               4Q 2012     Pueblo Viejo      ABX/GG    1,350            2,200     2,700      2,700     3,000    3,400   3,700
with the cost pressures and         1Q 2013
                                    1Q 2013
                                                Detour Lake
                                                Eastern Dragon
                                                                  DGC
                                                                  ELD
                                                                                                                    844
                                                                                                                     65
                                                                                                                            1,085    1,450
                                                                                                                                        63
                                                                                                                                             1,450

labour shortages suggests           2Q 2013
                                    2Q 2013
                                                C1 Santa Luz
                                                Didipio
                                                                  AUY
                                                                  OGC                          154
                                                                                                         139
                                                                                                         320
                                                                                                                    143       143
                                                                                                                              140      265
that not all of the projects        2Q 2013     Ernesto           AUY                                                86       116      116
                                    3Q 2013     Pascua            ABX       1,200            2,350     2,700      2,900     2,900    3,450   4,850
will be delivered as planned.       4Q 2013     Cerro Negro       GG                                     318                  275      750     800
                                    4Q 2013     Pilar             AUY                                                         180
                                    4Q 2013     Tengrela          PRU                                                89       115
                                    1Q 2014     Cerro Moro        XG                                                          131     208     284
                                    1Q 2014     New Liberty       AEU                           59                             92             113
                                    1Q 2014     San Antonio       AR                                                           71
                                    1Q 2014     Tropicana         ANG                                    335        375       700      730
BMO Research generally              2Q 2014
                                    2Q 2014
                                                Akyem
                                                Kibali
                                                                  NEM
                                                                  GOLD               296       483
                                                                                                         500
                                                                                                                    618
                                                                                                                              750      900
                                                                                                                                     1,400
                                                                                                                                             1,000
                                                                                                                                             1,570
takes a more conservative           2Q 2014     Phoenix           RMX                                                                  214
                                    3Q 2014     Agi Dagi          AGI                                                         235      235
view of capital and includes        3Q 2014     Aurora            GUY                                               440                       990

the sunk costs and                  3Q 2014
                                    3Q 2014
                                                La India
                                                Mongbwalu
                                                                  AEM
                                                                  ANG
                                                                                                                               72


subsequent expansions.              4Q 2014
                                    4Q 2014
                                                Baomahun
                                                Eagle
                                                                  CLF
                                                                  VIT        107
                                                                                                                              195
                                                                                                                              281              400
                                    4Q 2014     Eleonore          GG                                                          800    1,400   1,400
                                    4Q 2014     Esaase            KGN                                                         320      506
                                    4Q 2014     Haile             R                             94                  153                276    320
                                    4Q 2014     Joanna            ARZ                                    141        187
                                    4Q 2014     Perama Hill       ELD                                                         164     159     189
                                    1Q 2015     Angostura         EOM                          524                  638               274     529
                                    1Q 2015     Arqueros          KCN
                                    1Q 2015     Bombore           ORE                                                                  204
                                    1Q 2015     Krumovgrad        DPM         75                                                       128
                                    1Q 2015     Merian            NEM                                                                1,400
                                    1Q 2015     Volcan            ADM                                               550                551
                                    2Q 2015     Certej            ELD                          134       205        191       191             270
                                    2Q 2015     Morelos           TXG                          300
                                    2Q 2015     Skouries          ELD                                                                 300     521
                                    3Q 2015     Jeronimo          AUY                                                                 310     400
                                    3Q 2015     Rainy River       RR         324     638                          1,023
                                    3Q 2015     Rosia Montana     GBU        324     638                          1,023
                                    4Q 2015     Massawa           GOLD                                              237
                                    4Q 2015     Natalka           PLGI                                            2,500     2,200    1,100
                                    4Q 2015     Tocantinzinho     ELD                          128                            239      384    384
                                    1Q 2016     Borden Lake       PRB
                                    1Q 2016     Cote Lake         TRR
                                    1Q 2016     Hammond Reef      OSK                                               614
                                    1Q 2016     Suyai             AUY
                                    1Q 2016     Volta Grande      BSX                                               300
                                    2Q 2016     Back River        SBB
                                    2Q 2016     Lobo Marte        KGC                                                         613     700     800
                                    2Q 2016     Tusker            ABG                                                60
                                    3Q 2016     Conga             NEM/BVN   1,100                                 2,950     2,950    3,505   4,090
                                    3Q 2016     Hounde            AVR
                                    3Q 2016     Orion             AUQ                                                          35
                                    1Q 2017     Blackwater        NGD
                                    1Q 2017     Fronteer          NEM                                                66                500    525
                                    2Q 2017     Fruta del Norte   KGC                                                                1,100
                                    4Q 2017     El Morro          GG                1,200              2,520                2,500            3,900
                                    4Q 2017     Golpu             NCM/HAR                                                            3,571   4,200
                                    4Q 2017     Meliadine         AEM                                               252
                                    1Q 2018     Caspiche          XRC                                                                        5,351
                                    1Q 2018     Cerro Blanco      GG
                                    1Q 2018     Golden Meadows    MAX
                                    1Q 2018     Livengood         ITH                                               665     1,400    1,614
                                    3Q 2018     La Colosa         ANG                                                                3,250
                                    4Q 2018     Cerro Casale      ABX/KGC   1,650   1,960              2,300      3,650     4,200    6,000
                                    4Q 2018     Wafi              NCM/HAR
                                    2Q 2019     Donlin            ABX/NG            2,130              3,382      4,481              6,678

                                Source: BMO Capital Markets




Page 19 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012


                                Fig 29: New Mine Capital Expenditure Guidance History (Alphabetic)
                                                                                         Capital Expenditure Revisions (US$M)
                                  Start-up   Project           Stock     2005    2006     2007        2008       2009      2010   2011    2012
                                 3Q 2014     Agi Dagi          AGI                                                          235    235
                                 2Q 2014     Akyem             NEM                                     500                  750    900    1,000
                                 1Q 2015     Angostura         EOM                         524                     638             274      529
                                 1Q 2015     Arqueros          KCN
Some significant capital cost    3Q 2014     Aurora            GUY                                               440                       990
increases have been              2Q 2016     Back River        SBB
                                 4Q 2014     Baomahun          CLF                                                         195
experienced.                     1Q 2017     Blackwater        NGD
                                 1Q 2015     Bombore           ORE                                                                 204
                                 1Q 2016     Borden Lake       PRB
Pascua with $1.20B in 2005       2Q 2013
                                 4Q 2012
                                             C1 Santa Luz
                                             Cadia East
                                                               AUY
                                                               NCM
                                                                                                      139        143       143
                                                                                                                         1,949
growing to US$4.9B in 2012.      1Q 2018     Caspiche          XRC                                                                        5,351
                                 1Q 2018     Cerro Blanco      GG
                                 4Q 2018     Cerro Casale      ABX/KGC   1,650   1,960              2,300      3,650     4,200    6,000
Cerro Casale with US$1.65B       1Q 2014
                                 4Q 2013
                                             Cerro Moro
                                             Cerro Negro
                                                               XG
                                                               GG                                     318
                                                                                                                           131
                                                                                                                           275
                                                                                                                                    208
                                                                                                                                    750
                                                                                                                                            284
                                                                                                                                            800
in 2005 to US$6.0B in 2011.      2Q 2015     Certej            ELD                          134       205        191       191              270
                                 3Q 2016     Conga             NEM/BVN   1,100                                 2,950     2,950    3,505   4,090
                                 1Q 2016     Cote Lake         TRR
Conga with US$1.1B in 2005       1Q 2013
                                 2Q 2013
                                             Detour Lake
                                             Didipio
                                                               DGC
                                                               OGC                          154       320
                                                                                                                 844     1,085
                                                                                                                           140
                                                                                                                                  1,450
                                                                                                                                    265
                                                                                                                                          1,450

to US$4.1B in 2012.              2Q 2019     Donlin            ABX/NG            2,130              3,382      4,481              6,678
                                 4Q 2014     Eagle             VIT        107                                              281             400
                                 1Q 2013     Eastern Dragon    ELD                                                65                63
Pueblo Viejo with US$1.35B       1Q 2012
                                 3Q 2012
                                             Edikan
                                             Efemcukuru
                                                               PRU
                                                               ELD
                                                                                            120
                                                                                            104
                                                                                                      175
                                                                                                      142
                                                                                                                 148
                                                                                                                 152
                                                                                                                           160
                                                                                                                           152
                                                                                                                                   175
                                                                                                                                   152
in 2005 to US$3.7B in 2012.      4Q 2017     El Morro          GG                1,200              2,520                2,500            3,900
                                 4Q 2014     Eleonore          GG                                                          800    1,400   1,400
                                 2Q 2013     Ernesto           AUY                                                86       116      116
                                 4Q 2014     Esaase            KGN                                                         320      506
Donlin with US$2.1B in 2006      1Q 2017     Fronteer          NEM                                                66                500    525
to US$6.7B in 2011.              2Q 2017
                                 1Q 2018
                                             Fruta del Norte
                                             Golden Meadows
                                                               KGC
                                                               MAX
                                                                                                                                  1,100

                                 4Q 2017     Golpu             NCM/HAR                                                            3,571   4,200
                                 4Q 2014     Haile             R                             94                  153                276     320
                                 1Q 2016     Hammond Reef      OSK                                               614
                                 3Q 2016     Hounde            AVR
                                 3Q 2015     Jeronimo          AUY                                                                 310     400
                                 4Q 2014     Joanna            ARZ                                    141        187
                                 2Q 2014     Kibali            GOLD               296       483                  618              1,400   1,570
                                 1Q 2015     Krumovgrad        DPM         75                                                       128
                                 2Q 2012     La Colorada       AR                                                                    14
                                 3Q 2018     La Colosa         ANG                                                                3,250
                                 3Q 2014     La India          AEM                                                          72
                                 1Q 2018     Livengood         ITH                                               665     1,400    1,614
                                 2Q 2016     Lobo Marte        KGC                                                         613      700    800
                                 4Q 2015     Massawa           GOLD                                              237
                                 4Q 2017     Meliadine         AEM                                               252
                                 1Q 2012     Mercedes          AUY                                               152       152      194
                                 1Q 2015     Merian            NEM                                                                1,400
                                 3Q 2014     Mongbwalu         ANG
                                 2Q 2015     Morelos           TXG                          300
                                 4Q 2015     Natalka           PLGI                                            2,500     2,200    1,100
                                 3Q 2012     New Afton         NGD                                               700                       765
                                 1Q 2014     New Liberty       AEU                           59                             92             113
                                 3Q 2012     Olympias          ELD                                                                 165     420
                                 3Q 2016     Orion             AUQ                                                          35
                                 3Q 2013     Pascua            ABX       1,200            2,350     2,700      2,900     2,900    3,450   4,850
                                 4Q 2014     Perama Hill       ELD                                                         164      159     189
                                 2Q 2014     Phoenix           RMX                                                                  214
                                 4Q 2013     Pilar             AUY                                                         180
                                 4Q 2012     Pueblo Viejo      ABX/GG    1,350            2,200     2,700      2,700     3,000    3,400   3,700
                                 3Q 2015     Rainy River       RR          324    638                          1,023
                                 3Q 2015     Rosia Montana     GBU         324    638                          1,023
                                 1Q 2014     San Antonio       AR                                                           71
                                 2Q 2015     Skouries          ELD                                                                 300     521
                                 1Q 2016     Suyai             AUY
                                 4Q 2013     Tengrela          PRU                                                89       115
                                 4Q 2015     Tocantinzinho     ELD                          128                            239     384     384
                                 1Q 2014     Tropicana         ANG                                    335        375       700     730
                                 2Q 2016     Tusker            ABG                                                60
                                 1Q 2015     Volcan            ADM                                               550               551
                                 1Q 2016     Volta Grande      BSX                                               300
                                 4Q 2018     Wafi              NCM/HAR
                                 3Q 2012     Young-Davidson    AUQ                                    306        293       339

                                Source: BMO Capital Markets




Page 20 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012


                                 A Forecast of 76 Proposed New Mines by 2020
                                 Fig 30: Forecast New Gold Mines Starting in 2012
                                                                       3.0



                                                                       2.5




                                        Annual Gold Production (Moz)
Nine new mines scheduled                                               2.0
to start in 2012 for a peak of
2.6Moz/year in 2015.                                                   1.5



                                                                       1.0



                                                                       0.5



                                                                       0.0
                                                                             Dec'12E   Dec'13E   Dec'14E    Dec'15E    Dec'16E    Dec'17E        Dec'18E   Dec'19E     Dec'20E   Dec'21E     Dec'22E
                                                                                             Edikan        Mercedes           La Colorada         Efemcukuru       New Afton
                                                                                             Olympias      Young-Davidson     Cadia East          Pueblo Viejo


                                 Source: BMO Capital Markets


                                 Fig 31: Forecast New Gold Mines Starting in 2013
                                                                       3.5


                                                                       3.0


Nine new mines scheduled
                                        Annual Gold Production (Moz)




                                                                       2.5

to start in 2013 for a peak of
                                                                       2.0
3.0Moz/year in 2016.
                                                                       1.5


                                                                       1.0


                                                                       0.5


                                                                       0.0
                                                                             Dec'12E   Dec'13E   Dec'14E    Dec'15E    Dec'16E    Dec'17E        Dec'18E   Dec'19E     Dec'20E   Dec'21E     Dec'22E
                                                                        Detour Lake     Eastern Dragon     C1 Santa Luz     Didipio      Ernesto     Pascua       Cerro Negro    Pilar     Tengrela


                                 Source: BMO Capital Markets


                                 Fig 32: Forecast New Gold Mines Starting in 2014
                                                                       6.0



                                                                       5.0
                                        Annual Gold Production (Moz)




Eighteen new mines                                                     4.0
scheduled to start in 2014 for
a peak of 4.8Moz/year in                                               3.0

2017.
                                                                       2.0



                                                                       1.0



                                                                       0.0
                                                                             Dec'12E   Dec'13E   Dec'14E    Dec'15E    Dec'16E    Dec'17E        Dec'18E   Dec'19E     Dec'20E   Dec'21E     Dec'22E
                                                                        Cerro Moro     New Liberty   San Antonio      Tropicana       Akyem        Kibali        Phoenix   Agi Dagi      Aurora
                                                                        La India       Mongbwalu     Baomahun         Eagle           Eleonore     Esaase        Haile     Joanna        Perama Hill


                                 Source: BMO Capital Markets




Page 21 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012

                                 Fig 33: Forecast New Gold Mines Starting in 2015
                                                                       6.0



                                                                       5.0




                                        Annual Gold Production (Moz)
Fifteen new mines scheduled                                            4.0
to start in 2015 for a peak of
4.8Moz/year in 2020.                                                   3.0



                                                                       2.0



                                                                       1.0



                                                                       0.0
                                                                              Dec'12E     Dec'13E   Dec'14E   Dec'15E    Dec'16E      Dec'17E   Dec'18E    Dec'19E    Dec'20E      Dec'21E   Dec'22E
                                                                              Angostura      Arqueros   Bombore         Krumovgrad         Merian         Volcan     Certej            Morelos
                                                                              Skouries       Jeronimo   Rainy River     Rosia Montana      Massawa        Natalka    Tocantinzinho


                                 Source: BMO Capital Markets


                                 Fig 34: Forecast New Gold Mines Starting in 2016
                                                                       4.0




                                                                       3.0
                                        Annual Gold Production (Moz)




Eleven new mines scheduled
to start in 2016 for a peak of
3.5Moz/year in 2018.                                                   2.0




                                                                       1.0




                                                                       0.0
                                                                              Dec'12E     Dec'13E   Dec'14E   Dec'15E    Dec'16E      Dec'17E   Dec'18E    Dec'19E    Dec'20E      Dec'21E   Dec'22E
                                                                                          Borden Lake   Cote Lake       Hammond Reef       Suyai      Volta Grande      Back River
                                                                                          Lobo Marte    Tusker          Conga              Hounde     Orion


                                 Source: BMO Capital Markets


                                 Fig 35: Forecast New Gold Mines Starting in 2017-2020
                                                                       10.0



                                                                        8.0
                                        Annual Gold Production (Moz)




Fourteen new mines
scheduled to start in 2017-                                             6.0

2020 for a peak of
8.8Moz/year in 2022.                                                    4.0



                                                                        2.0



                                                                        0.0
                                                                               Dec'12E    Dec'13E   Dec'14E   Dec'15E     Dec'16E     Dec'17E   Dec'18E    Dec'19E    Dec'20E      Dec'21E   Dec'22E
                                                                              Blackwater       Fronteer             Fruta Del Norte     El Morro     Golpu             Meliadine      Caspiche
                                                                              Cerro Blanco     Golden Meadows       Livengood           La Colosa    Cerro Casale      Wafi           Donlin


                                 Source: BMO Capital Markets




Page 22 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012



                          4. Ranking the Proposed New Mines
                                 The 76 mines scheduled to commence production during 2012 to 2020 are
                                 analyzed and ranked for appeal to investors and corporate predators.


                                 Gold Reserves of 315Moz
                                 The proposed new mines scheduled for start-up during 2012 to 2020 have a
                                 combined reserve of 315Moz of gold.
                                 Converting the non-gold reserves of silver, copper, zinc and molybdenum to
                                 gold equivalent increases the reserves to over 415Moz of gold equivalent,
                                 using spot prices (US$1,642/oz gold, US$30.30/oz silver, US$3.75/lb copper,
                                 US$0.95/lb lead, US$0.90/lb zinc and US$14.20/lb moly).

                                 The reserve base is dominated by eight mines with gold-equivalent reserves
                                 exceeding 20Moz, namely:

Eight key mines with gold-                                  •   Cadia East (Newcrest) at 22Moz gold and 40Moz Au Eq.
equivalent reserves                                         •   Cerro Casale (75/25 ABX/Kinross) at 23Moz gold and 36Moz Au Eq.
exceeding 20Moz.
                                                            •   Natalka (Polyus) at 34Moz gold.

                                                            •   Donlin (50/50 Barrick/NovaGold) at 34Moz gold.
                                                            •   Pascua (Barrick) at 18Moz gold and 32Moz Au Eq
                                                            •   Caspiche (Exeter) at 19Moz gold and 31Moz Au Eq.

                                                            •   Pueblo Viejo (60/40 Barrick/Goldcorp) at 25Moz gold & 30Moz Au Eq.
                                                            •   El Morro (70/30 Goldcorp/New Gold) at 8Moz gold and 22Moz Au Eq.

                                 A number of potential developments have insufficient data for reserve
Many projects with               estimates, including Livengood (ITH), La Colosa (AngloGold), Hammond Reef
insufficient data to calculate   (Osisko), Wafi-Golpu (Newcrest/Harmony), Blackwater (New Gold), Golden
reserves.                        Meadows (Midas), Fronteer (Newmont), Rainy River (Rainy River), Cote Lake
                                 (Trelawney), and Morelos (Torex).

                                 Fig 36: New Mine Gold and Gold-Equivalent Reserves

                                                       50
Around 315Moz of gold
reserve and over 415Moz in                             40
gold-equivalent reserves.
                                 Gold Reserves (Moz)




                                                       30



                                                       20
Conversion using spot:
+US$1,642/oz gold                                      10
+US$30.30/oz silver
+US$3.75/lb copper                                     0
+US$0.90/lb zinc
                                                                            Akyem
                                                                      New Liberty
                                                                       Baomahun



                                                                           Esaase



                                                                     La Colorada




                                                                      Mongbwalu



                                                                        La Colosa
                                                                           La India




                                                                          Tengrela




                                                                      Perama Hill



                                                                   Tocantinzinho
                                                                              Haile
                                                                             Eagle

                                                                        Meliadine




                                                                            Aurora
                                                                     Cerro Negro




                                                                            Conga
                                                                          El Morro
                                                                         Caspiche
                                                                          Agi Dagi
                                                                              Wafi
                                                                             Suyai




                                                                             Certej




                                                                             Kibali
                                                                       Back River




                                                                      Rainy River




                                                                          Fronteer


                                                                            Tusker




                                                                               Pilar
                                                                       Angostura


                                                                         Bombore
                                                                      Cerro Moro
                                                                       Cote Lake


                                                                           Hounde
                                                                           Joanna
                                                                       Livengood
                                                                          Phoenix
                                                                     San Antonio




                                                                    Cerro Blanco




                                                                            Merian
                                                                             Orion
                                                                    Borden Lake
                                                                  Eastern Dragon
                                                                     Krumovgrad
                                                                           Ernesto



                                                                   C1 Santa Luz
                                                                     Efemcukuru
                                                                         Jeronimo

                                                                        Massawa




                                                                     Pueblo Viejo
                                                                            Didipio
                                                                         Eleonore
                                                                       New Afton
                                                                            Edikan
                                                                 Young-Davidson
                                                                        Tropicana

                                                                             Golpu
                                                                      Lobo Marte
                                                                            Volcan




                                                                  Rosia Montana
                                                                     Detour Lake


                                                                           Pascua
                                                                            Donlin
                                                                           Natalka
                                                                    Cerro Casale
                                                                      Blackwater




                                                                    Volta Grande




                                                                           Morelos
                                                                         Arqueros




                                                                        Mercedes




                                                                  Fruta Del Norte
                                                                         Olympias
                                                                         Skouries
                                                                Golden Meadows
                                                                  Hammond Reef




                                                                      Cadia East




+US$14.20/lb moly

                                                                      2012 Projects   2013 Projects   2014 Projects   2015 Projects   2016 Projects
                                                                      2017 Projects   2018 Projects   2019 Projects   Au Eq

                                 Source: BMO Capital Markets




Page 23 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012


                               Gold Resources Exceeding 500Moz
                               The new mines scheduled for start-up during 2012 to 2020 have a combined
                               measured and indicated resource of over 500Moz of gold. Converting the
                               non-gold resource of silver, copper, zinc and molybdenum to gold equivalent
                               increases the resource to around 690Moz of gold equivalent, using spot.

                               The measured and indicated resource base is dominated by 10 mines with
                               gold-equivalent measured and indicated exceeding 20Moz, namely:

Ten mines with gold                                           •   Cadia East (Newcrest) at 31Moz gold and 63Moz Au Eq.
equivalent M+I resources                                      •   Pueblo Viejo (60/40 Barrick/Goldcorp) at 36Moz gold & 61Moz Au Eq.
exceeding 20Moz.
                                                              •   Golpu (50/50 Newcrest/Harmony) at 16Moz gold and 56Moz Au Eq.
                                                              •   Natalka (Polyus) at 45Moz gold.
                                                              •   Pascua Lama (Barrick) at 25Moz gold and 42Moz Au Eq.

                                                              •   Cerro Casale (75/25 ABX/Kinross) at 26Moz gold and 42Moz Au Eq.
                                                              •   Donlin (50/50 Barrick/NovaGold) at 39Moz gold.
                                                              •   Caspiche (Exeter) at 22Moz gold and 36Moz Au Eq.

                                                              •   Detour Lake (Detour) at 28Moz gold
                                                              •   El Morro (70/30 Goldcorp/New Gold) at 8Moz gold and 25Moz Au Eq.

                               Only Cote Lake (Trelawney), Hammond Reef (Osisko), Hope Bay (Newmont)
                               and La Colosa (AngloGold) lack measured and indicated resource data.




                               Fig 37: New Mine Gold and Gold Equivalent Measured and Indicated Resources

                                                         70

                                                         60
                               Gold M&I Resource (Moz)




Over 500Moz of gold M+I                                  50

resource and about 690Moz
                                                         40
in gold-equivalent resource.
                                                         30

                                                         20

                                                         10

                                                         0
                                                                              Akyem
                                                                            Phoenix




                                                                        New Liberty
                                                                             Ernesto
                                                                         Cote Lake
                                                                          La Colosa
                                                                      Borden Lake


                                                                       Krumovgrad




                                                                             La India


                                                                      Cerro Blanco
                                                                           Bombore
                                                                       Efemcukuru
                                                                     C1 Santa Luz
                                                                         Baomahun



                                                                              Merian
                                                                     Tocantinzinho
                                                                             Joanna


                                                                             Esaase
                                                                         Angostura
                                                                           Eleonore
                                                                              Didipio

                                                                                Haile
                                                                          Meliadine


                                                                               Eagle
                                                                          Tropicana
                                                                         New Afton
                                                                       Cerro Negro
                                                                              Edikan
                                                                              Aurora
                                                                        Lobo Marte
                                                                    Fruta Del Norte



                                                                         Livengood
                                                                              Conga


                                                                           Caspiche
                                                                              Donlin
                                                                      Cerro Casale
                                                                             Pascua
                                                                             Natalka
                                                                               Golpu
                                                                                Wafi




                                                                       Pueblo Viejo
                                                                        Perama Hill




                                                                            Agi Dagi



                                                                               Certej
                                                                               Suyai




                                                                         Back River




                                                                        Blackwater




                                                                               Kibali
                                                                            Fronteer




                                                                                 Pilar




                                                                        Rainy River
                                                                        Mongbwalu
                                                                    Eastern Dragon

                                                                             Hounde
                                                                            Tengrela

                                                                          Mercedes

                                                                        Cerro Moro
                                                                       La Colorada


                                                                       San Antonio




                                                                           Jeronimo
                                                                      Volta Grande




                                                                          Massawa




                                                                   Young-Davidson




                                                                    Rosia Montana
                                                                            El Morro
                                                                       Detour Lake
                                                                              Tusker




                                                                        Cadia East
                                                                               Orion




                                                                  Golden Meadows




                                                                             Morelos




                                                                           Olympias

                                                                              Volcan
                                                                           Skouries
                                                                    Hammond Reef




                                                                           Arqueros




                                                                        2012 Projects   2013 Projects   2014 Projects   2015 Projects   2016 Projects
                                                                        2017 Projects   2018 Projects   2019 Projects   Au Eq

                               Source: BMO Capital Markets




Page 24 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012


                                 In Situ Value of Resources at US$1,140B
                                 The 76 new mines have an estimated in situ metal value of US$1,140B, based
                                 on the measured and indicated resource at spot commodity prices.

                                 Eleven mines have an in situ value exceeding US$30B, namely
                                                              •   Cadia East (Newcrest) at US$104B
Eleven mines with an in situ                                  •   Pueblo Viejo (60/40 Barrick/Goldcorp) at US$100B
value exceeding US$30B.
                                                              •   Golpu (50/50 Newcrest/Harmony) at US$92B
                                                              •   Natalka (Polyus) at US$75B
                                                              •   Pascua (Barrick) at US$70B
                                                              •   Cerro Casale (75/25 Barrick/Kinross) at US$69B
                                                              •   Donlin Creek (50/50 Barrick/NovaGold) at US$64B
                                                              •   Caspiche (Exeter) at US$58B

                                                              •   Detour Lake (Detour) at US$45B
                                                              •   El Morro (70/30 Goldcorp/New Gold) at US$41B
                                                              •   Rosia Montana (Gabriel) at US$33B

                                 Fig 38: In Situ Value of Measured and Indicated Resources

                                                            120


                                                            100
                                 In Situ M&I Value (US$B)




                                                             80


                                                             60


                                                             40


                                                             20


                                                             0
                                                                              Akyem
                                                                        New Liberty




                                                                            Agi Dagi




                                                                               Suyai




                                                                                Wafi
                                                                            Phoenix
                                                                       Krumovgrad
                                                                             Hounde
                                                                             Ernesto

                                                                             La India
                                                                        Cerro Moro



                                                                       San Antonio

                                                                      C1 Santa Luz

                                                                           Jeronimo




                                                                                Haile




                                                                              Volcan




                                                                            El Morro

                                                                              Donlin
                                                                          La Colosa



                                                                    Eastern Dragon




                                                                       La Colorada




                                                                               Eagle
                                                                        Perama Hill




                                                                               Certej




                                                                               Kibali
                                                                            Fronteer




                                                                                 Pilar




                                                                              Tusker



                                                                        Rainy River




                                                                         Blackwater
                                                                         Cote Lake


                                                                       Borden Lake
                                                                               Orion


                                                                        Mongbwalu
                                                                            Tengrela

                                                                          Mercedes



                                                                      Cerro Blanco
                                                                           Bombore



                                                                         Baomahun
                                                                  Golden Meadows
                                                                        Efemcukuru




                                                                      Volta Grande
                                                                     Tocantinzinho
                                                                             Joanna

                                                                          Massawa
                                                                             Esaase
                                                                         Angostura
                                                                           Eleonore
                                                                              Didipio



                                                                          Meliadine
                                                                   Young-Davidson
                                                                             Morelos
                                                                          Tropicana
                                                                         New Afton
                                                                       Cerro Negro
                                                                              Edikan
                                                                              Aurora
                                                                        Lobo Marte
                                                                    Fruta Del Norte



                                                                         Livengood
                                                                              Conga
                                                                    Rosia Montana
                                                                              Merian




                                                                       Detour Lake
                                                                           Caspiche
                                                                      Cerro Casale
                                                                             Pascua
                                                                             Natalka
                                                                               Golpu
                                                                       Pueblo Viejo
                                                                         Back River




                                                                         Cadia East
                                                                           Arqueros




                                                                           Olympias


                                                                           Skouries
                                                                    Hammond Reef




                                                                                 Gold    Silver         Copper     Zinc        Lead   Moly

                                 Source: BMO Capital Markets


                                 Fig 39: In Situ Value of Resources Mix of Metals


The in situ value consists of:
+73% gold                                                                                                 Gold

+20% copper
+ 6% silver                                                                                                      Copper

+ 1% zinc
                                                                                                          Silver


                                                                                        Gold   Silver   Copper   Zinc   Lead   Moly


                                 Source: BMO Capital Markets




Page 25 of 61
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  May 7, 2012




Page 26 of 61
                                                                                                  grams/tonne.
                                                                                                                                                                                                                                                                                              US$86/tonne.
                                                                                                                                                                                                                                                                                              indicated resources at
                                                                                                                                                                                                                                                                                              value for measured and




                                                                                                  grade for measured and
                                                                                                  Weighted average in situ
                                                                                                                                                                                                                                                                                              Weighted average in situ
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            New Gold Mines Ranked




                                                                                                  indicated resources at 1.6
                                                                             In Situ M&I Grade per Tonne (g/t)                                                                                                                                                          In Situ M&I Value per Tonne (US$/t)




                                                                         0
                                                                             5
                                                                                    10
                                                                                            15
                                                                                                    20
                                                                                                                25
                                                                                                                               30
                                                                                                                                                                                                                                                                                                                                                                                                       •
                                                                                                                                                                                                                                                                                                                                                                                                                                                   •
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                •
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    •
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    •




                                                                                                                                                                                                                                                                    0
                                                                                                                                                                                                                                                                         200
                                                                                                                                                                                                                                                                                   400
                                                                                                                                                                                                                                                                                            600
                                                                                                                                                                                                                                                                                                         800
                                                                                                                                                                                                                                                                                                                         1,000
                                                              Cote Lake
                                                         Hammond Reef
                                                              La Colosa                                                                                                                                                                                 Cote Lake
                                                              Livengood                                                                                                                                                                            Hammond Reef
                                                                 Agi Dagi                                                                                                                                                                                La Colosa
                                                                    Eagle                                                                                                                                                                               Livengood
                                                                  Volcan                                                                                                                                                                                   Agi Dagi
                                                                 La India                                                                                                                                                                                     Eagle
                                                                Bombore                                                                                                                                                                                      Volcan
                                                               Caspiche                                                                                                                                                                                     La India
                                                            La Colorada                                                                                                                                                                                   Bombore
                                                            Detour Lake                                                                                                                                                                                   Caspiche
                                                             Cadia East                                                                                                                                                                               La Colorada
                                                            San Antonio                                                                                                                                                                               Detour Lake
                                                          Tocantinzinho                                                                                                                                                                                Cadia East
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Global Mining Research




                                                             Blackwater                                                                                                                                                                               San Antonio
                                                             Lobo Marte                                                                                                                                                                             Tocantinzinho
                                                             Rainy River                                                                                                                                                                               Blackwater
                                                           Borden Lake                                                                                                                                                                                 Lobo Marte
                                                                                                                                                                                                                                                       Rainy River




                Source: BMO Capital Markets
                                                                                                                                                                                                          Source: BMO Capital Markets
                                                           Cerro Casale
                                                                  Joanna                                                                                                                                                                             Borden Lake
                                                                   Edikan                                                                                                                                                                            Cerro Casale
                                                                  Tusker                                                                                                                                                                                    Joanna
                                                                                                                                                                                                                                                             Edikan




                                              Gold
                                                                                                                                                                                                                                        Gold
                                                                Skouries                                                                                                                                                                                     Tusker
                                                                   Conga                                                                                                                                                                                  Skouries
                                                                  Esaase                                                                                                                                                                                     Conga
                                                          C1 Santa Luz                                                                                                                                                                                      Esaase
                                                                 Fronteer                                                                                                                                                                           C1 Santa Luz
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     for the 76 proposed new mines.




                                                       Golden Meadows                                                                                                                                                                                      Fronteer
                                                                   Didipio




                                              Silver
                                                                                                                                                                                                                                        Silver
                                                                                                                                                                                                                                                 Golden Meadows
                                                                   Akyem                                                                                                                                                                                     Didipio
                                                           Volta Grande                                                                                                                                                                                      Akyem
                                                                 El Morro                                                                                                                                                                            Volta Grande
                                                                     Haile                                                                                                                                                                                 El Morro
                                                                Arqueros                                                                                                                                                                                       Haile
                                                                    Certej                                                                                                                                                                                Arqueros
                                                                  Natalka                                                                                                                                                                                     Certej




                                              Copper
                                                                                                                                                                                                                                        Copper
                                                                 Hounde                                                                                                                                                                                     Natalka
                                                                  Pascua                                                                                                                                                                                    Hounde
                                                                   Merian                                                                                                                                                                                   Pascua
                                                         Rosia Montana                                                                                                                                                                                       Merian
                                                        Young-Davidson                                                                                                                                                                             Rosia Montana
                                                              New Afton                                                                                                                                                                           Young-Davidson




                                              Zinc
                                                                                                                                                                                                                                        Zinc
                                                              Baomahun                                                                                                                                                                                  New Afton
                                                                 Ernesto                                                                                                                                                                                Baomahun
                                                                 Morelos                                                                                                                                                                                    Ernesto
                                                                Tengrela                                                                                                                                                                                    Morelos
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Suyai (Yamana) at US$1,385/t or 26g/t.




                                                              Angostura                                                                                                                                                                                    Tengrela
                                                             Perama Hill                                                                                                                                                                                Angostura




                                              Lead
                                                                                                                                                                                                                                        Lead
                                                                                                                                                                                                                                                                                                                                                                                                       Olympias (Eldorado) at US$825/t or 16g/t.




                                                            Krumovgrad                                                                                                                                                                                 Perama Hill
                                                                                                                                                                                                                                                                                                                                                                                                                                                   Cerro Moro (Extorre) at US$875/t or 16g/t.




                                                                   Aurora                                                                                                                                                                             Krumovgrad
                                                               Massawa                                                                                                                                                                                       Aurora
                                                                     Pilar                                                                                                                                                                               Massawa
                                                                                                                                                                                                                                                                Pilar
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Cerro Blanco (Goldcorp) at US$895/t or 17g/t.




                                                               Tropicana
                                                                    Golpu                                                                                                                                                                                Tropicana




                                              Moly
                                                                                                                                                                                                                                        Moly
                                                             New Liberty                                                                                                                                                                                      Golpu
                                                               Mercedes                                                                                                                                                                                New Liberty
                                                              Back River                                                                                                                                                                                 Mercedes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Kibali (Randgold/AngloGold) at US$880/t or 17g/t.




                                                               Meliadine                                                                                                                                                                                Back River
                                                                                                                                                                                                                                                         Meliadine
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Average In Situ Value of US$86/t or 1.6g/t




                                                         Eastern Dragon                                                                                                                                                                            Eastern Dragon
                                                             Mongbwalu                                                                                                                                                                                 Mongbwalu
                                                                Eleonore                                                                                                                                                                                  Eleonore
                                                         Fruta Del Norte                                                                                                                                                                           Fruta Del Norte
                                                                     Wafi                                                                                                                                                                                      Wafi
                                                            Pueblo Viejo                                                                                                                                                                              Pueblo Viejo
                                                                   Donlin                                                                                                                                                                                    Donlin
                                                            Cerro Negro                                                                                                                                                                               Cerro Negro
                                                                    Orion                                                                                                                                                                                     Orion
                                                            Efemcukuru                                                                                                                                                                                Efemcukuru
                                                                                                                                                                                                                                                                                                                                 Fig 40: In Situ Value per Tonne of Measured and Indicated Resources




                                                                Jeronimo                                                                                                                                                                                  Jeronimo
                                                                                                                                    Fig 41: In Situ Grade per Tonne of Measured and Indicated Resources
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             The five most valuable mines on a US$/tonne basis at spot prices are:




                                                                 Phoenix                                                                                                                                                                                   Phoenix
                                                               Olympias                                                                                                                                                                                   Olympias
                                                             Cerro Moro                                                                                                                                                                                Cerro Moro
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     The in situ value of the measured and indicated resource metal averages




                                                                    Kibali                                                                                                                                                                                    Kibali
                                                           Cerro Blanco                                                                                                                                                                              Cerro Blanco
                                                                    Suyai                                                                                                                                                                                     Suyai
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     US$86/t or around 1.6g/t of contained gold equivalent at current metal prices
Global Mining Research
New Gold Mines Ranked
May 7, 2012


                              Life-of-Mine Output of 530Moz of Gold
                              BMO Research analyzes each mine on the basis of guesstimated gold in
                              recoverable ore, which reflects the life-of-mine production base.

                              The guesstimate is derived on a case-by-case basis to reflect the economic
                              mineral endowment of each project. In some instances, the guesstimate may
                              exceed the reserve or even resource base where justified. The mines are
                              charged exploration and capital expenditure to realize the guesstimated gold.
                              The method avoids an arbitrary $/oz value on exploration upside.

                              The new gold mines scheduled to start during 2012 to 2020 have a combined
                              guesstimate of 530Moz of gold. Converting the non-gold guesstimate of
                              silver, copper, zinc and molybdenum to gold equivalent increases the reserves
                              to around 720Moz of gold equivalent, using spot prices.

                              Fig 42: New Mine Guesstimate Reserve for Life-of-Mine Production

                                                         60
The guesstimate reserve
forms the basis for                                      50

evaluating the life-of-mine
                              LOM Gold Output (Moz)




                                                         40
production for new mines.
                                                         30


                                                         20


                                                         10


                                                         0




                                                                          Akyem
                                                                    New Liberty
                                                                           Orion
                                                                   Krumovgrad
                                                                         Ernesto



                                                                         Hounde


                                                                     Baomahun
                                                                   San Antonio

                                                                         La India

                                                                    Cerro Moro

                                                                           Eagle

                                                                        Phoenix




                                                                      Meliadine




                                                                          Aurora



                                                                            Haile
                                                                          Volcan




                                                                Rosia Montana
                                                                      La Colosa

                                                                          Conga
                                                                        El Morro
                                                                          Donlin
                                                                    Perama Hill




                                                                           Certej

                                                                        Agi Dagi




                                                                           Suyai




                                                                            Wafi

                                                                           Kibali
                                                                             Pilar




                                                                     Back River



                                                                          Tusker




                                                                    Rainy River
                                                                        Fronteer
                                                                        Tengrela




                                                                  Cerro Blanco
                                                                Eastern Dragon




                                                                   La Colorada
                                                                         Joanna
                                                                    Mongbwalu




                                                                 C1 Santa Luz

                                                                   Efemcukuru
                                                                       Jeronimo
                                                                 Tocantinzinho
                                                                      Massawa

                                                                          Merian
                                                                          Didipio
                                                                         Esaase
                                                                     Angostura
                                                                          Edikan
                                                                  Borden Lake
                                                                       Bombore

                                                               Young-Davidson
                                                                      Tropicana
                                                                  Volta Grande
                                                                     Cote Lake
                                                                     New Afton



                                                                       Eleonore
                                                                    Lobo Marte


                                                                Fruta Del Norte

                                                                   Cerro Negro



                                                                   Detour Lake
                                                                     Livengood
                                                                       Caspiche

                                                                   Pueblo Viejo
                                                                  Cerro Casale
                                                                         Pascua
                                                                         Natalka
                                                                           Golpu
                                                                    Blackwater
                                                                       Arqueros




                                                                      Mercedes




                                                                         Morelos




                                                                       Olympias
                                                                       Skouries



                                                                Hammond Reef




                                                                    Cadia East
                                                              Golden Meadows




                                                                2012 Projects   2013 Projects   2014 Projects   2015 Projects   2016 Projects
                                                                2017 Projects   2018 Projects   2019 Projects   Au Eq

                              Source: BMO Capital Markets


                              Fig 43: New Mine Gold Equivalent Reserve Versus Guesstimate

                                                         60
The guesstimate stands at
720Moz of gold equivalent                                50
                              LOM Gold Eq Output (Moz)




compared with reserves of
                                                         40
415Moz gold equivalent.
                                                         30


                                                         20


                                                         10


                                                         0
                                                                          Akyem
                                                                    New Liberty




                                                                           Suyai
                                                                         Ernesto
                                                                        Tengrela




                                                                         Joanna
                                                                    Mongbwalu
                                                                     Baomahun


                                                                         La India
                                                                 C1 Santa Luz
                                                                  Cerro Blanco
                                                                   Efemcukuru
                                                                           Eagle
                                                                 Tocantinzinho
                                                                      Massawa
                                                                        Phoenix
                                                                          Merian
                                                                          Didipio
                                                                         Esaase
                                                                     Angostura
                                                                          Edikan
                                                                  Borden Lake
                                                                       Bombore
                                                                      Meliadine
                                                                      Tropicana
                                                                  Volta Grande
                                                                     Cote Lake
                                                                          Aurora
                                                                     New Afton


                                                                            Haile
                                                                       Eleonore




                                                                   Cerro Negro




                                                                     Livengood
                                                                          Conga
                                                                       Caspiche


                                                                  Cerro Casale
                                                                         Pascua
                                                                         Natalka
                                                                           Golpu
                                                                    Perama Hill




                                                                           Certej

                                                                        Agi Dagi




                                                                           Kibali
                                                                             Pilar




                                                                     Back River




                                                                    Rainy River
                                                                        Fronteer




                                                                    Blackwater
                                                                   Krumovgrad
                                                                Eastern Dragon




                                                                         Hounde
                                                                   La Colorada


                                                                   San Antonio




                                                                    Cerro Moro
                                                                       Jeronimo




                                                               Young-Davidson




                                                                    Lobo Marte


                                                                Fruta Del Norte




                                                                Rosia Montana
                                                                      La Colosa
                                                                   Detour Lake


                                                                        El Morro
                                                                          Donlin
                                                                   Pueblo Viejo
                                                                            Wafi
                                                                          Tusker




                                                                    Cadia East
                                                                      Mercedes




                                                                         Morelos




                                                              Golden Meadows
                                                                           Orion




                                                                          Volcan

                                                                       Olympias
                                                                       Skouries



                                                                Hammond Reef
                                                                       Arqueros




                                                                Reserve         2012 Projects   2013 Projects   2014 Projects   2015 Projects
                                                                2016 Projects   2017 Projects   2018 Projects   2019 Projects

                              Source: BMO Capital Markets




Page 27 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012


                               Development Capital of US$85B Estimated
                               The proposed new mines scheduled to commence during 2012 to 2020 have a
                               combined estimated development capital outlay of US$85B from 2012.

                               The capital outlay includes a reasonable estimate of sunk costs (~US$17B
                               prior to 2012), but excludes acquisition costs by the current owners.

                               Upward pressure in start-up capital has been a consistent trend for the past
                               few years and is likely to continue. BMO has generally assumed higher capital
                               cost than company guidance, particularly for the longer-dated developments.

                               The most expensive mines (including sunk costs) are estimated as:
                                                                •   Cadia East (Newcrest) at US$7.4B including expansions
Thirteen new mines with                                         •   Donlin Creek (50/50 Barrick/NovaGold) at US$7.2B
development capital
exceeding US$2B.                                                •   Cerro Casale (75/25 Barrick/Kinross) at US$6.6B
                                                                •   Pascua (Barrick) at US$6.1B
                                                                •   Caspiche (Exeter) at US$5.4B
Upward pressure in                                              •   Natalka (Polyus) at US$5.1B including ongoing expansion
development capital has
been a consistent trend for                                     •   Minas Conga (Newmont/Buenaventura) at US$4.7B
the past few years and is                                       •   Pueblo Viejo (60/40 Barrick/Goldcorp) at US$4.2B.
likely to continue.
                                                                •   Golpu (50/50 Newcrest/Harmony) at US$4.1B.
                                                                •   El Morro (70/30 Goldcorp/New Gold) at US$4.0B.
                                                                •   La Colosa (AngloGold Ashanti) at US$3.0B
                                                                •   Rosia Montana (Gabriel) at US$2.6B.

                                                                •   Kibali (45/45 Randgold/AngloGold) at US$2.5B.




                               Fig 44: Estimated Capital Outlay to Develop the New Mines

                                                            8
BMO estimates a total of
US$102B in development
                               Development Capital (US$B)




                                                            6
capital for the 76 new mines
including sunk capital of
US$17B prior to 2012.                                       4




                                                            2




                                                            0
                                                                            Akyem
                                                                      New Liberty




                                                                             Suyai
                                                                     Krumovgrad
                                                                           Ernesto
                                                                           La India


                                                                          Tengrela
                                                                      Cerro Moro
                                                                       Baomahun

                                                                            Edikan
                                                                          Phoenix
                                                                     Efemcukuru
                                                                             Eagle
                                                                   Tocantinzinho
                                                                           Joanna

                                                                            Didipio
                                                                         Bombore
                                                                       Angostura




                                                                       New Afton
                                                                    Volta Grande
                                                                              Haile
                                                                        Massawa
                                                                           Esaase




                                                                    Borden Lake
                                                                        Meliadine
                                                                        Tropicana
                                                                            Merian

                                                                     Cerro Negro
                                                                       Cote Lake
                                                                            Aurora
                                                                     Detour Lake
                                                                  Fruta Del Norte
                                                                       Livengood
                                                                         Eleonore

                                                                        La Colosa
                                                                          El Morro
                                                                             Golpu
                                                                     Pueblo Viejo
                                                                            Conga
                                                                           Natalka
                                                                           Pascua
                                                                    Cerro Casale
                                                                            Donlin
                                                                      Perama Hill




                                                                             Certej




                                                                          Agi Dagi
                                                                               Pilar




                                                                          Fronteer




                                                                      Rainy River
                                                                       Back River




                                                                      Blackwater
                                                                    Cerro Blanco
                                                                     La Colorada
                                                                           Hounde
                                                                     San Antonio




                                                                   C1 Santa Luz
                                                                  Eastern Dragon


                                                                        Mercedes




                                                                         Jeronimo
                                                                      Mongbwalu



                                                                 Young-Davidson




                                                                      Lobo Marte




                                                                  Rosia Montana




                                                                         Caspiche
                                                                              Wafi




                                                                             Kibali
                                                                            Tusker




                                                                      Cadia East
                                                                         Olympias
                                                                             Orion




                                                                           Morelos


                                                                         Skouries




                                                                Golden Meadows
                                                                            Volcan



                                                                  Hammond Reef
                                                                         Arqueros




                                                                          Sunk to 2012    2012 Projects   2013 Projects   2014 Projects   2015 Projects
                                                                          2016 Projects   2017 Projects   2018 Projects   2019 Projects

                               Source: BMO Capital Markets




Page 28 of 61
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            May 7, 2012




Page 29 of 61
                                                                                                                    plans lift the Golpu and
                                                                                                                    The staged development
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      New Gold Mines Ranked




                                                                                                                                                                                                                                                                                                                         with staged development.
                                                                                                                                                                                                                                                                                                                         a clearer picture for mines
                                                                                                                                                                                                                                                                                                                         Life-of-mine capital provides




                                                                                                                    Natalka LOM capital outlook.
                                                                                               Life of Mine Capital (US$B)                                                                                                                                                                          Life of Mine Capital (US$B)




                                                                                       0
                                                                                           2
                                                                                                   4
                                                                                                           6
                                                                                                                  8
                                                                                                                                10
                                                                                                                                                   12
                                                                                                                                                                                                                                                                                            0
                                                                                                                                                                                                                                                                                                2
                                                                                                                                                                                                                                                                                                        4
                                                                                                                                                                                                                                                                                                                6
                                                                                                                                                                                                                                                                                                                       8
                                                                                                                                                                                                                                                                                                                                      10
                                                                                                                                                                                                                                                                                                                                                         12
                                                                         La Colorada                                                                                                                                                                                          La Colorada
                                                                                 Orion                                                                                                                                                                                                Orion
                                                                               Hounde                                                                                                                                                                                               Hounde
                                                                         San Antonio                                                                                                                                                                                          San Antonio
                                                                         Krumovgrad                                                                                                                                                                                           Krumovgrad
                                                                          New Liberty                                                                                                                                                                                          New Liberty
                                                                             Arqueros                                                                                                                                                                                             Arqueros
                                                                          Perama Hill                                                                                                                                                                                          Perama Hill
                                                                               La India                                                                                                                                                                                             La India
                                                                              Tengrela                                                                                                                                                                                             Tengrela
                                                                      Eastern Dragon                                                                                                                                                                                       Eastern Dragon
                                                                           Baomahun                                                                                                                                                                                             Baomahun
                                                                               Ernesto                                                                                                                                                                                              Ernesto
                                                                                Edikan                                                                                                                                                                                               Edikan
                                                                          Cerro Moro                                                                                                                                                                                           Cerro Moro
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Global Mining Research




                                                                       C1 Santa Luz                                                                                                                                                                                         C1 Santa Luz




                                              Sustaining
                                                                               Joanna                                                                                                                                                                                               Joanna
                                                                                 Certej                                                                                                                                                                                               Certej




                                              2016 Projects
                                                                            Mercedes                                                                                                                                                                                             Mercedes




                Source: BMO Capital Markets
                                                                                                                                                                                                                           Source: BMO Capital Markets
                                                                         Efemcukuru                                                                                                                                                                                           Efemcukuru
                                                                              Phoenix                                                                                                                                                                                              Phoenix
                                                                       Tocantinzinho                                                                                                                                                                                        Tocantinzinho
                                                                                   Pilar                                                                                                                                                                                                Pilar
                                                                          Mongbwalu                                                                                                                                                                                            Mongbwalu




                                                                                                                                                                                                                                                         2016 Projects
                                                                                                                                                                                                                                                         2012 Projects
                                                                             Bombore                                                                                                                                                                                              Bombore
                                                                             Jeronimo                                                                                                                                                                                             Jeronimo
                                                                                 Eagle                                                                                                                                                                                                Eagle
                                                                           Angostura                                                                                                                                                                                            Angostura
                                                                               Morelos                                                                                                                                                                                              Morelos
                                                                            Massawa                                                                                                                                                                                              Massawa




                                              2017 Projects
                                              2012 Projects
                                                                              Agi Dagi                                                                                                                                                                                             Agi Dagi
                                                                               Esaase                                                                                                                                                                                               Esaase
                                                                                  Haile                                                                                                                                                                                                Haile
                                                                                 Suyai                                                                                                                                                                                                Suyai
                                                                        Cerro Blanco                                                                                                                                                                                         Cerro Blanco
                                                                        Volta Grande                                                                                                                                                                                         Volta Grande




                                                                                                                                                                                                                                                         2017 Projects
                                                                                                                                                                                                                                                         2013 Projects
                                                                              Fronteer                                                                                                                                                                                             Fronteer
                                                                    Golden Meadows                                                                                                                                                                                       Golden Meadows
                                                                                Didipio                                                                                                                                                                                              Didipio
                                                                           New Afton                                                                                                                                                                                            New Afton
                                                                             Olympias                                                                                                                                                                                             Olympias
                                                                           Back River                                                                                                                                                                                           Back River




                                              2018 Projects
                                              2013 Projects
                                                                                Volcan                                                                                                                                                                                               Volcan
                                                                            Meliadine                                                                                                                                                                                            Meliadine
                                                                        Borden Lake                                                                                                                                                                                          Borden Lake
                                                                                  Wafi                                                                                                                                                                                                 Wafi
                                                                     Young-Davidson                                                                                                                                                                                       Young-Davidson
                                                                                Tusker                                                                                                                                                                                               Tusker



                                                                                                                                                                                                                                                         2018 Projects
                                                                                                                                                                                                                                                         2014 Projects
                                                                            Tropicana                                                                                                                                                                                            Tropicana
                                                                             Skouries                                                                                                                                                                                             Skouries
                                                                      Hammond Reef                                                                                                                                                                                         Hammond Reef
                                                                          Rainy River                                                                                                                                                                                          Rainy River
                                                                                Merian                                                                                                                                                                                               Merian
                                                                          Lobo Marte                                                                                                                                                                                           Lobo Marte




                                              2019 Projects
                                              2014 Projects
                                                                           Cote Lake                                                                                                                                                                                            Cote Lake
                                                                          Blackwater                                                                                                                                                                                           Blackwater
                                                                                Aurora                                                                                                                                                                                               Aurora
                                                                         Cerro Negro                                                                                                                                                                                          Cerro Negro
                                                                                Akyem                                                                                                                                                                                                Akyem
                                                                           Livengood                                                                                                                                                                                            Livengood
                                                                                                                                                                                                                                                         2019 Projects
                                                                                                                                                                                                                                                         2015 Projects




                                                                      Fruta Del Norte                                                                                                                                                                                      Fruta Del Norte
                                                                         Detour Lake                                                                                                                                                                                          Detour Lake
                                                                             Eleonore                                                                                                                                                                                             Eleonore
                                                                                                                                                                                                                                                                                                                                                              Fig 45: Estimated Life-of-Mine Capital Outlay for the New Mines




                                                                                 Kibali                                                                                                                                                                                               Kibali
                                                                      Rosia Montana                                                                                                                                                                                        Rosia Montana
                                                                            La Colosa                                                                                                                                                                                            La Colosa
                                                                                                                                                        Fig 46: Estimated Development Versus Life-of-Mine Capital Outlay




                                                    2015 Projects
                                                                             Caspiche                                                                                                                                                                                             Caspiche
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             development capital of US$102B), based on the BMO assumptions.




                                                                                Conga                                                                                                                                                                                                Conga
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            picture, particularly for those mines with staged development plans.


                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             of-mine capital requirement of US$140B (some 38% higher that the




                                                                              El Morro                                                                                                                                                                                             El Morro
                                                                               Natalka                                                                                                                                                                                              Natalka
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Life-of-Mine Capital Outlay of US$140B Estimated




                                                                         Pueblo Viejo                                                                                                                                                                                         Pueblo Viejo
                                                                        Cerro Casale                                                                                                                                                                                         Cerro Casale
                                                                               Pascua                                                                                                                                                                                               Pascua
                                                                          Cadia East                                                                                                                                                                                           Cadia East
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            requirements of a mine. The life-of-mine capital outlay provides a clearer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            The development capital outlay has the potential to understate the capital




                                                                                Donlin                                                                                                                                                                                               Donlin
                                                                                                                                                                                                                                                                                                                                                                                                                                plans for the mines. Note that BMO Research splits Golpu and Wafi capital.




                                                                                 Golpu                                                                                                                                                                                                Golpu
                                                                                                                                                                                                                                                                                                                                                                                                                                development capital and life-of-mine capital due to the staged development
                                                                                                                                                                                                                                                                                                                                                                                                                                Golpu (Newcrest/Harmony) and Natalka (Polyus), have a difference between
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             The mines scheduled for start-up during 2012 to 2020 have an estimated life-
Global Mining Research
New Gold Mines Ranked
May 7, 2012


                               An Average of ~US$200/ozEq Life-of-Mine Capital
                               The estimated life-of-mine capital averages US$200/oz gold equivalent,
                               consisting of:
                                                                 •            US$145/oz Au Eq (or US$195/oz gold only) in project capital, plus
                                                                 •            US$55/oz Au Eq (or US$75/oz gold only) in on-going capital.

                               The more capital-efficient proposed new mines include La Colorada
                               (Argonaut), Golpu (Newcrest/Harmony) and Edikan (Perseus).

                               The least capital-efficient new mines include Mongbwali (AngloGold), Cerro
                               Blanco (Goldcorp), Merian (Newmont), and Pilar and Ernesto (Yamana)

                               Fig 47: Life-of-Mine Capital per Gold-Equivalent Ounce

                                                               600
An average of US$200/oz
gold equivalent for life-of-                                   500
                               Life of Mine Capital (US$/oz)




mine capital.
                                                               400


                                                               300


                                                               200


                                                               100


                                                                0
                                                                               New Liberty
                                                                                     Akyem
                                                                                     Edikan
                                                                                    Hounde

                                                                                       Haile




                                                                                  Bombore
                                                                              Cerro Negro


                                                                                  Caspiche

                                                                                    La India




                                                                           Rosia Montana
                                                                            Tocantinzinho
                                                                                Baomahun




                                                                                 Meliadine

                                                                            C1 Santa Luz
                                                                                     Donlin




                                                                                      Eagle

                                                                                     Didipio
                                                                                  Jeronimo
                                                                                     Conga

                                                                                   Tengrela



                                                                                     Aurora
                                                                                    Ernesto


                                                                               Mongbwalu
                                                                                     Merian
                                                                                       Wafi




                                                                                      Certej




                                                                                      Suyai




                                                                                   Agi Dagi



                                                                                      Kibali




                                                                               Perama Hill
                                                                                   Fronteer




                                                                               Blackwater




                                                                               Rainy River




                                                                                     Tusker



                                                                                Back River




                                                                                        Pilar
                                                                              San Antonio




                                                                                    Esaase
                                                                              La Colorada
                                                                                      Golpu




                                                                                Livengood
                                                                              Detour Lake



                                                                                     Volcan
                                                                                    Natalka


                                                                                   El Morro




                                                                                   Phoenix
                                                                                    Pascua
                                                                                New Afton
                                                                             Cerro Casale
                                                                               Lobo Marte




                                                                               Cerro Moro




                                                                                 La Colosa



                                                                                      Orion

                                                                          Young-Davidson
                                                                              Krumovgrad

                                                                              Efemcukuru
                                                                                 Tropicana
                                                                                 Massawa



                                                                             Borden Lake

                                                                                Cote Lake
                                                                           Eastern Dragon
                                                                                    Joanna



                                                                             Cerro Blanco
                                                                              Pueblo Viejo




                                                                                  Eleonore
                                                                                  Olympias

                                                                         Golden Meadows
                                                                                    Morelos
                                                                                  Skouries




                                                                             Volta Grande




                                                                                Angostura




                                                                                  Arqueros




                                                                           Fruta Del Norte




                                                                                 Mercedes
                                                                           Hammond Reef




                                                                               Cadia East




                                                                                                         2012 Projects               2013 Projects           2014 Projects     2015 Projects
                                                                                                         2016 Projects               2017 Projects           2018 Projects     2019 Projects

                               Source: BMO Capital Markets



                               Fig 48: Life-of-Mine Capital Cost Curve

                                                               500        1 La Colorada      20 Certej          39 New Liberty         58 Massawa

More capital-efficient new                                                2 Golpu
                                                                          3 Edikan
                                                                                             21 El Morro
                                                                                             22 Volta Grande
                                                                                             23 Caspiche
                                                                                                                40 Agi Dagi
                                                                                                                41 Arqueros
                                                                                                                42 Esaase
                                                                                                                                       59 Tusker
                                                                                                                                       60 Didipio
                                                                                                                                       61 Jeronimo
                                                                          4 Hammond Reef
                                                                                                                                                                                                       75
mines include                                                             5 Hounde
                                                                          6 Wafi
                                                                                             24 Pueblo Viejo
                                                                                             25 Cadia East
                                                                                                                43 La Colosa
                                                                                                                44 Blackwater
                                                                                                                                       62 Conga
                                                                                                                                       63 Borden Lake

+ La Colorada (Argonaut)
                                                                          7 San Antonio      26 La India        45 Kibali              64 Back River
                                                               400        8 Haile            27 Phoenix         46 Meliadine           65 Tengrela
                                                                          9 Livengood        28 Pascua          47 Fruta Del Norte     66 Cote Lake

+ Golpu (Newcrest/Harmony)                                               10 Olympias         29 New Afton       48 Orion               67 Mercedes
                                                                                                                                                                                                      70
                               Life of Mine Capital (US$/oz)




                                                                         11 Detour Lake      30 Cerro Casale    49 C1 Santa Luz        68 Eastern Dragon
                                                                         12 Fronteer         31 Lobo Marte      50 Donlin              69 Joanna
                                                                         13 Golden Meadows   32 Suyai           51 Young-Davidson      70 Aurora
                                                                                             33 Angostura       52 Krumovgrad          71 Ernesto
                                                               300
                                                                         14 Morelos
                                                                         15 Skouries         34 Rosia Montana   53 Rainy River         72 Eleonore                                         60
                                                                         16 Volcan           35 Tocantinzinho   54 Perama Hill         73 Pilar
                                                                         17 Natalka          36 Baomahun        55 Efemcukuru          74 Cerro Blanco
                                                                         18 Bombore          37 Cerro Moro      56 Tropicana           75 Mongbwalu
                                                                         19 Cerro Negro      38 Akyem           57 Eagle               76 Merian                                        50
                                                                                                                                                                                45
Least capital-efficient new                                    200
                                                                                                                                                                         40
mines include                                                                                                                                      25
                                                                                                                                                                 30
                                                                                                                        20
+ Merian (Newmont)
+ Mongbwalu (AngloGold)                                                                      10
                                                               100                 5
+ Cerro Blanco (Goldcorp)
+ Pilar (Yamana)                                                          1
+ Eleonore (Goldcorp)                                           0
                                                                     0                          100                        200                             300                400               500         600


                               Source: BMO Capital Markets




Page 30 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012



                                Average US$510/oz Life-of-Mine Cash Cost Estimated
                                The life-of-mine co-product cash cost averages US$510/oz of gold equivalent.

                                The co-product cash cost method used the gross cash costs divided by the
Risk of disappointment on       total gold-equivalent production calculated using spot metal prices.
the cash costs appears
relatively high given the       The co-product method differs from the by-product cash cost where non-gold
current average global cost     revenues are deducted from the gross cash costs then divided by only the
of ~US$650/oz.                  gold production. The co-product costs provide a better benchmark than the
                                by-product costs for poly-metallic mines.

                                Upward pressure on operating costs has been a consistent trend for the past
                                few years, driven by higher input costs for energy, material and labour.
                                Risk of disappointment on the cash costs appears relatively high given the
                                current average global cost of ~US$650/oz.

                                Fig 49: Life-of-Mine Co-Product Cash Cost

                                                                    1,000

Better-cost mines include:
+ Cerro Blanco (Goldcorp)
                                  Life of Mine Cash Cost (US$/oz)




                                                                     800

+ Pueblo-Viejo (ABX/GG)
+ Eastern Dragon (Eldorado)                                          600

+ Perama Hill (Eldorado)
                                                                     400



                                                                     200

Higher-cost mines include:
+ Golden Meadow (Midas)                                                0




                                                                                      New Liberty
                                                                                             Suyai




                                                                                          Agi Dagi




                                                                                             Kibali
                                                                                            Akyem
                                                                                          Fronteer
                                                                                               Pilar




                                                                                    C1 Santa Luz




                                                                                          Phoenix




                                                                                            Tusker
                                                                                    Cerro Blanco


                                                                                              Haile



                                                                                     Cerro Negro




                                                                                            Conga

                                                                                           La India
                                                                                  Rosia Montana




                                                                                      Mongbwalu

                                                                                             Golpu
                                                                                        La Colosa

                                                                                           Natalka


                                                                                            Volcan



                                                                                        Meliadine
                                                                                            Donlin
                                                                                     Detour Lake



                                                                                   Tocantinzinho


                                                                                            Aurora
                                                                                             Eagle

                                                                                           Hounde

                                                                                            Edikan
                                                                                        Tropicana
                                                                                      Perama Hill




                                                                                             Certej




                                                                                              Wafi
                                                                                         Olympias
                                                                                     Efemcukuru
                                                                                         Skouries




                                                                                           Morelos
                                                                                     Pueblo Viejo
                                                                                  Eastern Dragon

                                                                                           Pascua



                                                                                  Fruta Del Norte
                                                                                          El Morro
                                                                                         Eleonore




                                                                                             Orion


                                                                                       New Afton




                                                                                      Rainy River



                                                                                    Volta Grande
                                                                                      Blackwater




                                                                                          Tengrela




                                                                                       Back River


                                                                                           Esaase
                                                                                        Massawa
                                                                                 Young-Davidson



                                                                                     Krumovgrad
                                                                                           Ernesto


                                                                                            Merian




                                                                                      Cerro Moro
                                                                                     San Antonio

                                                                                     Borden Lake
                                                                                    Cerro Casale




                                                                                       Angostura
                                                                                      Lobo Marte
                                                                                         Jeronimo


                                                                                         Caspiche
                                                                                       Cote Lake
                                                                                     La Colorada

                                                                                       Livengood
                                                                                            Didipio

                                                                                         Bombore

                                                                                           Joanna

                                                                                       Baomahun
                                                                                      Cadia East
                                                                                        Mercedes




                                                                                         Arqueros

                                                                                Golden Meadows
                                                                                  Hammond Reef




+ Baomahun (Cluff)
+ Esaase (Keegan)
                                                                                                   2012 Projects     2013 Projects    2014 Projects            2015 Projects
                                                                                                   2016 Projects     2017 Projects    2018 Projects            2019 Projects

                                Source: BMO Capital Markets


                                Fig 50: Life-of-Mine Co-Product Cash Cost Curve

                                                                    1,000

Co-product cash costs
average US$510/oz.
                                                                     800                                                                                                                      75
                                                                                                                                                                                        70
                                  Life of Mine Cash Cost (US$/oz)




                                                                                                                                                                                60
                                                                     600                                                                                          50
                                                                                                                                      40
Upward pressure on                                                                                                       35
                                                                                                        30                              1 Cerro Blanco      20 Orion            39 Cerro Moro      58 Caspiche
operating costs has been a                                                                     20
                                                                                                                                        2 Pueblo Viejo
                                                                                                                                        3 Eastern Dragon
                                                                                                                                                            21 Rosia Montana
                                                                                                                                                            22 Massawa
                                                                                                                                                                                40 San Antonio
                                                                                                                                                                                41 Akyem
                                                                                                                                                                                                   59 Aurora
                                                                                                                                                                                                   60 Cote Lake

consistent trend for the past                                                                                                           4 Perama Hill       23 Young-Davidson   42 Volcan          61 Eagle
                                                                     400                10                                              5 Haile             24 New Afton        43 Borden Lake     62 La Colorada

                                                                                    5                                                   6 Pascua            25 Certej           44 Rainy River     63 New Liberty

few years, driven by higher                                                                                                             7 Suyai
                                                                                                                                        8 Efemcukuru
                                                                                                                                        9 Skouries
                                                                                                                                                            26 Agi Dagi
                                                                                                                                                            27 C1 Santa Luz
                                                                                                                                                            28 Krumovgrad
                                                                                                                                                                                45 Cerro Casale
                                                                                                                                                                                46 Phoenix
                                                                                                                                                                                47 Meliadine
                                                                                                                                                                                                   64 Hounde
                                                                                                                                                                                                   65 Livengood
                                                                                                                                                                                                   66 Didipio
input costs for energy,                                                                                                                10 Cerro Negro
                                                                                                                                       11 Fruta Del Norte
                                                                                                                                                            29 Ernesto
                                                                                                                                                            30 Morelos
                                                                                                                                                                                48 Donlin
                                                                                                                                                                                49 Volta Grande
                                                                                                                                                                                                   67 Edikan
                                                                                                                                                                                                   68 Tropicana
                                                                                1
material and labour.
                                                                                                                                                            31 Mongbwalu        50 Detour Lake     69 Bombore
                                                                     200                                                               12 El Morro
                                                                                                                                       13 Olympias          32 Wafi             51 Blackwater      70 Back River
                                                                                                                                       14 Eleonore          33 Merian           52 Angostura       71 Tusker
                                                                                                                                       15 Mercedes          34 Golpu            53 Lobo Marte      72 Joanna
                                                                                                                                       16 Conga             35 La Colosa        54 Jeronimo        73 Arqueros
                                                                                                                                       17 Fronteer          36 Cadia East       55 Tocantinzinho   74 Esaase
                                                                                                                                       18 Pilar             37 Hammond Reef     56 Kibali          75 Baomahun
                                                                                                                                       19 La India          38 Natalka          57 Tengrela        76 Golden Meadows
                                                                       0
                                                                            0                100                   200               300                     400                         500                      600


                                Source: BMO Capital Markets




Page 31 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012


                               Average US$700/oz Life-of-Mine Cost Estimated
                               The life-of-mine capital outlay (capex) plus co-product cash operating cost
                               (opex) is estimated to average US$700/oz of gold equivalent.

                               The combined capex and opex cost provides a benchmark gold price required
                               for the new mine to achieve a profitability for the owners.

                               A sustained gold price in excess of US$1,200/oz is required for all of the
                               proposed new mines to produce a profit.

                               The BMO assumed long-run gold price of US$1,300/oz provides a profit for all
                               of the proposed new mines. The current spot prices provide a reasonable
                               return for the proposed new mines.

                               Fig 51: Life-of-Mine Capital and Operating Costs

                                                                           1,200
Better-cost mines include:
                               Life of Mine Capital & Cash Cost (US$/oz)




+ Haile (Romarco)                                                          1,000

+ Pueblo Viejo (ABX/GG)
                                                                            800
+ Skouries (Eldorado) &
+ Cerro Negro (Goldcorp)                                                    600


                                                                            400


                                                                            200
Higher-cost mines include:
+ Joanna (Aurizon)                                                            0
+ Golden Meadow (Midas) &                                                                          Akyem
                                                                                                     Haile


                                                                                                  Pascua


                                                                                                 El Morro


                                                                                            Efemcukuru



                                                                                                  La India




                                                                                            Detour Lake
                                                                                                   Conga


                                                                                            Krumovgrad


                                                                                               La Colosa




                                                                                                  Hounde
                                                                                               Meliadine




                                                                                                Jeronimo

                                                                                             New Liberty
                                                                                                 Tengrela
                                                                                                    Eagle

                                                                                               Tropicana
                                                                                                    Suyai

                                                                                             Perama Hill
                                                                                                     Wafi




                                                                                                    Certej


                                                                                            San Antonio


                                                                                                 Agi Dagi




                                                                                              Baomahun
                                                                                                    Kibali
                                                                                                      Pilar
                                                                                             Rainy River
                                                                                            Pueblo Viejo
                                                                                            Cerro Negro




                                                                                                    Golpu
                                                                                         Fruta Del Norte




                                                                                           Cerro Blanco
                                                                                              New Afton
                                                                                         Rosia Montana




                                                                                          C1 Santa Luz




                                                                                                   Aurora
                                                                                                  Natalka

                                                                                                   Volcan
                                                                                            La Colorada
                                                                                                    Orion

                                                                                        Young-Davidson
                                                                                               Massawa
                                                                                                 Phoenix
                                                                                           Cerro Casale

                                                                                             Cerro Moro
                                                                                                Eleonore
                                                                                             Lobo Marte
                                                                                                Caspiche
                                                                                              Angostura
                                                                                         Eastern Dragon




                                                                                                   Edikan
                                                                                                   Donlin
                                                                                          Tocantinzinho
                                                                                              Livengood
                                                                                                  Ernesto
                                                                                           Borden Lake
                                                                                                Bombore
                                                                                             Mongbwalu


                                                                                              Cote Lake
                                                                                                   Merian


                                                                                                  Esaase
                                                                                                   Didipio



                                                                                                  Joanna
                                                                                                 Fronteer




                                                                                             Blackwater




                                                                                                   Tusker
                                                                                              Back River
                                                                                                Skouries

                                                                                                Olympias




                                                                                                  Morelos




                                                                                           Volta Grande

                                                                                               Mercedes




                                                                                                Arqueros
                                                                                             Cadia East




                                                                                       Golden Meadows
                                                                                         Hammond Reef




+ Back River (Sabina)

                                                                                                                    2012 Projects      2013 Projects    2014 Projects    2015 Projects
                                                                                                                    2016 Projects      2017 Projects    2018 Projects    2019 Projects

                               Source: BMO Capital Markets



                               Fig 52: Life-of-Mine Capital and Operating Cost Curve

                                                                           1,200        1 Haile             20 Cerro Blanco

Co-product cash costs
                                                                                        2 Pueblo Viejo      21 San Antonio
                                                                                        3 Skouries          22 New Afton
                                                                                        4 Cerro Negro       23 Rosia Montana

average US$700/oz.                                                                      5 Pascua
                                                                                        6 Olympias
                                                                                                            24 Natalka
                                                                                                            25 Agi Dagi
                               Life of Mine Capital & Cash Cost (US$/oz)




                                                                                                            26 Cadia East
                                                                                        7 Suyai
                                                                                        8 Fronteer          27 Volcan                                                                                   75
                                                                           1,000
                                                                                        9 El Morro          28 La Colorada                                                                    70
                                                                                       10 Perama Hill       29 Orion
                                                                                       11 Wafi              30 Detour Lake
                                                                                       12 Golpu             31 Conga
                                                                                       13 Efemcukuru        32 Young-Davidson
                                                                                       14 Fruta Del Norte   33 C1 Santa Luz
                                                                                       15 Morelos           34 Massawa                                                                60
A sustained gold price in                                                              16 Hammond Reef
                                                                                       17 Certej
                                                                                                            35 Krumovgrad
                                                                                                            36 Phoenix                                                  50
excess of US$1,200/oz is                                                    800
                                                                                       18 La India
                                                                                       19 Eastern Dragon
                                                                                                            37 Volta Grande
                                                                                                            38 Cerro Casale                                  40
                                                                                                                                                                                   39 La Colosa
                                                                                                                                                                                   40 Mercedes
                                                                                                                                                                                                      58 Borden Lake
                                                                                                                                                                                                      59 Jeronimo
                                                                                                                                                                                   41 Cerro Moro      60 Bombore
required for all of the                                                                                                                    25    30                                42 Akyem
                                                                                                                                                                                   43 Eleonore
                                                                                                                                                                                                      61 Mongbwalu
                                                                                                                                                                                                      62 New Liberty

proposed new mines to                                                                                                           20
                                                                                                                                                                                   44 Lobo Marte
                                                                                                                                                                                   45 Caspiche
                                                                                                                                                                                   46 Angostura
                                                                                                                                                                                                      63 Tengrela
                                                                                                                                                                                                      64 Eagle
                                                                                                                                                                                                      65 Cote Lake
produce an estimated profit.                                                                                10
                                                                                                                                                                                   47 Hounde
                                                                                                                                                                                   48 Meliadine
                                                                                                                                                                                                      66 Merian
                                                                                                                                                                                                      67 Tropicana
                                                                            600                                                                                                    49 Pilar           68 Aurora
                                                                                                                                                                                   50 Rainy River     69 Arqueros
                                                                                                        5                                                                          51 Blackwater      70 Esaase
                                                                                                                                                                                   52 Edikan          71 Didipio
                                                                                                                                                                                   53 Donlin          72 Baomahun
                                                                                       1                                                                                           54 Tocantinzinho
                                                                                                                                                                                   55 Livengood
                                                                                                                                                                                                      73 Tusker
                                                                                                                                                                                                      74 Back River
                                                                                                                                                                                   56 Kibali          75 Golden Meadows
                                                                                                                                                                                   57 Ernesto         76 Joanna
                                                                            400
                                                                                   0                         100                     200               300              400                   500                     600


                               Source: BMO Capital Markets




Page 32 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012


                                Life-of-Mine Cash Flow Estimated at US$530/oz
                                The life-of-mine cash flow is estimated at US$530/oz for the 76 proposed new
                                mines (with US$380B total cash flow over 720Moz gold-equivalent output for
                                all new mines), using spot commodity prices and exchange rates.
                                The life-of-mine cash flow equals the zero discount rate NPV for the mines.
                                Spot commodity prices stand at US$1,642/oz gold, US$30.30/oz silver,
                                US$3.75/lb copper, US$0.90/lb zinc and US$14.20/lb moly and exchange
                                rates A$=US$1.02, C$=US$1.00, US$=Rand7.82 and US$=Ruble29.8.

                                Life-of-mine cash flow ranges from highs of >US$1000/oz for Merian
                                (Newmont) and Perama Hill (Eldorado) and lows of <US$250/oz for Olympias
                                (Eldorado), Hounde (Avion), and Golden Meadows (Midas).

                                Fig 53: Life-of-Mine Cash Flow, Using Spot Commodity Prices

                                                                  1,400
Better mines include:
                                                                  1,200
+ Merian (Newmont)
                                Life of Mine Cash Flow (US$/oz)




+ Perama Hill (Eldorado)                                          1,000

                                                                   800

                                                                   600

Weaker mines include:                                              400
+ Olympias (Eldorado)
+ Hounde (Avion)                                                   200

+ Golden Meadow (Midas)                                              0
                                                                                    New Liberty




                                                                                          Akyem
                                                                                          Merian
                                                                                        Tengrela

                                                                                 C1 Santa Luz

                                                                                           Golpu

                                                                                            Haile



                                                                                         La India




                                                                                Rosia Montana
                                                                                Eastern Dragon




                                                                                          Donlin
                                                                                          Conga
                                                                                   Detour Lake
                                                                                           Orion

                                                                                        El Morro




                                                                                  Borden Lake
                                                                                       Bombore



                                                                                      La Colosa

                                                                                         Esaase



                                                                                  Cerro Blanco
                                                                                       Caspiche
                                                                                       Jeronimo



                                                                                     Baomahun

                                                                                      Meliadine
                                                                                           Eagle
                                                                                    Perama Hill

                                                                                            Wafi
                                                                                        Agi Dagi




                                                                                           Suyai




                                                                                           Kibali




                                                                                         Ernesto




                                                                                           Certej
                                                                                   Pueblo Viejo

                                                                                        Phoenix




                                                                                   Krumovgrad




                                                                                          Aurora
                                                                                      Massawa



                                                                                     New Afton

                                                                                   Cerro Negro
                                                                                       Eleonore
                                                                                   San Antonio
                                                                                   Efemcukuru




                                                                                     Angostura
                                                                               Young-Davidson

                                                                                         Natalka




                                                                                  Volta Grande
                                                                                    Cerro Moro
                                                                                  Cerro Casale
                                                                                    Mongbwalu


                                                                                          Edikan



                                                                                          Volcan

                                                                                         Pascua




                                                                                 Tocantinzinho




                                                                                      Tropicana
                                                                                         Joanna
                                                                                          Didipio
                                                                                    Lobo Marte
                                                                                   La Colorada

                                                                                         Hounde
                                                                                             Pilar




                                                                                        Fronteer




                                                                                    Rainy River
                                                                                    Blackwater




                                                                                     Back River




                                                                                          Tusker
                                                                                       Skouries




                                                                                         Morelos




                                                                                      Mercedes




                                                                                Fruta Del Norte



                                                                                     Livengood

                                                                                       Arqueros
                                                                                     Cote Lake




                                                                                       Olympias
                                                                                    Cadia East




                                                                              Golden Meadows
                                                                                Hammond Reef
                                                                                                 2012 Projects     2013 Projects        2014 Projects             2015 Projects
                                                                                                 2016 Projects     2017 Projects        2018 Projects             2019 Projects

                                Source: BMO Capital Markets


                                Fig 54: Life-of-Mine Cash Flow Curve, Using Spot Commodity Prices

                                                                  1,400                                                                  1 Merian            20 San Antonio      39 Cerro Casale       58 Cote Lake

The life-of-mine cash flow is
                                                                                                                                         2 Perama Hill       21 New Liberty      40 Rainy River        59 Tocantinzinho
                                                                                                                                         3 Tengrela          22 Efemcukuru       41 Mongbwalu          60 Cerro Blanco
                                                                              1                                                          4 Pilar             23 Krumovgrad       42 Blackwater         61 Caspiche

estimated at US$585/oz for                                        1,200
                                                                                                                                         5 Wafi
                                                                                                                                         6 C1 Santa Luz
                                                                                                                                                             24 Suyai
                                                                                                                                                             25 Young-Davidson
                                                                                                                                                                                 43 Cadia East
                                                                                                                                                                                 44 Aurora
                                                                                                                                                                                 45 Edikan
                                                                                                                                                                                                       62 Hammond Reef
                                                                                                                                                                                                       63 Jeronimo
                                                                                                                                         7 Agi Dagi          26 Rosia Montana                          64 Certej
the 76 proposed new mines.                                                                                                               8 Skouries
                                                                                                                                         9 Golpu
                                                                                                                                                             27 Donlin
                                                                                                                                                             28 Natalka
                                                                                                                                                                                 46 Borden Lake
                                                                                                                                                                                 47 Bombore
                                                                                                                                                                                                       65 Tropicana
                                                                                                                                                                                                       66 Tusker
                                Life of Mine Cash Flow (US$/oz)




                                                                                                                                        10 Massawa           29 Conga            48 Ernesto            67 Joanna
                                                                  1,000                                                                 11 Pueblo Viejo      30 Detour Lake      49 Fruta Del Norte    68 Baomahun
                                                                                                                                        12 Haile             31 Orion            50 Volcan             69 Didipio
                                                                                  5                                                     13 Eastern Dragon
                                                                                                                                        14 Phoenix
                                                                                                                                                             32 Fronteer
                                                                                                                                                             33 Kibali
                                                                                                                                                                                 51 Angostura
                                                                                                                                                                                 52 La Colosa
                                                                                                                                                                                                       70 Lobo Marte
                                                                                                                                                                                                       71 Meliadine
                                                                                                                                        15 New Afton         34 El Morro         53 Pascua             72 La Colorada
                                                                   800                                                                  16 Morelos           35 Mercedes         54 Livengood
                                                                                                                                                                                 55 Esaase
                                                                                                                                                                                                       73 Eagle
                                                                                                                                        17 La India          36 Volta Grande                           74 Golden Meadows
                                                                                      10                                                18 Cerro Negro       37 Cerro Moro       56 Back River
                                                                                                                                                                                 57 Arqueros
                                                                                                                                                                                                       75 Hounde
                                                                                                                                        19 Eleonore          38 Akyem                                  76 Olympias

                                                                                                  20       27
                                                                   600                                                  30         35       40          45
                                                                                                                                                              50
                                                                                                                                                                                   60
                                                                   400
                                                                                                                                                                                                      70

                                                                   200                                                                                                                                     75


                                                                     0
                                                                          0                100                   200                300                         400                          500                       600


                                Source: BMO Capital Markets




Page 33 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012


                                Net Present Value Average of US$120/oz Estimated
                                The net present value at spot using a nominal 10% discount rate is estimated
                                at US$120/oz for the 76 proposed new mines (with ~US$87B total NPV over
                                720Moz gold-equivalent output for all new mines), using spot commodity
                                prices and exchange rates.
                                The NPV introduces the time value of money when compared to the life-of-
                                mine cash flow (or zero discount rate NPV) for the mines.

                                The NPV ranges from highs of >US$350/oz for Tengrela (Perseus), Perama
                                Hill (Eldorado), Merian (Newmont), and C1 Santa Luz (Yamana) and lows of
                                <US$50/oz for Donlin (ABX/NG), Cerro Casale (ABX/KGC), Cerro Blanco
                                (Goldcorp), Joanna (Aurizon) and Olympias (Eldorado).

                                Fig 55: Net Present Value at 10%, Using Spot Commodity Prices

                                                      600
Better mines include:
+ Tengrela (Perseus)                                  500

+ Perama Hill (Eldorado)
                                NPV at 10% (US$/oz)




                                                      400
+ Merian (Newmont)
+ C1 Santa Luz (Yamana)                               300


                                                      200



Weaker mines include:                                 100

+ Donlin (ABX/NG)                                      0
+ Cerro Casale (ABX/KGC)
                                                                            Akyem
                                                                            Merian
                                                                   C1 Santa Luz
                                                                      New Liberty

                                                                     Krumovgrad
                                                                  Eastern Dragon



                                                                      Cerro Moro

                                                                           La India
                                                                              Haile




                                                                 Young-Davidson




                                                                     Detour Lake




                                                                           Esaase



                                                                         Eleonore




                                                                            Conga



                                                                         Jeronimo
                                                                         Caspiche



                                                                           Hounde
                                                                             Eagle

                                                                          El Morro


                                                                        Meliadine




                                                                            Donlin
                                                                      Perama Hill




                                                                          Agi Dagi




                                                                             Suyai


                                                                              Wafi




                                                                             Certej

                                                                             Kibali
                                                                               Pilar




                                                                          Fronteer




                                                                       Back River
                                                                          Tengrela




                                                                     San Antonio

                                                                        Massawa


                                                                     Efemcukuru
                                                                            Edikan

                                                                     Cerro Negro
                                                                       New Afton

                                                                             Orion

                                                                     Pueblo Viejo
                                                                          Phoenix
                                                                           Ernesto

                                                                  Rosia Montana

                                                                       Angostura




                                                                      Mongbwalu
                                                                         Bombore

                                                                            Aurora
                                                                     La Colorada



                                                                            Volcan




                                                                        Tropicana
                                                                       Baomahun
                                                                       Livengood

                                                                   Tocantinzinho
                                                                    Borden Lake
                                                                            Didipio

                                                                        La Colosa




                                                                           Pascua
                                                                       Cote Lake
                                                                      Lobo Marte
                                                                           Natalka
                                                                             Golpu
                                                                           Joanna
                                                                    Cerro Blanco
                                                                    Cerro Casale
                                                                      Rainy River




                                                                      Blackwater




                                                                            Tusker
                                                                         Skouries




                                                                           Morelos




                                                                        Mercedes




                                                                    Volta Grande



                                                                         Arqueros




                                                                  Fruta Del Norte




                                                                         Olympias
                                                                      Cadia East




                                                                Golden Meadows
                                                                  Hammond Reef
                                                                                2012 Projects     2013 Projects     2014 Projects               2015 Projects
                                                                                2016 Projects     2017 Projects     2018 Projects               2019 Projects

                                Source: BMO Capital Markets



                                Fig 56: Net Present Value at 10% Curve, Using Spot Commodity Prices

                                                      600                                                                1 Tengrela         20 Suyai            39 Esaase          58 La Colosa

The NPV at 10% using spot                                                                                                2 Perama Hill      21 Morelos          40 Cadia East      59 Fruta Del Norte
                                                                                                                         3 Merian           22 Orion            41 Mongbwalu       60 Back River
                                                                                                                         4 C1 Santa Luz     23 Young-Davidson   42 Bombore         61 Tusker
                                                                1
is estimated at US$120/oz for                         500
                                                                                                                         5 Pilar
                                                                                                                         6 New Liberty
                                                                                                                                            24 Wafi
                                                                                                                                            25 Pueblo Viejo
                                                                                                                                                                43 Blackwater
                                                                                                                                                                44 Eleonore
                                                                                                                                                                                   62 Hounde
                                                                                                                                                                                   63 Eagle

the 76 proposed new mines.
                                                                                                                         7 San Antonio      26 Phoenix          45 Aurora          64 Pascua
                                                                                                                         8 Eastern Dragon   27 Mercedes         46 Tropicana       65 Cote Lake
                                                                                                                         9 Krumovgrad       28 Ernesto          47 Certej          66 El Morro
                                                                                                                        10 Massawa          29 Fronteer         48 Baomahun        67 Lobo Marte
                                                                                                                        11 Agi Dagi         30 Detour Lake      49 Livengood       68 Golden Meadows
                                                                                                                        12 Skouries         31 Rosia Montana    50 Kibali          69 Natalka
                                                      400
                                NPV at 10% (US$/oz)




                                                                                                                        13 Cerro Moro       32 La Colorada      51 Conga           70 Meliadine
                                                                                                                        14 Efemcukuru       33 Volta Grande     52 Tocantinzinho   71 Golpu
                                                                                                                        15 Edikan           34 Angostura        53 Borden Lake     72 Olympias
                                                                5                                                       16 La India         35 Akyem            54 Hammond Reef    73 Joanna
                                                                                                                        17 Haile            36 Rainy River      55 Didipio         74 Cerro Blanco

Longer dated projects suffer                          300       10                                                      18 Cerro Negro
                                                                                                                        19 New Afton
                                                                                                                                            37 Volcan
                                                                                                                                            38 Arqueros
                                                                                                                                                                56 Jeronimo
                                                                                                                                                                57 Caspiche
                                                                                                                                                                                   75 Cerro Casale
                                                                                                                                                                                   76 Donlin

with the time value of money.                                        20   25
                                                      200                         30
                                                                                            40
                                                                                                        50
                                                                                                                           60
                                                      100
                                                                                                                                                           70
                                                                                                                                                                            75
                                                       0
                                                            0             100               200                   300                        400                         500                        600


                                Source: BMO Capital Markets




Page 34 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012


                               Healthy Returns of 26% Estimated at Spot Prices
                               The internal rate of return for each new mine was estimated using spot
                               commodity prices.

                               The weighted average IRR is estimated at 27% with a range from a high of
                               101% for La Colorada (Argonaut) to a low of 10% for Donlin (ABX/NG).

                               Proposed new mines leveraging off nearby company-owned infrastructure
                               tend to generate some of the better estimated internal rates of return.


                               Fig 57: Estimated Internal Rate of Return, Using Spot Commodity Prices

                                                             100%
Better mines include:
+ La Colorada (Argonaut)                                     80%
                               Internal Rate of Return (%)




+ San Antonio (Argonaut)
+ Tengrela (Perseus)                                         60%



                                                             40%


Weaker mines include:                                        20%
+ Donlin (ABX/NG)
+ Cerro Blanco (Goldcorp)
                                                              0%
+ Joanna (Aurizon)




                                                                                    Akyem
                                                                              New Liberty
                                                                             San Antonio
                                                                                  Tengrela

                                                                              Cerro Moro



                                                                                     Orion




                                                                                      Haile

                                                                                    Volcan




                                                                                 Caspiche


                                                                                   Esaase
                                                                             Detour Lake




                                                                                     Golpu


                                                                             Efemcukuru
                                                                                     Eagle

                                                                               Baomahun




                                                                                 Jeronimo
                                                                                La Colosa




                                                                                   Pascua
                                                                                    Conga
                                                                                Meliadine




                                                                                    Donlin
                                                                                     Suyai
                                                                              Perama Hill
                                                                                      Wafi
                                                                                  Agi Dagi




                                                                                     Certej




                                                                                     Kibali
                                                                                  Fronteer




                                                                              Rainy River




                                                                                       Pilar




                                                                                    Tusker




                                                                               Back River




                                                                            Cerro Blanco
                                                                             La Colorada


                                                                                   Hounde
                                                                                    Edikan
                                                                             Krumovgrad
                                                                                   La India


                                                                           C1 Santa Luz

                                                                             Cerro Negro



                                                                                Massawa




                                                                                  Phoenix
                                                                               Angostura
                                                                         Young-Davidson
                                                                               Livengood
                                                                               New Afton


                                                                                 Bombore
                                                                                   Ernesto

                                                                                    Merian




                                                                             Pueblo Viejo
                                                                           Tocantinzinho

                                                                                Tropicana
                                                                                   Natalka

                                                                          Rosia Montana
                                                                              Mongbwalu
                                                                          Eastern Dragon
                                                                            Borden Lake
                                                                                    Aurora
                                                                                    Didipio
                                                                                  El Morro

                                                                               Cote Lake
                                                                              Lobo Marte
                                                                          Fruta Del Norte



                                                                                 Eleonore
                                                                            Cerro Casale
                                                                                   Joanna
                                                                              Blackwater
                                                                                 Skouries




                                                                                   Morelos

                                                                                 Arqueros




                                                                                Mercedes
                                                                            Volta Grande




                                                                                 Olympias
                                                                          Hammond Reef




                                                                              Cadia East
                                                                        Golden Meadows
+ Cerro Casale (Barrick)

                                                                                            2012 Projects     2013 Projects    2014 Projects               2015 Projects
                                                                                            2016 Projects     2017 Projects    2018 Projects               2019 Projects

                               Source: BMO Capital Markets



                               Fig 58: Internal Rate of Return Distribution Curve

                                                             100%
                                                                        1                                                        1 La Colorada         20 Haile            39 Pilar            58 Aurora

Internal rate of return
                                                                                                                                 2 San Antonio         21 Massawa          40 Golden Meadows   59 Jeronimo
                                                                                                                                 3 Tengrela            22 Arqueros         41 Phoenix          60 Didipio
                                                                                                                                 4 New Liberty         23 Volcan           42 Certej           61 La Colosa

averages 27% and ranges                                                                                                          5 Hounde
                                                                                                                                 6 Cerro Moro
                                                                                                                                                       24 Angostura
                                                                                                                                                       25 Young-Davidson
                                                                                                                                                       26 Rainy River
                                                                                                                                                                           43 Golpu
                                                                                                                                                                           44 Pueblo Viejo
                                                                                                                                                                                               62 El Morro
                                                                                                                                                                                               63 Olympias
                                                                                                                                                                           45 Tocantinzinho    64 Back River
from 101% for La Colorada to
                                                                                                                                 7 Edikan
                                                             80%                                                                 8 Krumovgrad          27 Livengood        46 Mercedes         65 Cote Lake
                                                                                                                                 9 La India            28 New Afton        47 Efemcukuru       66 Lobo Marte

10% for Donlin.                                                                                                                 10 Skouries
                                                                                                                                11 Orion
                                                                                                                                                       29 Volta Grande
                                                                                                                                                       30 Caspiche
                                                                                                                                                                           48 Tropicana
                                                                                                                                                                           49 Eagle
                                                                                                                                                                                               67 Fruta Del Norte
                                                                                                                                                                                               68 Pascua
                               Internal Rate of Return (%)




                                                                                                                                12 Fronteer            31 Hammond Reef     50 Natalka          69 Conga
                                                                                                                                13 C1 Santa Luz        32 Bombore          51 Tusker           70 Meliadine
                                                                                                                                14 Suyai               33 Ernesto          52 Baomahun         71 Kibali
                                                             60%                                                                15 Perama Hill         34 Esaase           53 Rosia Montana    72 Eleonore
                                                                            5                                                   16 Cerro Negro
                                                                                                                                17 Wafi
                                                                                                                                                       35 Detour Lake
                                                                                                                                                       36 Merian
                                                                                                                                                                           54 Mongbwalu
                                                                                                                                                                           55 Akyem
                                                                                                                                                                                               73 Cerro Casale
                                                                                                                                                                                               74 Joanna
                                                                                                                                18 Agi Dagi            37 Blackwater       56 Eastern Dragon   75 Cerro Blanco
                                                                                                                                19 Morelos             38 Cadia East       57 Borden Lake      76 Donlin
                                                                            10
Some 56 of the 76 projects                                   40%
are estimated to achieve                                                         20
returns exceeding 20% using                                                                 30
                                                                                                             40                  50
spot prices.                                                 20%
                                                                                                                                                  60
                                                                                                                                                                           70
                                                                                                                                                                                        75

                                                              0%
                                                                    0                 100                   200               300                        400                        500                             600


                               Source: BMO Capital Markets




Page 35 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012


                              Estimated Average Cash Flow Payback of Three Years
                              The cumulative after-tax cash flow for each mine was calculated using spot
                              commodity prices and exchange rates to estimate the payback period beyond
                              first commercial production.

                              The payback period ranged from a low of less than one year for Skouries and
                              Tengrela, to a high exceeding six years for Cadia East and Olympias, for a
                              weighted average of ~3.2 years for all 76 new mines, using spot prices.

                              The fast cash flow payback mines generally exhibit high IRR, high cash flow
                              per ounce and low capital and operating costs.

                              The multi-phased development projects such as Natalka, Olympias and Cadia
                              East exhibit longer cash flow payback.

                              Fig 59: Estimated Cash Flow Payback Post Start-up, Using Spot Prices

                                                           7
Better mines include:
                                                           6
+ Skouries (Eldorado)
                              Cash Flow Pay Back (years)




+ Tengrela (Perseus)                                       5

                                                           4

Weaker mines include:                                      3

+ Cadia East (Newcrest)
                                                           2
+ Olympias (Eldorado)
                                                           1

                                                           0
                                                                               Akyem
                                                                             Tengrela

                                                                         New Liberty




                                                                                Eagle
                                                                        San Antonio
                                                                      C1 Santa Luz




                                                                              La India
                                                                                Orion


                                                                                 Haile



                                                                          Baomahun




                                                                          New Afton
                                                                     Rosia Montana




                                                                            Jeronimo




                                                                               Donlin



                                                                               Conga




                                                                           La Colosa
                                                                            Eleonore
                                                                            Caspiche




                                                                              Natalka
                                                                         Perama Hill




                                                                                Suyai




                                                                                 Wafi
                                                                                Certej
                                                                              Ernesto




                                                                             Agi Dagi




                                                                                Kibali
                                                                                  Pilar




                                                                         Rainy River




                                                                          Back River
                                                                              Hounde
                                                                        Krumovgrad


                                                                        La Colorada
                                                                         Cerro Moro
                                                                               Edikan



                                                                        Cerro Negro
                                                                              Esaase
                                                                           Massawa
                                                                           Meliadine




                                                                          Angostura

                                                                     Eastern Dragon
                                                                        Efemcukuru
                                                                           Tropicana
                                                                               Volcan
                                                                               Didipio




                                                                             Phoenix




                                                                         Lobo Marte




                                                                        Pueblo Viejo
                                                                       Volta Grande
                                                                             El Morro

                                                                      Tocantinzinho


                                                                          Livengood
                                                                         Mongbwalu
                                                                              Pascua
                                                                    Young-Davidson


                                                                       Borden Lake
                                                                       Cerro Blanco


                                                                       Cerro Casale
                                                                     Fruta Del Norte
                                                                            Bombore
                                                                               Merian




                                                                        Detour Lake


                                                                          Cote Lake
                                                                                Golpu
                                                                               Aurora
                                                                              Joanna
                                                                             Fronteer




                                                                         Blackwater




                                                                               Tusker
                                                                            Skouries




                                                                              Morelos




                                                                            Arqueros




                                                                   Golden Meadows




                                                                           Mercedes




                                                                            Olympias
                                                                     Hammond Reef




                                                                         Cadia East
                                                                                             2012 Projects    2013 Projects     2014 Projects         2015 Projects
                                                                                             2016 Projects    2017 Projects     2018 Projects         2019 Projects

                              Source: BMO Capital Markets



                              Fig 60: Cash Flow Payback Distribution Curve, Using Spot Prices

                                                           7
Cash flow pay-back averages
3.2 years and ranges from                                  6                                                                                                                   75

0.75 years to 6.25 years.                                                                                                                                   70
                                                           5
                              Cash Flow Pay Back (years)




                                                                                                                        60
                                                           4
                                                                                                 45      50
Multi-phased development                                                                40
                                                                                                                                  1 Skouries
                                                                                                                                  2 Tengrela
                                                                                                                                                   20 Meliadine
                                                                                                                                                   21 Morelos
                                                                                                                                                                       39 Akyem
                                                                                                                                                                       40 El Morro
                                                                                                                                                                                           58 Conga
                                                                                                                                                                                           59 Mercedes
                                                                                   35                                                              22 Wafi
projects such as Natalka,
                                                                                                                                  3 Hounde                             41 Phoenix          60 Back River
                                                           3                                                                      4 Krumovgrad     23 Baomahun         42 Pilar            61 Cerro Casale
                                                                                 30                                               5 New Liberty    24 Certej           43 Tocantinzinho    62 Fruta Del Norte

Olympias and Cadia East                                                                                                           6 San Antonio
                                                                                                                                  7 C1 Santa Luz
                                                                                                                                                   25 Ernesto
                                                                                                                                                   26 Angostura
                                                                                                                                                   27 Arqueros
                                                                                                                                                                       44 Golden Meadows
                                                                                                                                                                       45 Hammond Reef
                                                                                                                                                                                           63 Pueblo Viejo
                                                                                                                                                                                           64 Bombore
                                                                                                                                  8 La Colorada                        46 Jeronimo         65 Detour Lake
exhibit longer cash flow                                   2                                                                      9 Perama Hill
                                                                                                                                 10 Cerro Moro
                                                                                                                                                   28 Blackwater
                                                                                                                                                   29 Eastern Dragon
                                                                                                                                                                       47 Livengood
                                                                                                                                                                       48 Merian
                                                                                                                                                                                           66 La Colosa
                                                                                                                                                                                           67 Eleonore

payback.                                                                    20
                                                                                                                                 11 Edikan
                                                                                                                                 12 Fronteer
                                                                                                                                 13 La India
                                                                                                                                                   30 Efemcukuru
                                                                                                                                                   31 Tropicana
                                                                                                                                                   32 Volcan
                                                                                                                                                                       49 Mongbwalu
                                                                                                                                                                       50 Pascua
                                                                                                                                                                       51 Rainy River
                                                                                                                                                                                           68 Caspiche
                                                                                                                                                                                           69 Cote Lake
                                                                                                                                                                                           70 Golpu
                                                                       10                                                        14 Orion          33 Didipio          52 Young-Davidson   71 Aurora
                                                           1                                                                     15 Suyai          34 Eagle            53 Donlin           72 Joanna
                                                                                                                                 16 Cerro Negro    35 Agi Dagi         54 Lobo Marte       73 Kibali

                                                                   1                                                             17 Esaase
                                                                                                                                 18 Haile
                                                                                                                                                   36 New Afton
                                                                                                                                                   37 Rosia Montana
                                                                                                                                                                       55 Tusker
                                                                                                                                                                       56 Borden Lake
                                                                                                                                                                                           74 Natalka
                                                                                                                                                                                           75 Olympias
                                                                                                                                 19 Massawa        38 Volta Grande     57 Cerro Blanco     76 Cadia East
                                                           0
                                                               0                    100                200                300                      400                         500                              600


                              Source: BMO Capital Markets




Page 36 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012


                             Perceived Risk Assessment
                             BMO Research has assigned low, medium and high perceived risk for each of
                             the permitting, technical, financial, sovereign and personnel factors for the
                             execution of the 76 proposed new mines. The scores are tallied and ranked.

                             Fig 61: New Mine Perceived Risk Ranking (Best at Top)
                                         Start-up   Stock     Project           Permitting Technical Financial Sovereign Personnel   Score
                                    1Q       2012   PRU       Edikan               L          L          L        L          L        1.0
BMO Research has assigned           1Q       2012   AUY       Mercedes             L          L          L        L          L        1.0
                                    2Q       2012   AR        La Colorada          L          L          L        L          L        1.0
low, medium and high                3Q       2012   ELD       Efemcukuru           L          L          L        L          L        1.0
                                    1Q       2013   DGC       Detour Lake          L          L          L        L          L        1.0
perceived risk for:                 2Q       2013   AUY       Ernesto              L          L          L        L          L        1.0
+ permitting                        4Q
                                    2Q
                                             2013
                                             2014
                                                    AUY
                                                    NEM
                                                              Pilar
                                                              Akyem
                                                                                   L
                                                                                   L
                                                                                              L
                                                                                              L
                                                                                                         L
                                                                                                         L
                                                                                                                  L
                                                                                                                  L
                                                                                                                             L
                                                                                                                             L
                                                                                                                                      1.0
                                                                                                                                      1.0
+ technical                         4Q       2014   GG        Eleonore             L          L          L        L          L        1.0
                                    4Q       2012   NCM       Cadia East            L         M          L        L          L        1.2
+ financial                         4Q       2012   ABX/GG    Pueblo Viejo         L          M          L        L          L        1.2
+ sovereign                         3Q
                                    1Q
                                             2013
                                             2014
                                                    ABX
                                                    ANG
                                                              Pascua
                                                              Tropicana            L
                                                                                    L         M
                                                                                              M
                                                                                                         L
                                                                                                         L
                                                                                                                  L
                                                                                                                  L
                                                                                                                             L
                                                                                                                             L
                                                                                                                                      1.2
                                                                                                                                      1.2
+ personnel factors                 3Q       2014   AEM       La India             M          L          L        L          L        1.2
                                    1Q       2015   KCN       Arqueros             M          L          L        L          L        1.2
                                    1Q       2015   NEM       Merian               M          L          L        L          L        1.2
                                    2Q       2016   KGC       Lobo Marte           M          L          L        L          L        1.2
                                    1Q       2017   NEM       Fronteer             M          L          L        L          L        1.2
                                    4Q       2017   AEM       Meliadine             L         M          L        L          L        1.2
                                    3Q       2012   AUQ       Young-Davidson       L          M          L        L          M        1.4
Projects with perceived             1Q       2013   ELD       Eastern Dragon       M          L          L        M          L        1.4
                                    2Q       2013   AUY       C1 Santa Luz         M          L          L        M          L        1.4
lower risk include:                 4Q       2013   GG        Cerro Negro          M          L          L        M          L        1.4
+ Akyem                             1Q
                                    3Q
                                             2014
                                             2014
                                                    AR
                                                    AGI
                                                              San Antonio
                                                              Agi Dagi
                                                                                   M
                                                                                   M
                                                                                              L
                                                                                              L
                                                                                                        M
                                                                                                         L
                                                                                                                  L
                                                                                                                  M
                                                                                                                             L
                                                                                                                             L
                                                                                                                                      1.4
                                                                                                                                      1.4
+ Detour Lake                       4Q       2014   ELD       Perama Hill          M          L          L        M          L        1.4
                                    4Q       2015   ELD       Tocantinzinho        M          L          L        M          L        1.4
+ Edikan                            1Q       2016   BSX       Volta Grande         M          L         M         L          L        1.4
+ Efemcukuru                        3Q
                                    4Q
                                             2016
                                             2017
                                                    AUQ
                                                    GG
                                                              Orion
                                                              El Morro
                                                                                   M
                                                                                   M
                                                                                              L
                                                                                              M
                                                                                                         L
                                                                                                         L
                                                                                                                  M
                                                                                                                  L
                                                                                                                             L
                                                                                                                             L
                                                                                                                                      1.4
                                                                                                                                      1.4
+ Eleonore                          3Q       2012   NGD       New Afton            M          H          L        L          L        1.6
                                    4Q       2013   PRU       Tengrela             M          L          L        H          L        1.6
+ Ernesto                           2Q       2014   RMX       Phoenix               L         M         M         L          M        1.6
+ La Colorada                       4Q
                                    1Q
                                             2014
                                             2015
                                                    R
                                                    DPM
                                                              Haile
                                                              Krumovgrad
                                                                                   M
                                                                                   H
                                                                                              L
                                                                                              L
                                                                                                        H
                                                                                                         L
                                                                                                                  L
                                                                                                                  M
                                                                                                                             L
                                                                                                                             L
                                                                                                                                      1.6
                                                                                                                                      1.6
+ Mercedes                          2Q       2015   ELD       Skouries             M          M          L        M          L        1.6
                                    3Q       2015   AUY       Jeronimo             M          M          L        M          L        1.6
+ Pilar                             3Q       2015   RR        Rainy River          M          L         H         L          L        1.6
                                    1Q       2016   OSK       Hammond Reef         M          M         M         L          L        1.6
                                    1Q       2017   NGD       Blackwater           M          M          L        L          M        1.6
The projects are sorted by          2Q
                                    3Q
                                             2019
                                             2012
                                                    ABX/NG
                                                    ELD
                                                              Donlin
                                                              Olympias
                                                                                   M
                                                                                   M
                                                                                              M
                                                                                              H
                                                                                                        M
                                                                                                         L
                                                                                                                  L
                                                                                                                  M
                                                                                                                             L
                                                                                                                             L
                                                                                                                                      1.6
                                                                                                                                      1.8
risk then start-up date.            2Q       2013   OGC       Didipio              M          M          L        M          M        1.8
                                    3Q       2014   ANG       Mongbwalu            M          M          L        H          L        1.8
                                    4Q       2014   ARZ       Joanna               M          H          L        L          M        1.8
                                    2Q       2016   ABG       Tusker               M          M          L        M          M        1.8
                                    3Q       2016   NEM/BVN   Conga                H          M          L        M          L        1.8
                                    3Q       2016   AVR       Hounde               M          L         M         M          M        1.8
                                    4Q       2017   NCM/HAR   Golpu                M          H          L        M          L        1.8
                                    1Q       2018   GG        Cerro Blanco         M          H          L        M          L        1.8
                                    3Q       2018   ANG       La Colosa            H          M          L        M          L        1.8
                                    4Q       2018   ABX/KGC   Cerro Casale         M          M         M         M          L        1.8
                                    4Q       2018   NCM/HAR   Wafi                 M          H          L        M          L        1.8
                                    1Q       2014   AUE       New Liberty          M          L         M         H          M        2.0
                                    2Q       2014   GOLD      Kibali                L         H         M         H          L        2.0
                                    4Q       2014   VIT       Eagle                M          M         H         L          M        2.0
                                    4Q       2014   KGN       Esaase               M          M         M         L          H        2.0
                                    1Q       2015   ADM       Volcan               M          M         H         M          L        2.0
                                    4Q       2015   GOLD      Massawa              M          H          L        H          L        2.0
                                    4Q       2015   PLGL      Natalka              M          M         M         M          M        2.0
                                    1Q       2016   TRR       Cote Lake            M          M         H         L          M        2.0
                                    1Q       2016   AUY       Suyai                H          M          L        H          L        2.0
                                    2Q       2017   KGC       Fruta Del Norte      H          M          L        H          L        2.0
                                    3Q       2014   GUY       Aurora               L          M         H         M          H        2.2
                                    2Q       2015   ELD       Certej               H          H          L        H          L        2.2
                                    2Q       2015   TXG       Morelos              M          M         H         L          H        2.2
                                    1Q       2016   PRB       Borden Lake          M          H         H         L          M        2.2
                                    1Q       2018   ITH       Livengood            H          M         H         M          L        2.2
                                    1Q       2014   XG        Cerro Moro           M          H         M         H          M        2.4
                                    4Q       2014   CLF       Baomahun             M          M         H         H          M        2.4
                                    1Q       2015   EOM       Angostura            H          M         H         M          M        2.4
                                    1Q       2015   ORE       Bombore              M          M         H         M          H        2.4
                                    3Q       2015   GBU       Rosia Montana        H          L         H         H          M        2.4
                                    2Q       2016   SBB       Back River           M          M         H         M          H        2.4
                                    1Q       2018   MAX       Golden Meadows       H          H         H         L          M        2.4
                                    1Q       2018   XRC       Caspiche             M          H         H         M          H        2.6

                             Source: BMO Capital Markets




Page 37 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012


                                                                  Ranking – Long Term, High Capital Projects are Worse
                                                                  The IRR, cash flow payback, years to start-up, LOM cash flow, 10% NPV, LOM
Mine ranking metrics.                                             capex, LOM capex and opex, in situ value metrics, and perceived risk have
                                                                  been used to rank the new gold mines due to start during 2012 to 2020.

                                                                  Execution of the development schedule is assumed. The analysis provides a
                                                                  preference for mines starting sooner, as risks increase with longer-dated
                                                                  developments.

                                                                  Major gold companies such as Barrick and Newmont may well consider
Scope for companies to                                            acquiring advanced development projects or companies with prospective
upgrade projects through                                          projects rather than undertake the large capital expenditure programs for
acquisition or divestiture.                                       weaker projects like Donlin, Cerro Casale or Conga.

Fig 62: New Mine Ranking (Best at Top) – Abbreviated Version
 Internal Rate of Return (%)     Cash Flow Pay Back (yrs)    LOM Cash Flow (US$/ozEq)      NPV at 10% (US$/ozEq)    Capex & Opex (US$/ozEq)      In Situ M&I Value (US$/t)           Project Ranking
La Colorada           101%     Skouries            0.75     Merian            1215.9    Tengrela           560.2   Haile             454.3    Suyai                 1387.2   Cerro Negro             1    GG
San Antonio           75%      Tengrela            0.75     Perama Hill       1104.3    Perama Hill        460.4   Pueblo Viejo      475.4    Cerro Blanco           897.2   Edikan                   2   PRU
Tengrela               64%     Hounde              1.00     Tengrela          945.9     Merian             390.3   Skouries          512.9    Kibali                 880.1   San Antonio              3   AR
New Liberty            58%     Krumovgrad          1.00     Pilar             928.8     C1 Santa Luz       390.2   Cerro Negro       531.8    Cerro Moro             876.1   Perama Hill              4   ELD
Hounde                57%      New Liberty         1.00     Wafi              874.9     Pilar              340.4   Pascua            534.4    Olympias               828.9   Skouries                5    ELD
Cerro Moro            48%      San Antonio         1.00     C1 Santa Luz      874.4     New Liberty        317.1   Olympias          534.6    Phoenix                761.9   Haile                   6    R
Edikan                 47%     C1 Santa Luz        1.25     Agi Dagi          711.2     San Antonio        307.8   Suyai             554.4    Jeronimo               633.8   C1 Santa Luz             7   AUY
Krumovgrad            46%      La Colorada         1.25     Skouries          705.1     Eastern Dragon     293.4   Fronteer          563.9    Efemcukuru             505.4   Efemcukuru               8   ELD
La India               46%     Perama Hill         1.25     Golpu             699.1     Krumovgrad         284.8   El Morro          575.6    Orion                  494.4   La Colorada             9    AR
Skouries               42%     Cerro Moro          1.50     Massawa           695.9     Massawa            276.8   Perama Hill       594.8    Cerro Negro            474.8   Pueblo Viejo            10   ABX/GG
Orion                  42%     Edikan              1.50     Pueblo Viejo      661.3     Agi Dagi           275.5   Wafi              616.3    Donlin                 473.3   La India                11   AEM
Fronteer               40%     Fronteer            1.50     Haile             660.6     Skouries           275.3   Golpu             619.5    Pueblo Viejo           440.5   New Afton               12   NGD
C1 Santa Luz          40%      La India            1.50     Eastern Dragon    641.1     Cerro Moro         274.9   Efemcukuru        622.4    Wafi                   422.3   Tengrela                13   PRU
Suyai                  39%     Orion               1.50     Phoenix           638.3     Efemcukuru         274.1   Fruta Del Norte   628.8    Fruta Del Norte        418.9   New Liberty             14   AUE
Perama Hill           39%      Suyai               1.50     New Afton         624.8     Edikan             273.8   Morelos           634.2    Eleonore               416.4   Morelos                 15   TXG
Cerro Negro           39%      Cerro Negro         1.75     Morelos           619.2     La India           272.8   Hammond Reef      641.1    Mongbwalu              402.7   Wafi                    16   NCM/HAR
Wafi                   39%     Esaase              1.75     La India          618.1     Haile              272.2   Certej            641.3    Eastern Dragon         399.7   Suyai                   17   AUY
Agi Dagi              38%      Haile               1.75     Cerro Negro       610.2     Cerro Negro        270.8   La India          644.4    Meliadine              296.9   Krumovgrad              18   DPM
Morelos               36%      Massawa             1.75     Eleonore          606.2     New Afton          261.4   Eastern Dragon    661.3    Back River             296.3   Cerro Moro              19   XG
Haile                 35%      Meliadine           1.75     San Antonio       598.4     Suyai              258.9   Cerro Blanco      661.7    Mercedes               264.1   Eastern Dragon          20   ELD
Massawa               30%      Morelos             1.75     New Liberty       590.2     Morelos            243.6   San Antonio       666.2    New Liberty            235.8   Orion                   21   AUQ
Arqueros               30%     Wafi                1.75     Efemcukuru        586.6     Orion              236.8   New Afton          666.6   Golpu                  225.5   Pilar                   22   AUY
Volcan                 30%     Baomahun            2.25     Krumovgrad        579.0     Young-Davidson     236.4   Rosia Montana     675.0    Tropicana              224.3   Agi Dagi                23   AGI
Angostura              29%     Certej              2.25     Suyai             577.8     Wafi               233.8   Natalka           697.7    Pilar                  217.4   Phoenix                 24   RMX
Young-Davidson        29%      Ernesto             2.25     Young-Davidson    576.2     Pueblo Viejo       226.9   Agi Dagi          706.8    Massawa                203.0   Fronteer                25   NEM
Rainy River           28%      Angostura           2.50     Rosia Montana     562.1     Phoenix            224.1   Cadia East        707.4    Aurora                 197.8   Young-Davidson          26   AUQ
Livengood              28%     Arqueros            2.50     Donlin            558.3     Mercedes           218.7   Volcan            708.1    Krumovgrad             194.3   Detour Lake             27   DGC
New Afton              28%     Blackwater          2.50     Natalka           547.9     Ernesto            210.4   La Colorada       708.9    Perama Hill            182.4   Massawa                 28   GOLD
Volta Grande          28%      Eastern Dragon      2.50     Conga             533.2     Fronteer           201.7   Orion             714.0    Angostura              177.6   Mercedes                29   AUY
Caspiche              27%      Efemcukuru          2.50     Detour Lake       532.8     Detour Lake        184.4   Detour Lake       716.1    Tengrela               154.1   Ernesto                 30   AUY
Hammond Reef          27%      Tropicana           2.50     Orion             530.6     Rosia Montana      182.0   Conga             723.2    Morelos                147.2   Akyem                   31   NEM
Bombore                26%     Volcan              2.50     Fronteer          527.0     La Colorada        169.2   Young-Davidson    727.6    Ernesto                146.4   Cadia East              32   NCM
Ernesto                26%     Didipio             2.75     Kibali             525.2    Volta Grande       166.5   C1 Santa Luz       740.1   Baomahun               132.8   Volta Grande            33   BSX
Esaase                26%      Eagle               2.75     El Morro          522.0     Angostura          165.9   Massawa           745.7    New Afton              128.4   Pascua                  34   ABX
Detour Lake            26%     Agi Dagi            3.00     Mercedes          516.0     Akyem              163.6   Krumovgrad        750.5    Young-Davidson         128.3   Hounde                  35   AVR
Merian                25%      New Afton           3.00     Volta Grande      509.8     Rainy River        161.5   Phoenix           757.0    Rosia Montana          112.5   Volcan                  36   ADM
Blackwater            24%      Rosia Montana       3.00     Cerro Moro        506.5     Volcan             157.9   Volta Grande      757.1    Merian                 110.3   Olympias                37   ELD
Cadia East            24%      Volta Grande        3.00     Akyem             499.5     Arqueros           156.4   Cerro Casale      759.2    Pascua                 110.1   Arqueros                38   KCN
Pilar                  24%     Akyem               3.25     Cerro Casale      494.4     Esaase             155.7   La Colosa         760.0    Hounde                 109.3   Angostura               39   EOM
Golden Meadows        24%      El Morro            3.25     Rainy River       491.1     Cadia East         154.3   Mercedes          768.6    Natalka                104.0   Merian                  40   NEM
Phoenix               23%      Phoenix             3.25     Mongbwalu         483.3     Mongbwalu          151.6   Cerro Moro        773.3    Certej                 102.6   Certej                  41   ELD
Certej                 23%     Pilar               3.25     Blackwater        480.8     Bombore            150.8   Akyem             786.5    Arqueros                98.9   Golpu                   42   NCM/HAR
Golpu                  23%     Tocantinzinho       3.25     Cadia East        478.1     Blackwater         146.7   Eleonore          790.1    Haile                   93.2   Rosia Montana           43   GBU
Pueblo Viejo           23%     Golden Meadows      3.50     Aurora            476.1     Eleonore           139.5   Lobo Marte        796.4    El Morro                87.9   Tropicana               44   ANG
Tocantinzinho          22%     Hammond Reef        3.50     Edikan            475.7     Aurora             135.0   Caspiche          798.3    Volta Grande            87.5   El Morro                45   GG
Mercedes              22%      Jeronimo            3.50     Borden Lake       468.1     Tropicana          134.7   Angostura         805.8    Akyem                   87.2   Esaase                  46   KGN
Efemcukuru             22%     Livengood           3.50     Bombore           463.7     Certej             126.0   Hounde            814.1    Didipio                 84.0   Eleonore                47   GG
Tropicana              21%     Merian              3.50     Ernesto           451.6     Baomahun           123.9   Meliadine         817.2    Golden Meadows          83.6   Rainy River             48   RR
Eagle                  21%     Mongbwalu           3.50     Fruta Del Norte   449.3     Livengood          123.7   Pilar             820.0    Fronteer                82.1   Natalka                 49   PLGL
Natalka                20%     Pascua              3.50     Volcan            437.0     Kibali             122.6   Rainy River       824.8    C1 Santa Luz            78.7   Blackwater              50   NGD
Tusker                 20%     Rainy River         3.50     Angostura         436.9     Conga              121.2   Blackwater        825.8    Esaase                  77.2   Kibali                  51   GOLD
Baomahun              20%      Young-Davidson      3.50     La Colosa         433.1     Tocantinzinho      120.1   Edikan            826.3    Conga                   76.2   Baomahun                52   CLF
Rosia Montana         20%      Donlin              3.75     Pascua            419.8     Borden Lake        120.1   Donlin            830.7    Skouries                76.0   Tocantinzinho           53   ELD
Mongbwalu             20%      Lobo Marte          3.75     Livengood         411.5     Hammond Reef       116.7   Tocantinzinho     834.3    Tusker                  75.2   Mongbwalu               54   ANG
Akyem                  20%     Tusker              3.75     Esaase            410.4     Didipio            106.2   Livengood          837.7   Edikan                  72.7   Meliadine               55   AEM
Eastern Dragon         20%     Borden Lake         4.00     Back River        409.2     Jeronimo           105.9   Kibali            860.1    Joanna                  70.6   Hammond Reef            56   OSK
Borden Lake           20%      Cerro Blanco        4.00     Arqueros          401.9     Caspiche           105.2   Ernesto           861.8    Cerro Casale            69.0   Jeronimo                57   AUY
Aurora                 20%     Conga               4.00     Cote Lake         399.4     La Colosa          102.8   Borden Lake       863.7    Borden Lake             66.8   Fruta Del Norte         58   KGC
Jeronimo               19%     Mercedes            4.00     Tocantinzinho     391.1     Fruta Del Norte    101.8   Jeronimo          895.1    Rainy River            64.0    Bombore                 59   ORE
Didipio                19%     Back River          4.25     Cerro Blanco      386.4     Back River          94.2   Bombore           896.5    Lobo Marte              57.4   Didipio                 60   OGC
La Colosa             19%      Cerro Casale        4.25     Caspiche          380.1     Tusker              92.4   Mongbwalu         924.3    Blackwater              56.0   Livengood               61   ITH
El Morro              18%      Fruta Del Norte     4.25     Hammond Reef      376.6     Hounde              92.2   New Liberty       926.0    Tocantinzinho           56.0   Conga                   62   NEM/BVN
Olympias               18%     Pueblo Viejo        4.25     Jeronimo           372.4    Eagle               90.0   Tengrela           940.8   San Antonio             51.8   Lobo Marte              63   KGC
Back River            18%      Bombore             4.50     Certej            370.3     Pascua              87.7   Eagle             951.2    Cadia East              47.2   Donlin                  64   ABX/NG
Cote Lake              17%     Detour Lake         4.50     Tropicana         350.3     Cote Lake           87.6   Cote Lake          974.3   Detour Lake             44.1   Aurora                  65   GUY
Lobo Marte            17%      La Colosa           4.50     Tusker            342.1     El Morro            70.7   Merian            983.8    La Colorada             43.5   Eagle                   66   VIT
Fruta Del Norte       17%      Eleonore            4.75     Joanna            339.3     Lobo Marte          68.7   Tropicana         995.7    Caspiche                43.0   Caspiche                67   XRC
Pascua                17%      Caspiche            5.00     Baomahun          338.4     Golden Meadows      68.2   Aurora            997.6    Bombore                 42.8   Cerro Blanco            68   GG
Conga                 17%      Cote Lake           5.00     Didipio           292.6     Natalka             64.8   Arqueros          1001.1   La India                39.4   Cerro Casale            69   ABX/KGC
Meliadine             16%      Golpu               5.25     Lobo Marte        288.5     Meliadine           64.3   Esaase            1008.6   Volcan                  37.4   Golden Meadows          70   MAX
Kibali                 16%     Aurora              5.50     Meliadine         280.8     Golpu               47.6   Didipio           1011.2   Eagle                   35.7   Back River              71   SBB
Eleonore              15%      Joanna              5.75     La Colorada       277.7     Olympias            44.1   Baomahun          1019.8   Agi Dagi                33.0   Tusker                  72   ABG
Cerro Casale          14%      Kibali              5.75     Eagle             261.2     Joanna              36.1   Tusker            1025.4   Livengood               32.5   Borden Lake             73   PRB
Joanna                 12%     Natalka             5.75     Golden Meadows    252.4     Cerro Blanco        35.0   Back River        1047.0   La Colosa                0.0   Joanna                  74   ARZ
Cerro Blanco          11%      Olympias            6.00     Hounde            211.8     Cerro Casale        32.2   Golden Meadows    1049.3   Cote Lake                0.0   La Colosa               75   ANG
Donlin                 10%     Cadia East          6.25     Olympias          123.8     Donlin               7.6   Joanna            1112.9   Hammond Reef             0.0   Cote Lake               76   TRR


Source: BMO Capital Markets




Page 38 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012


                             A Wide Range of Projects for Senior Gold Stocks
                             Most of the better projects are due on stream in the next few years and
                             represent generally better grade and higher value assets while longer-dated
                             higher capital projects generally rank weaker.

                             Some of the weaker projects are either held by single mine companies or are
                             large-scale, capital-intensive long-dated projects of senior gold stocks.

                             Senior gold stocks (with over US$10B capitalization) display a wide range of
                             projects with 9 in the best quartile, 10 in the second, 12 in the third and 7 in
                             the lowest quartile of the rankings.

                             The single project developer stocks display a slight bias to the weaker end of
                             the ranking spectrum with 4 in the best quartile, 5 in the second, 4 in the
                             third and 10 in the lowest quartile of the rankings.

                             Fig 63: New Mine Ranking by Start-up Year

                                                   80

Better projects include:
+ Cerro Negro (Goldcorp)
                                                   60
+ Edikan (Perseus)
                             New Project Ranking




+ San Antonio (Argonaut)
+ Perama Hill (Eldorado)                           40
+ Skouries (Eldorado)                                      Better
+ Haile (Romarco)                                          Score
                                                   20
+ C1 Santa Luz (Yamana)

                                                   0
                                                                     Kibali
                                                           C1 Santa Luz




                                                              New Liberty
                                                             Cerro Negro
                                                                   Edikan
                                                             San Antonio

                                                                      Haile

                                                             La Colorada
                                                                  La India
                                                                 Tengrela




                                                                     Orion
                                                                      Pilar

                                                                  Fronteer
                                                         Young-Davidson
                                                             Detour Lake




                                                                  Hounde




                                                                Tropicana
                                                                  El Morro




                                                               Baomahun



                                                                 Jeronimo



                                                                    Conga
                                                              Lobo Marte
                                                                    Donlin
                                                                     Eagle




                                                                La Colosa
                                                              Perama Hill




                                                                      Wafi
                                                                     Suyai




                                                                  Agi Dagi




                                                                    Akyem




                                                                     Certej
                                                             Efemcukuru




                                                                  Phoenix
                                                             Pueblo Viejo
                                                               New Afton




                                                             Krumovgrad
                                                              Cerro Moro
                                                          Eastern Dragon




                                                                Massawa
                                                                  Ernesto

                                                            Volta Grande
                                                                   Pascua
                                                                   Volcan

                                                               Angostura
                                                                   Merian
                                                                     Golpu
                                                          Rosia Montana

                                                                   Esaase
                                                                 Eleonore
                                                              Rainy River
                                                              Blackwater

                                                           Tocantinzinho
                                                              Mongbwalu
                                                                Meliadine

                                                          Fruta Del Norte
                                                                 Bombore
                                                                    Didipio
                                                               Livengood


                                                                    Aurora
                                                                 Caspiche
                                                            Cerro Blanco
                                                            Cerro Casale
                                                               Back River
                                                                   Tusker
                                                            Borden Lake
                                                                   Joanna
                                                               Cote Lake
                                                                   Natalka
                                                                 Skouries




                                                                  Morelos




                                                                Mercedes

                                                              Cadia East



                                                                 Olympias
                                                                 Arqueros




                                                          Hammond Reef




                                                        Golden Meadows
                                                             2012 Projects   2013 Projects   2014 Projects   2015 Projects
                                                             2016 Projects   2017 Projects   2018 Projects   2019 Projects

                             Source: BMO Capital Markets


                             Fig 64: New Mine Ranking by Senior, Mid-Tier and Developer Company

                                                   80

Weaker projects include:
+ Cote Lake (Trelawney)
                                                   60
+ La Colosa (AngloGold)
                             New Project Ranking




+ Joanna (Aurizon)
+ Borden Lake (Probe)                              40
+ Tusker (African Barrick)
+ Back River (Sabina)
+ Golden Meadows (Midas)                           20




                                                   0
                                                                     Kibali
                                                            C1 Santa Luz




                                                              New Liberty
                                                                    Edikan




                                                          Eastern Dragon
                                                                     Orion


                                                                  Fronteer
                                                         Young-Davidson




                                                          Rosia Montana
                                                                Tropicana
                                                                  El Morro




                                                                 Jeronimo




                                                                    Donlin
                                                                      Wafi
                                                                     Suyai




                                                                  Agi Dagi




                                                                    Akyem




                                                                     Certej
                                                             Cerro Negro
                                                             San Antonio

                                                                      Haile
                                                             Efemcukuru




                                                                  Phoenix
                                                                  La India
                                                               New Afton
                                                                  Tengrela




                                                              Blackwater
                                                              Cerro Moro

                                                                      Pilar




                                                                Massawa



                                                            Volta Grande
                                                                   Pascua



                                                               Angostura
                                                                    Merian
                                                                     Golpu


                                                                   Esaase

                                                                   Natalka




                                                          Fruta Del Norte
                                                                 Bombore

                                                                    Conga
                                                              Lobo Marte
                                                                    Aurora
                                                                     Eagle


                                                        Golden Meadows
                                                             La Colorada
                                                             Pueblo Viejo




                                                             Detour Lake




                                                                   Hounde
                                                                    Volcan




                                                                 Eleonore



                                                               Baomahun




                                                                    Didipio
                                                               Livengood




                                                            Cerro Casale

                                                                    Tusker
                                                             Borden Lake
                                                                   Joanna
                                                                La Colosa
                                                               Cote Lake
                                                              Perama Hill
                                                                 Skouries




                                                                  Morelos




                                                                Mercedes

                                                              Cadia East




                                                                 Arqueros
                                                                   Ernesto




                                                          Hammond Reef
                                                             Krumovgrad




                                                              Rainy River



                                                           Tocantinzinho
                                                              Mongbwalu
                                                                Meliadine




                                                                 Caspiche
                                                            Cerro Blanco

                                                               Back River
                                                                 Olympias




                                                                        Senior   Mid-Tier    Developer   Mixed

                             Source: BMO Capital Markets




Page 39 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012




Fig 65: Equal Weight Ranking on IRR, Payback, Years to Start-up, Cash Flow, 10% NPV, LOM Capex and Opex, In Situ Value Metrics, and Risk (Best at Top)
 Internal Rate of Return (%)     Cash Flow Pay Back (yrs)          Years to Start-up       LOM Cash Flow (US$/ozEq)      NPV at 10% (US$/ozEq)       LOM Capex (US$/ozEq)      Capex & Opex (US$/ozEq)      In Situ M&I Value (US$/t)      In Situ M&I Value (US$B)          LOM Capex (US$B)             Perceived Risk                Project Ranking
La Colorada           101%     Skouries            0.75     Edikan                 0.25   Merian            1215.9    Tengrela            560.2   La Colorada         36.5   Haile               454.3   Suyai                 1387.2   Cadia East             103.8   La Colorada         0.04   Edikan                 1.00   Cerro Negro              1   GG
San Antonio            75%     Tengrela            0.75     Mercedes               0.25   Perama Hill       1104.3    Perama Hill         460.4   Golpu              109.8   Pueblo Viejo        475.4   Cerro Blanco           897.2   Pueblo Viejo            99.8   Orion               0.11   Mercedes               1.00   Edikan                   2   PRU
Tengrela               64%     Hounde              1.00     La Colorada            0.50   Tengrela           945.9    Merian              390.3   Edikan             113.2   Skouries            512.9   Kibali                 880.1   Golpu                  92.1    Hounde              0.13   La Colorada            1.00   San Antonio              3   AR
New Liberty            58%     Krumovgrad          1.00     Efemcukuru             0.75   Pilar              928.8    C1 Santa Luz        390.2   Hammond Reef       117.9   Cerro Negro         531.8   Cerro Moro             876.1   Natalka                75.0    San Antonio         0.18   Efemcukuru             1.00   Perama Hill              4   ELD
Hounde                 57%     New Liberty         1.00     New Afton              0.75   Wafi               874.9    Pilar               340.4   Hounde             120.9   Pascua              534.4   Olympias               828.9   Pascua                 69.3    Krumovgrad          0.21   Detour Lake            1.00   Skouries                 5   ELD
Cerro Moro             48%     San Antonio         1.00     Olympias               0.75   C1 Santa Luz       874.4    New Liberty         317.1   Wafi               123.2   Olympias            534.6   Phoenix                761.9   Cerro Casale           69.3    New Liberty         0.24   Ernesto                1.00   Haile                    6   R
Edikan                 47%     C1 Santa Luz        1.25     Young-Davidson         0.75   Agi Dagi           711.2    San Antonio         307.8   San Antonio        124.9   Suyai               554.4   Jeronimo               633.8   Donlin                 64.0    Arqueros            0.25   Pilar                  1.00   C1 Santa Luz             7   AUY
Krumovgrad             46%     La Colorada         1.25     Cadia East             1.00   Skouries           705.1    Eastern Dragon      293.4   Haile              125.4   Fronteer            563.9   Efemcukuru             505.4   Caspiche               58.5    Perama Hill         0.28   Akyem                  1.00   Efemcukuru               8   ELD
La India               46%     Perama Hill         1.25     Pueblo Viejo           1.00   Golpu              699.1    Krumovgrad          284.8   Livengood          130.3   El Morro            575.6   Orion                  494.4   Detour Lake            45.4    La India            0.30   Eleonore               1.00   La Colorada              9   AR
Skouries               42%     Cerro Moro          1.50     Detour Lake            1.25   Massawa            695.9    Massawa             276.8   Olympias           137.3   Perama Hill         594.8   Cerro Negro            474.8   El Morro               41.1    Tengrela            0.31   Cadia East             1.20   Pueblo Viejo            10   ABX/GG
Orion                  42%     Edikan              1.50     Eastern Dragon         1.25   Pueblo Viejo       661.3    Agi Dagi            275.5   Detour Lake        140.9   Wafi                616.3   Donlin                 473.3   Rosia Montana          32.6    Eastern Dragon      0.31   Pueblo Viejo           1.20   La India                11   AEM
Fronteer               40%     Fronteer            1.50     C1 Santa Luz           1.50   Haile              660.6    Skouries            275.3   Fronteer           143.8   Golpu               619.5   Pueblo Viejo           440.5   Conga                  27.2    Baomahun            0.32   Pascua                 1.20   New Afton               12   NGD
C1 Santa Luz           40%     La India            1.50     Didipio                1.50   Eastern Dragon     641.1    Cerro Moro          274.9   Golden Meadows     145.2   Efemcukuru          622.4   Wafi                   422.3   Livengood              25.3    Ernesto             0.33   Tropicana              1.20   Tengrela                13   PRU
Suyai                  39%     Orion               1.50     Ernesto                1.50   Phoenix            638.3    Efemcukuru          274.1   Morelos            150.4   Fruta Del Norte     628.8   Fruta Del Norte        418.9   Kibali                 23.1    Edikan              0.38   La India               1.20   New Liberty             14   AUE
Perama Hill           39%      Suyai               1.50     Pascua                 1.75   New Afton          624.8    Edikan              273.8   Skouries           155.3   Morelos             634.2   Eleonore               416.4   Skouries               18.7    Cerro Moro          0.43   Arqueros               1.20   Morelos                 15   TXG
Cerro Negro            39%     Cerro Negro         1.75     Cerro Negro            2.00   Morelos           619.2     La India            272.8   Volcan             157.2   Hammond Reef        641.1   Mongbwalu              402.7   Volcan                 14.6    C1 Santa Luz        0.44   Merian                 1.20   Wafi                    16   NCM/HAR
Wafi                   39%     Esaase              1.75     Pilar                  2.00   La India           618.1    Haile               272.2   Natalka            158.7   Certej              641.3   Eastern Dragon         399.7   Akyem                  12.5    Joanna              0.46   Lobo Marte             1.20   Suyai                   17   AUY
Agi Dagi               38%     Haile               1.75     Tengrela               2.00   Cerro Negro        610.2    Cerro Negro         270.8   Bombore            170.6   La India            644.4   Meliadine              296.9   Fruta Del Norte        12.4    Certej              0.48   Fronteer               1.20   Krumovgrad              18   DPM
Morelos                36%     Massawa             1.75     Cerro Moro             2.25   Eleonore           606.2    New Afton           261.4   Cerro Negro        172.5   Eastern Dragon      661.3   Back River             296.3   Olympias               12.3    Mercedes            0.50   Meliadine              1.20   Cerro Moro              19   XG
Haile                  35%     Meliadine           1.75     New Liberty            2.25   San Antonio       598.4     Suyai               258.9   Certej             173.6   Cerro Blanco        661.7   Mercedes               264.1   Lobo Marte             11.4    Efemcukuru          0.51   Young-Davidson         1.40   Eastern Dragon          20   ELD
Massawa                30%     Morelos             1.75     San Antonio            2.25   New Liberty        590.2    Morelos             243.6   El Morro           182.3   San Antonio         666.2   New Liberty            235.8   Aurora                 10.4    Phoenix             0.52   Eastern Dragon         1.40   Orion                   21   AUQ
Arqueros               30%     Wafi                1.75     Tropicana              2.25   Efemcukuru         586.6    Orion               236.8   Volta Grande       182.5   New Afton           666.6   Golpu                  225.5   Blackwater              9.8    Tocantinzinho       0.54   C1 Santa Luz           1.40   Pilar                   22   AUY
Volcan                 30%     Baomahun            2.25     Akyem                  2.50   Krumovgrad         579.0    Young-Davidson      236.4   Caspiche           182.9   Rosia Montana       675.0   Tropicana              224.3   Edikan                  9.2    Pilar               0.58   Cerro Negro            1.40   Agi Dagi                23   AGI
Angostura              29%     Certej              2.25     Kibali                 2.50   Suyai              577.8    Wafi                233.8   Pueblo Viejo       188.0   Natalka             697.7   Pilar                  217.4   Cerro Negro             9.1    Mongbwalu           0.59   San Antonio            1.40   Phoenix                 24   RMX
Young-Davidson         29%     Ernesto             2.25     Phoenix                2.50   Young-Davidson     576.2    Pueblo Viejo        226.9   Cadia East         191.2   Agi Dagi            706.8   Massawa                203.0   New Afton               9.0    Bombore             0.60   Agi Dagi               1.40   Fronteer                25   NEM
Rainy River           28%      Angostura           2.50     Agi Dagi               2.75   Rosia Montana     562.1     Phoenix             224.1   La India           192.9   Cadia East          707.4   Aurora                 197.8   Tropicana               8.5    Jeronimo            0.60   Perama Hill            1.40   Young-Davidson          26   AUQ
Livengood              28%     Arqueros            2.50     Aurora                 2.75   Donlin             558.3    Mercedes            218.7   Phoenix            199.5   Volcan              708.1   Krumovgrad             194.3   Eagle                   7.9    Eagle               0.65   Tocantinzinho          1.40   Detour Lake             27   DGC
New Afton              28%     Blackwater          2.50     La India               2.75   Natalka            547.9    Ernesto             210.4   Pascua             200.6   La Colorada         708.9   Perama Hill            182.4   Morelos                 7.9    Angostura           0.67   Volta Grande           1.40   Massawa                 28   GOLD
Volta Grande           28%     Eastern Dragon      2.50     Mongbwalu              2.75   Conga              533.2    Fronteer            201.7   New Afton          200.9   Orion               714.0   Angostura              177.6   Young-Davidson          7.9    Morelos             0.68   Orion                  1.40   Mercedes                29   AUY
Caspiche               27%     Efemcukuru          2.50     Baomahun               3.00   Detour Lake        532.8    Detour Lake         184.4   Cerro Casale       202.0   Detour Lake         716.1   Tengrela               154.1   Rainy River             7.5    Massawa             0.70   El Morro               1.40   Ernesto                 30   AUY
Hammond Reef           27%     Tropicana           2.50     Eagle                  3.00   Orion              530.6    Rosia Montana       182.0   Lobo Marte         206.1   Conga               723.2   Morelos                147.2   Meliadine               7.4    Agi Dagi            0.71   New Afton              1.60   Akyem                   31   NEM
Bombore                26%     Volcan              2.50     Eleonore               3.00   Fronteer           527.0    La Colorada         169.2   Suyai              215.0   Young-Davidson      727.6   Ernesto                146.4   Wafi                    6.8    Esaase              0.73   Tengrela               1.60   Cadia East              32   NCM
Ernesto                26%     Didipio             2.75     Esaase                 3.00   Kibali             525.2    Volta Grande        166.5   Angostura          216.4   C1 Santa Luz        740.1   Baomahun               132.8   Haile                   6.6    Haile               0.73   Phoenix                1.60   Volta Grande            33   BSX
Esaase                 26%     Eagle               2.75     Haile                  3.00   El Morro           522.0    Angostura           165.9   Rosia Montana      221.2   Massawa             745.7   New Afton              128.4   Back River              6.6    Suyai               0.75   Haile                  1.60   Pascua                  34   ABX
Detour Lake            26%     Agi Dagi            3.00     Joanna                 3.00   Mercedes           516.0    Akyem               163.6   Tocantinzinho      226.5   Krumovgrad          750.5   Young-Davidson         128.3   Tusker                   6.2   Cerro Blanco        0.76   Krumovgrad             1.60   Hounde                  35   AVR
Merian                 25%     New Afton           3.00     Perama Hill            3.00   Volta Grande       509.8    Rainy River         161.5   Baomahun           232.1   Phoenix             757.0   Rosia Montana          112.5   Didipio                 5.9    Volta Grande        0.80   Skouries               1.60   Volcan                  36   ADM
Blackwater             24%     Rosia Montana       3.00     Angostura              3.25   Cerro Moro         506.5    Volcan              157.9   Cerro Moro         233.2   Volta Grande        757.1   Merian                 110.3   Eleonore                 5.8   Fronteer            0.83   Jeronimo               1.60   Olympias                37   ELD
Cadia East             24%     Volta Grande        3.00     Arqueros               3.25   Akyem              499.5    Arqueros            156.4   Akyem              236.4   Cerro Casale        759.2   Pascua                 110.1   Angostura                5.4   Golden Meadows      0.85   Rainy River            1.60   Arqueros                38   KCN
Pilar                  24%     Akyem               3.25     Bombore                3.25   Cerro Casale       494.4    Esaase              155.7   New Liberty        237.0   La Colosa           760.0   Hounde                 109.3   Esaase                  5.3    Didipio             0.86   Hammond Reef           1.60   Angostura               39   EOM
Golden Meadows         24%     El Morro            3.25     Krumovgrad             3.25   Rainy River        491.1    Cadia East          154.3   Agi Dagi           237.4   Mercedes            768.6   Natalka                104.0   Massawa                 5.2    New Afton           0.94   Blackwater             1.60   Merian                  40   NEM
Phoenix                23%     Phoenix             3.25     Merian                 3.25   Mongbwalu          483.3    Mongbwalu           151.6   Arqueros           238.1   Cerro Moro          773.3   Certej                 102.6   Suyai                   5.0    Olympias            0.98   Donlin                 1.60   Certej                  41   ELD
Certej                 23%     Pilar               3.25     Volcan                 3.25   Blackwater         480.8    Bombore             150.8   Esaase             241.7   Akyem               786.5   Arqueros               98.9    Certej                  5.0    Back River          0.99   Olympias               1.80   Golpu                   42   NCM/HAR
Golpu                  23%     Tocantinzinho       3.25     Certej                 3.50   Cadia East         478.1    Blackwater          146.7   La Colosa          246.6   Eleonore            790.1   Haile                  93.2    Joanna                  4.1    Volcan              1.04   Didipio                1.80   Rosia Montana           43   GBU
Pueblo Viejo           23%     Golden Meadows      3.50     Morelos                3.50   Aurora             476.1    Eleonore            139.5   Blackwater         248.5   Lobo Marte          796.4   El Morro                87.9   Tocantinzinho            3.9   Meliadine           1.06   Mongbwalu              1.80   Tropicana               44   ANG
Tocantinzinho          22%     Hammond Reef        3.50     Skouries               3.50   Edikan             475.7    Aurora              135.0   Kibali             249.8   Caspiche            798.3   Volta Grande           87.5    Merian                  3.7    Borden Lake         1.07   Joanna                 1.80   El Morro                45   GG
Mercedes               22%     Jeronimo            3.50     Jeronimo               3.75   Borden Lake        468.1    Tropicana           134.7   Meliadine          254.2   Angostura           805.8   Akyem                  87.2    Volta Grande            3.7    Wafi                1.07   Tusker                 1.80   Esaase                  46   KGN
Efemcukuru             22%     Livengood           3.50     Rainy River            3.75   Bombore            463.7    Certej              126.0   Fruta Del Norte    258.9   Hounde              814.1   Didipio                84.0    Agi Dagi                3.6    Young-Davidson      1.10   Conga                  1.80   Eleonore                47   GG
Tropicana              21%     Merian              3.50     Rosia Montana          3.75   Ernesto            451.6    Baomahun            123.9   Orion              260.7   Meliadine           817.2   Golden Meadows         83.6    Jeronimo                3.5    Tusker              1.14   Hounde                 1.80   Rainy River             48   RR
Eagle                  21%     Mongbwalu           3.50     Massawa                4.00   Fruta Del Norte   449.3     Livengood           123.7   C1 Santa Luz       262.3   Pilar               820.0   Fronteer               82.1    Golden Meadows          3.4    Tropicana           1.19   Golpu                  1.80   Natalka                 49   PLGL
Natalka                20%     Pascua              3.50     Natalka                4.00   Volcan             437.0    Kibali              122.6   Donlin             263.7   Rainy River         824.8   C1 Santa Luz           78.7    Baomahun                3.4    Skouries            1.21   Cerro Blanco           1.80   Blackwater              50   NGD
Tusker                 20%     Rainy River         3.50     Tocantinzinho          4.00   Angostura          436.9    Conga               121.2   Young-Davidson     264.0   Blackwater          825.8   Esaase                  77.2   C1 Santa Luz             3.4   Hammond Reef        1.24   La Colosa              1.80   Kibali                  51   GOLD
Baomahun              20%      Young-Davidson      3.50     Borden Lake            4.25   La Colosa         433.1     Tocantinzinho       120.1   Krumovgrad         268.5   Edikan              826.3   Conga                  76.2    Pilar                   2.8    Rainy River         1.37   Cerro Casale           1.80   Baomahun                52   CLF
Rosia Montana         20%      Donlin              3.75     Cote Lake              4.25   Pascua            419.8     Borden Lake         120.1   Rainy River        270.9   Donlin             830.7    Skouries               76.0    Efemcukuru              2.7    Merian              1.37   Wafi                   1.80   Tocantinzinho           53   ELD
Mongbwalu             20%      Lobo Marte          3.75     Hammond Reef           4.25   Livengood         411.5     Hammond Reef        116.7   Perama Hill        273.6   Tocantinzinho       834.3   Tusker                 75.2    San Antonio             2.7    Lobo Marte          1.41   New Liberty            2.00   Mongbwalu               54   ANG
Akyem                  20%     Tusker              3.75     Suyai                  4.25   Esaase             410.4    Didipio             106.2   Efemcukuru         280.0   Livengood           837.7   Edikan                 72.7    Bombore                 2.6    Cote Lake           1.52   Kibali                 2.00   Meliadine               55   AEM
Eastern Dragon        20%      Borden Lake         4.00     Volta Grande           4.25   Back River         409.2    Jeronimo            105.9   Tropicana          280.1   Kibali              860.1   Joanna                 70.6    Perama Hill             2.3    Blackwater          1.71   Eagle                  2.00   Hammond Reef            56   OSK
Borden Lake           20%      Cerro Blanco        4.00     Back River             4.50   Arqueros           401.9    Caspiche            105.2   Eagle              282.0   Ernesto             861.8   Cerro Casale           69.0    Cerro Blanco            2.3    Aurora              1.71   Esaase                 2.00   Jeronimo                57   AUY
Aurora                20%      Conga               4.00     Lobo Marte             4.50   Cote Lake          399.4    La Colosa           102.8   Massawa            287.7   Borden Lake         863.7   Borden Lake            66.8    La Colorada             2.2    Cerro Negro         1.80   Volcan                 2.00   Fruta Del Norte         58   KGC
Jeronimo              19%      Mercedes            4.00     Tusker                 4.50   Tocantinzinho      391.1    Fruta Del Norte     101.8   Tusker             288.7   Jeronimo            895.1   Rainy River            64.0    Cerro Moro              2.1    Akyem               1.93   Massawa                2.00   Bombore                 59   ORE
Didipio               19%      Back River          4.25     Conga                  4.75   Cerro Blanco      386.4     Back River          94.2    Didipio            298.8   Bombore            896.5    Lobo Marte             57.4    Arqueros                2.1    Livengood           2.06   Natalka                2.00   Didipio                 60   OGC
La Colosa             19%      Cerro Casale        4.25     Hounde                 4.75   Caspiche          380.1     Tusker              92.4    Jeronimo           301.5   Mongbwalu           924.3   Blackwater             56.0    La India                1.9    Fruta Del Norte     2.10   Cote Lake              2.00   Livengood               61   ITH
El Morro              18%      Fruta Del Norte     4.25     Orion                  4.75   Hammond Reef      376.6     Hounde              92.2    Conga              304.6   New Liberty        926.0    Tocantinzinho          56.0    Mercedes                1.9    Detour Lake         2.19   Suyai                  2.00   Conga                   62   NEM/BVN
Olympias              18%      Pueblo Viejo        4.25     Blackwater             5.25   Jeronimo          372.4     Eagle               90.0    Borden Lake        312.0   Tengrela           940.8    San Antonio            51.8    New Liberty             1.8    Eleonore            2.36   Fruta Del Norte        2.00   Lobo Marte              63   KGC
Back River            18%      Bombore             4.50     Fronteer               5.25   Certej            370.3     Pascua              87.7    Back River         316.5   Eagle              951.2    Cadia East             47.2    Ernesto                 1.5    Kibali              2.71   Aurora                 2.20   Donlin                  64   ABX/NG
Cote Lake             17%      Detour Lake         4.50     Fruta Del Norte        5.50   Tropicana         350.3     Cote Lake           87.6    Tengrela           327.5   Cote Lake           974.3   Detour Lake            44.1    Tengrela                1.5    Rosia Montana       3.21   Certej                 2.20   Aurora                  65   GUY
Lobo Marte             17%     La Colosa           4.50     El Morro               6.00   Tusker             342.1    El Morro            70.7    Cote Lake          332.2   Merian              983.8   La Colorada            43.5    Hounde                  1.5    La Colosa           3.77   Morelos                2.20   Eagle                   66   VIT
Fruta Del Norte        17%     Eleonore            4.75     Golpu                  6.00   Joanna             339.3    Lobo Marte          68.7    Mercedes           350.2   Tropicana           995.7   Caspiche               43.0    Mongbwalu               1.5    Caspiche            5.67   Borden Lake            2.20   Caspiche                67   XRC
Pascua                17%      Caspiche            5.00     Meliadine              6.00   Baomahun          338.4     Golden Meadows      68.2    Eastern Dragon     355.9   Aurora              997.6   Bombore                42.8    Krumovgrad              1.4    Conga               5.84   Livengood              2.20   Cerro Blanco            68   GG
Conga                 17%      Cote Lake           5.00     Caspiche               6.25   Didipio           292.6     Natalka             64.8    Joanna             359.5   Arqueros           1001.1   La India               39.4    Eastern Dragon          1.4    El Morro            5.89   Cerro Moro             2.40   Cerro Casale            69   ABX/KGC
Meliadine             16%      Golpu               5.25     Cerro Blanco           6.25   Lobo Marte        288.5     Meliadine           64.3    Aurora             368.3   Esaase             1008.6   Volcan                 37.4    Phoenix                 0.8    Natalka             7.22   Baomahun               2.40   Golden Meadows          70   MAX
Kibali                16%      Aurora              5.50     Golden Meadows         6.25   Meliadine         280.8     Golpu               47.6    Ernesto            378.2   Didipio            1011.2   Eagle                  35.7    Orion                   0.5    Pueblo Viejo        7.57   Angostura              2.40   Back River              71   SBB
Eleonore              15%      Joanna              5.75     Livengood              6.25   La Colorada       277.7     Olympias            44.1    Eleonore           383.0   Baomahun           1019.8   Agi Dagi               33.0    Borden Lake             0.5    Cerro Casale        8.19   Bombore                2.40   Tusker                  72   ABG
Cerro Casale          14%      Kibali              5.75     La Colosa              6.75   Eagle             261.2     Joanna              36.1    Pilar              385.1   Tusker             1025.4   Livengood              32.5    Fronteer                0.0    Pascua              8.35   Rosia Montana          2.40   Borden Lake             73   PRB
Joanna                12%      Natalka             5.75     Cerro Casale           7.00   Golden Meadows    252.4     Cerro Blanco        35.0    Cerro Blanco       437.9   Back River         1047.0   La Colosa               0.0    La Colosa               0.0    Cadia East          9.40   Back River             2.40   Joanna                  74   ARZ
Cerro Blanco          11%      Olympias            6.00     Wafi                   7.00   Hounde            211.8     Cerro Casale        32.2    Mongbwalu          438.6   Golden Meadows    1049.3    Cote Lake               0.0    Cote Lake               0.0    Donlin              9.57   Golden Meadows         2.40   La Colosa               75   ANG
Donlin                10%      Cadia East          6.25     Donlin                 7.50   Olympias          123.8     Donlin               7.6    Merian             487.0   Joanna             1112.9   Hammond Reef            0.0    Hammond Reef            0.0    Golpu               9.84   Caspiche               2.60   Cote Lake               76   TRR


Source: BMO Capital Markets




Page 40 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012




Fig 66: Equal Weight Ranking on IRR, Payback, Years to Start-up, Cash Flow, 10% NPV, LOM Capex and Opex, In Situ Value Metrics, and Risk (Alphabetic)
 Internal Rate of Return (%)     Cash Flow Pay Back (yrs)          Years to Start-up        LOM Cash Flow (US$/oz)       NPV at 10% (US$/oz)         LOM Capex (US$/oz)       Capex & Opex (US$/oz)       In Situ M&I Value (US$/t)      In Situ M&I Value (US$B)          LOM Capex (US$B)             Perceived Risk                Project Ranking
Agi Dagi               38%     Agi Dagi            3.00     Agi Dagi               2.75   Agi Dagi           711.2   Agi Dagi           275.5   Agi Dagi           237.4   Agi Dagi            706.8   Agi Dagi               33.0    Agi Dagi                 3.6   Agi Dagi            0.71   Agi Dagi               1.40   Agi Dagi                23   AGI
Akyem                  20%     Akyem               3.25     Akyem                  2.50   Akyem              499.5   Akyem              163.6   Akyem              236.4   Akyem               786.5   Akyem                   87.2   Akyem                   12.5   Akyem               1.93   Akyem                  1.00   Akyem                   31   NEM
Angostura              29%     Angostura           2.50     Angostura              3.25   Angostura          436.9   Angostura          165.9   Angostura          216.4   Angostura           805.8   Angostura              177.6   Angostura                5.4   Angostura           0.67   Angostura              2.40   Angostura               39   EOM
Arqueros               30%     Arqueros            2.50     Arqueros               3.25   Arqueros           401.9   Arqueros           156.4   Arqueros           238.1   Arqueros           1001.1   Arqueros               98.9    Arqueros                 2.1   Arqueros            0.25   Arqueros               1.20   Arqueros                38   KCN
Aurora                 20%     Aurora              5.50     Aurora                 2.75   Aurora             476.1   Aurora             135.0   Aurora             368.3   Aurora              997.6   Aurora                 197.8   Aurora                  10.4   Aurora              1.71   Aurora                 2.20   Aurora                  65   GUY
Back River             18%     Back River          4.25     Back River             4.50   Back River         409.2   Back River          94.2   Back River         316.5   Back River         1047.0   Back River             296.3   Back River               6.6   Back River          0.99   Back River             2.40   Back River              71   SBB
Baomahun               20%     Baomahun            2.25     Baomahun               3.00   Baomahun           338.4   Baomahun           123.9   Baomahun           232.1   Baomahun           1019.8   Baomahun               132.8   Baomahun                 3.4   Baomahun            0.32   Baomahun               2.40   Baomahun                52   CLF
Blackwater             24%     Blackwater          2.50     Blackwater             5.25   Blackwater        480.8    Blackwater         146.7   Blackwater         248.5   Blackwater         825.8    Blackwater             56.0    Blackwater              9.8    Blackwater          1.71   Blackwater             1.60   Blackwater              50   NGD
Bombore                26%     Bombore             4.50     Bombore                3.25   Bombore            463.7   Bombore            150.8   Bombore            170.6   Bombore             896.5   Bombore                42.8    Bombore                  2.6   Bombore             0.60   Bombore                2.40   Bombore                 59   ORE
Borden Lake            20%     Borden Lake         4.00     Borden Lake            4.25   Borden Lake        468.1   Borden Lake        120.1   Borden Lake        312.0   Borden Lake         863.7   Borden Lake            66.8    Borden Lake              0.5   Borden Lake         1.07   Borden Lake            2.20   Borden Lake             73   PRB
C1 Santa Luz           40%     C1 Santa Luz        1.25     C1 Santa Luz           1.50   C1 Santa Luz      874.4    C1 Santa Luz       390.2   C1 Santa Luz       262.3   C1 Santa Luz       740.1    C1 Santa Luz            78.7   C1 Santa Luz             3.4   C1 Santa Luz        0.44   C1 Santa Luz           1.40   C1 Santa Luz             7   AUY
Cadia East            24%      Cadia East          6.25     Cadia East             1.00   Cadia East        478.1    Cadia East         154.3   Cadia East         191.2   Cadia East         707.4    Cadia East             47.2    Cadia East             103.8   Cadia East          9.40   Cadia East             1.20   Cadia East              32   NCM
Caspiche               27%     Caspiche            5.00     Caspiche               6.25   Caspiche           380.1   Caspiche           105.2   Caspiche           182.9   Caspiche            798.3   Caspiche               43.0    Caspiche                58.5   Caspiche            5.67   Caspiche               2.60   Caspiche                67   XRC
Cerro Blanco           11%     Cerro Blanco        4.00     Cerro Blanco           6.25   Cerro Blanco       386.4   Cerro Blanco        35.0   Cerro Blanco       437.9   Cerro Blanco        661.7   Cerro Blanco           897.2   Cerro Blanco             2.3   Cerro Blanco        0.76   Cerro Blanco           1.80   Cerro Blanco            68   GG
Cerro Casale           14%     Cerro Casale        4.25     Cerro Casale           7.00   Cerro Casale       494.4   Cerro Casale        32.2   Cerro Casale       202.0   Cerro Casale        759.2   Cerro Casale           69.0    Cerro Casale            69.3   Cerro Casale        8.19   Cerro Casale           1.80   Cerro Casale            69   ABX/KGC
Cerro Moro             48%     Cerro Moro          1.50     Cerro Moro             2.25   Cerro Moro         506.5   Cerro Moro         274.9   Cerro Moro         233.2   Cerro Moro          773.3   Cerro Moro             876.1   Cerro Moro               2.1   Cerro Moro          0.43   Cerro Moro             2.40   Cerro Moro              19   XG
Cerro Negro            39%     Cerro Negro         1.75     Cerro Negro            2.00   Cerro Negro        610.2   Cerro Negro        270.8   Cerro Negro        172.5   Cerro Negro         531.8   Cerro Negro            474.8   Cerro Negro              9.1   Cerro Negro         1.80   Cerro Negro            1.40   Cerro Negro              1   GG
Certej                 23%     Certej              2.25     Certej                 3.50   Certej             370.3   Certej             126.0   Certej             173.6   Certej              641.3   Certej                 102.6   Certej                   5.0   Certej              0.48   Certej                 2.20   Certej                  41   ELD
Conga                  17%     Conga               4.00     Conga                  4.75   Conga             533.2    Conga              121.2   Conga              304.6   Conga              723.2    Conga                  76.2    Conga                  27.2    Conga               5.84   Conga                  1.80   Conga                   62   NEM/BVN
Cote Lake              17%     Cote Lake           5.00     Cote Lake              4.25   Cote Lake          399.4   Cote Lake           87.6   Cote Lake          332.2   Cote Lake           974.3   Cote Lake               0.0    Cote Lake                0.0   Cote Lake           1.52   Cote Lake              2.00   Cote Lake               76   TRR
Detour Lake           26%      Detour Lake         4.50     Detour Lake            1.25   Detour Lake       532.8    Detour Lake        184.4   Detour Lake        140.9   Detour Lake        716.1    Detour Lake            44.1    Detour Lake             45.4   Detour Lake         2.19   Detour Lake            1.00   Detour Lake             27   DGC
Didipio                19%     Didipio             2.75     Didipio                1.50   Didipio           292.6    Didipio            106.2   Didipio            298.8   Didipio            1011.2   Didipio                84.0    Didipio                 5.9    Didipio             0.86   Didipio                1.80   Didipio                 60   OGC
Donlin                 10%     Donlin              3.75     Donlin                 7.50   Donlin             558.3   Donlin               7.6   Donlin             263.7   Donlin              830.7   Donlin                 473.3   Donlin                  64.0   Donlin              9.57   Donlin                 1.60   Donlin                  64   ABX/NG
Eagle                  21%     Eagle               2.75     Eagle                  3.00   Eagle              261.2   Eagle               90.0   Eagle              282.0   Eagle               951.2   Eagle                  35.7    Eagle                    7.9   Eagle               0.65   Eagle                  2.00   Eagle                   66   VIT
Eastern Dragon         20%     Eastern Dragon      2.50     Eastern Dragon         1.25   Eastern Dragon     641.1   Eastern Dragon     293.4   Eastern Dragon     355.9   Eastern Dragon      661.3   Eastern Dragon         399.7   Eastern Dragon           1.4   Eastern Dragon      0.31   Eastern Dragon         1.40   Eastern Dragon          20   ELD
Edikan                 47%     Edikan              1.50     Edikan                 0.25   Edikan             475.7   Edikan             273.8   Edikan             113.2   Edikan              826.3   Edikan                 72.7    Edikan                   9.2   Edikan              0.38   Edikan                 1.00   Edikan                   2   PRU
Efemcukuru             22%     Efemcukuru          2.50     Efemcukuru             0.75   Efemcukuru         586.6   Efemcukuru         274.1   Efemcukuru         280.0   Efemcukuru          622.4   Efemcukuru             505.4   Efemcukuru               2.7   Efemcukuru          0.51   Efemcukuru             1.00   Efemcukuru               8   ELD
El Morro               18%     El Morro            3.25     El Morro               6.00   El Morro           522.0   El Morro            70.7   El Morro           182.3   El Morro            575.6   El Morro                87.9   El Morro                41.1   El Morro            5.89   El Morro               1.40   El Morro                45   GG
Eleonore               15%     Eleonore            4.75     Eleonore               3.00   Eleonore           606.2   Eleonore           139.5   Eleonore           383.0   Eleonore            790.1   Eleonore               416.4   Eleonore                5.8    Eleonore            2.36   Eleonore               1.00   Eleonore                47   GG
Ernesto                26%     Ernesto             2.25     Ernesto                1.50   Ernesto            451.6   Ernesto            210.4   Ernesto            378.2   Ernesto             861.8   Ernesto                146.4   Ernesto                  1.5   Ernesto             0.33   Ernesto                1.00   Ernesto                 30   AUY
Esaase                 26%     Esaase              1.75     Esaase                 3.00   Esaase             410.4   Esaase             155.7   Esaase             241.7   Esaase             1008.6   Esaase                  77.2   Esaase                   5.3   Esaase              0.73   Esaase                 2.00   Esaase                  46   KGN
Fronteer               40%     Fronteer            1.50     Fronteer               5.25   Fronteer           527.0   Fronteer           201.7   Fronteer           143.8   Fronteer            563.9   Fronteer                82.1   Fronteer                 0.0   Fronteer            0.83   Fronteer               1.20   Fronteer                25   NEM
Fruta Del Norte        17%     Fruta Del Norte     4.25     Fruta Del Norte        5.50   Fruta Del Norte    449.3   Fruta Del Norte    101.8   Fruta Del Norte    258.9   Fruta Del Norte     628.8   Fruta Del Norte        418.9   Fruta Del Norte         12.4   Fruta Del Norte     2.10   Fruta Del Norte        2.00   Fruta Del Norte         58   KGC
Golden Meadows         24%     Golden Meadows      3.50     Golden Meadows         6.25   Golden Meadows     252.4   Golden Meadows      68.2   Golden Meadows     145.2   Golden Meadows     1049.3   Golden Meadows          83.6   Golden Meadows           3.4   Golden Meadows      0.85   Golden Meadows         2.40   Golden Meadows          70   MAX
Golpu                  23%     Golpu               5.25     Golpu                  6.00   Golpu              699.1   Golpu               47.6   Golpu              109.8   Golpu               619.5   Golpu                  225.5   Golpu                   92.1   Golpu               9.84   Golpu                  1.80   Golpu                   42   NCM/HAR
Haile                  35%     Haile               1.75     Haile                  3.00   Haile              660.6   Haile              272.2   Haile              125.4   Haile               454.3   Haile                  93.2    Haile                    6.6   Haile               0.73   Haile                  1.60   Haile                    6   R
Hammond Reef           27%     Hammond Reef        3.50     Hammond Reef           4.25   Hammond Reef       376.6   Hammond Reef       116.7   Hammond Reef       117.9   Hammond Reef        641.1   Hammond Reef             0.0   Hammond Reef             0.0   Hammond Reef        1.24   Hammond Reef           1.60   Hammond Reef            56   OSK
Hounde                 57%     Hounde              1.00     Hounde                 4.75   Hounde             211.8   Hounde              92.2   Hounde             120.9   Hounde              814.1   Hounde                 109.3   Hounde                   1.5   Hounde              0.13   Hounde                 1.80   Hounde                  35   AVR
Jeronimo               19%     Jeronimo            3.50     Jeronimo               3.75   Jeronimo           372.4   Jeronimo           105.9   Jeronimo           301.5   Jeronimo            895.1   Jeronimo               633.8   Jeronimo                 3.5   Jeronimo            0.60   Jeronimo               1.60   Jeronimo                57   AUY
Joanna                 12%     Joanna              5.75     Joanna                 3.00   Joanna             339.3   Joanna              36.1   Joanna             359.5   Joanna             1112.9   Joanna                  70.6   Joanna                   4.1   Joanna              0.46   Joanna                 1.80   Joanna                  74   ARZ
Kibali                 16%     Kibali              5.75     Kibali                 2.50   Kibali             525.2   Kibali             122.6   Kibali             249.8   Kibali              860.1   Kibali                 880.1   Kibali                  23.1   Kibali              2.71   Kibali                 2.00   Kibali                  51   GOLD
Krumovgrad             46%     Krumovgrad          1.00     Krumovgrad             3.25   Krumovgrad         579.0   Krumovgrad         284.8   Krumovgrad         268.5   Krumovgrad          750.5   Krumovgrad             194.3   Krumovgrad               1.4   Krumovgrad          0.21   Krumovgrad             1.60   Krumovgrad              18   DPM
La Colorada           101%     La Colorada         1.25     La Colorada            0.50   La Colorada       277.7    La Colorada        169.2   La Colorada         36.5   La Colorada        708.9    La Colorada            43.5    La Colorada              2.2   La Colorada         0.04   La Colorada            1.00   La Colorada              9   AR
La Colosa              19%     La Colosa           4.50     La Colosa              6.75   La Colosa          433.1   La Colosa          102.8   La Colosa          246.6   La Colosa           760.0   La Colosa               0.0    La Colosa                0.0   La Colosa           3.77   La Colosa              1.80   La Colosa               75   ANG
La India               46%     La India            1.50     La India               2.75   La India           618.1   La India           272.8   La India           192.9   La India            644.4   La India                39.4   La India                 1.9   La India            0.30   La India               1.20   La India                11   AEM
Livengood              28%     Livengood           3.50     Livengood              6.25   Livengood          411.5   Livengood          123.7   Livengood          130.3   Livengood           837.7   Livengood               32.5   Livengood               25.3   Livengood           2.06   Livengood              2.20   Livengood               61   ITH
Lobo Marte             17%     Lobo Marte          3.75     Lobo Marte             4.50   Lobo Marte         288.5   Lobo Marte          68.7   Lobo Marte         206.1   Lobo Marte          796.4   Lobo Marte              57.4   Lobo Marte              11.4   Lobo Marte          1.41   Lobo Marte             1.20   Lobo Marte              63   KGC
Massawa                30%     Massawa             1.75     Massawa                4.00   Massawa            695.9   Massawa            276.8   Massawa            287.7   Massawa             745.7   Massawa                203.0   Massawa                  5.2   Massawa             0.70   Massawa                2.00   Massawa                 28   GOLD
Meliadine              16%     Meliadine           1.75     Meliadine              6.00   Meliadine         280.8    Meliadine           64.3   Meliadine          254.2   Meliadine          817.2    Meliadine             296.9    Meliadine               7.4    Meliadine           1.06   Meliadine              1.20   Meliadine               55   AEM
Mercedes               22%     Mercedes            4.00     Mercedes               0.25   Mercedes           516.0   Mercedes           218.7   Mercedes           350.2   Mercedes            768.6   Mercedes               264.1   Mercedes                 1.9   Mercedes            0.50   Mercedes               1.00   Mercedes                29   AUY
Merian                 25%     Merian              3.50     Merian                 3.25   Merian            1215.9   Merian             390.3   Merian             487.0   Merian              983.8   Merian                 110.3   Merian                   3.7   Merian              1.37   Merian                 1.20   Merian                  40   NEM
Mongbwalu              20%     Mongbwalu           3.50     Mongbwalu              2.75   Mongbwalu         483.3    Mongbwalu          151.6   Mongbwalu          438.6   Mongbwalu          924.3    Mongbwalu              402.7   Mongbwalu               1.5    Mongbwalu           0.59   Mongbwalu              1.80   Mongbwalu               54   ANG
Morelos                36%     Morelos             1.75     Morelos                3.50   Morelos            619.2   Morelos            243.6   Morelos            150.4   Morelos             634.2   Morelos                147.2   Morelos                  7.9   Morelos             0.68   Morelos                2.20   Morelos                 15   TXG
Natalka                20%     Natalka             5.75     Natalka                4.00   Natalka            547.9   Natalka             64.8   Natalka            158.7   Natalka             697.7   Natalka                104.0   Natalka                 75.0   Natalka             7.22   Natalka                2.00   Natalka                 49   PLGL
New Afton              28%     New Afton           3.00     New Afton              0.75   New Afton          624.8   New Afton          261.4   New Afton          200.9   New Afton           666.6   New Afton              128.4   New Afton                9.0   New Afton           0.94   New Afton              1.60   New Afton               12   NGD
New Liberty            58%     New Liberty         1.00     New Liberty            2.25   New Liberty        590.2   New Liberty        317.1   New Liberty        237.0   New Liberty         926.0   New Liberty            235.8   New Liberty              1.8   New Liberty         0.24   New Liberty            2.00   New Liberty             14   AUE
Olympias               18%     Olympias            6.00     Olympias               0.75   Olympias           123.8   Olympias            44.1   Olympias           137.3   Olympias            534.6   Olympias               828.9   Olympias                12.3   Olympias            0.98   Olympias               1.80   Olympias                37   ELD
Orion                  42%     Orion               1.50     Orion                  4.75   Orion              530.6   Orion              236.8   Orion              260.7   Orion               714.0   Orion                  494.4   Orion                    0.5   Orion               0.11   Orion                  1.40   Orion                   21   AUQ
Pascua                 17%     Pascua              3.50     Pascua                 1.75   Pascua             419.8   Pascua              87.7   Pascua             200.6   Pascua              534.4   Pascua                 110.1   Pascua                  69.3   Pascua              8.35   Pascua                 1.20   Pascua                  34   ABX
Perama Hill           39%      Perama Hill         1.25     Perama Hill            3.00   Perama Hill       1104.3   Perama Hill        460.4   Perama Hill        273.6   Perama Hill         594.8   Perama Hill            182.4   Perama Hill              2.3   Perama Hill         0.28   Perama Hill            1.40   Perama Hill              4   ELD
Phoenix                23%     Phoenix             3.25     Phoenix                2.50   Phoenix            638.3   Phoenix            224.1   Phoenix            199.5   Phoenix             757.0   Phoenix                761.9   Phoenix                  0.8   Phoenix             0.52   Phoenix                1.60   Phoenix                 24   RMX
Pilar                  24%     Pilar               3.25     Pilar                  2.00   Pilar              928.8   Pilar              340.4   Pilar              385.1   Pilar               820.0   Pilar                  217.4   Pilar                    2.8   Pilar               0.58   Pilar                  1.00   Pilar                   22   AUY
Pueblo Viejo           23%     Pueblo Viejo        4.25     Pueblo Viejo           1.00   Pueblo Viejo       661.3   Pueblo Viejo       226.9   Pueblo Viejo       188.0   Pueblo Viejo        475.4   Pueblo Viejo           440.5   Pueblo Viejo            99.8   Pueblo Viejo        7.57   Pueblo Viejo           1.20   Pueblo Viejo            10   ABX/GG
Rainy River            28%     Rainy River         3.50     Rainy River            3.75   Rainy River        491.1   Rainy River        161.5   Rainy River        270.9   Rainy River         824.8   Rainy River            64.0    Rainy River              7.5   Rainy River         1.37   Rainy River            1.60   Rainy River             48   RR
Rosia Montana          20%     Rosia Montana       3.00     Rosia Montana          3.75   Rosia Montana      562.1   Rosia Montana      182.0   Rosia Montana      221.2   Rosia Montana       675.0   Rosia Montana          112.5   Rosia Montana           32.6   Rosia Montana       3.21   Rosia Montana          2.40   Rosia Montana           43   GBU
San Antonio            75%     San Antonio         1.00     San Antonio            2.25   San Antonio        598.4   San Antonio        307.8   San Antonio        124.9   San Antonio         666.2   San Antonio             51.8   San Antonio              2.7   San Antonio         0.18   San Antonio            1.40   San Antonio              3   AR
Skouries               42%     Skouries            0.75     Skouries               3.50   Skouries           705.1   Skouries           275.3   Skouries           155.3   Skouries            512.9   Skouries               76.0    Skouries                18.7   Skouries            1.21   Skouries               1.60   Skouries                 5   ELD
Suyai                  39%     Suyai               1.50     Suyai                  4.25   Suyai              577.8   Suyai              258.9   Suyai              215.0   Suyai               554.4   Suyai                 1387.2   Suyai                    5.0   Suyai               0.75   Suyai                  2.00   Suyai                   17   AUY
Tengrela               64%     Tengrela            0.75     Tengrela               2.00   Tengrela           945.9   Tengrela           560.2   Tengrela           327.5   Tengrela            940.8   Tengrela               154.1   Tengrela                 1.5   Tengrela            0.31   Tengrela               1.60   Tengrela                13   PRU
Tocantinzinho          22%     Tocantinzinho       3.25     Tocantinzinho          4.00   Tocantinzinho      391.1   Tocantinzinho      120.1   Tocantinzinho      226.5   Tocantinzinho       834.3   Tocantinzinho           56.0   Tocantinzinho            3.9   Tocantinzinho       0.54   Tocantinzinho          1.40   Tocantinzinho           53   ELD
Tropicana              21%     Tropicana           2.50     Tropicana              2.25   Tropicana          350.3   Tropicana          134.7   Tropicana          280.1   Tropicana           995.7   Tropicana              224.3   Tropicana                8.5   Tropicana           1.19   Tropicana              1.20   Tropicana               44   ANG
Tusker                 20%     Tusker              3.75     Tusker                 4.50   Tusker             342.1   Tusker              92.4   Tusker             288.7   Tusker             1025.4   Tusker                  75.2   Tusker                   6.2   Tusker              1.14   Tusker                 1.80   Tusker                  72   ABG
Volcan                 30%     Volcan              2.50     Volcan                 3.25   Volcan             437.0   Volcan             157.9   Volcan             157.2   Volcan              708.1   Volcan                 37.4    Volcan                  14.6   Volcan              1.04   Volcan                 2.00   Volcan                  36   ADM
Volta Grande           28%     Volta Grande        3.00     Volta Grande           4.25   Volta Grande       509.8   Volta Grande       166.5   Volta Grande       182.5   Volta Grande        757.1   Volta Grande            87.5   Volta Grande             3.7   Volta Grande        0.80   Volta Grande           1.40   Volta Grande            33   BSX
Wafi                   39%     Wafi                1.75     Wafi                   7.00   Wafi               874.9   Wafi               233.8   Wafi               123.2   Wafi                616.3   Wafi                   422.3   Wafi                     6.8   Wafi                1.07   Wafi                   1.80   Wafi                    16   NCM/HAR
Young-Davidson         29%     Young-Davidson      3.50     Young-Davidson         0.75   Young-Davidson     576.2   Young-Davidson     236.4   Young-Davidson     264.0   Young-Davidson      727.6   Young-Davidson         128.3   Young-Davidson           7.9   Young-Davidson      1.10   Young-Davidson         1.40   Young-Davidson          26   AUQ


Source: BMO Capital Markets




Page 41 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012



               Appendix: New Mine Ranking Tables
Fig 67: Ranking Based on IRR, Payback, Years to Start-up, Cash Flow, 10% NPV, LOM Capex (Best at Top)
 Internal Rate of Return (%)     Cash Flow Pay Back (yrs)          Years to Start-up       LOM Cash Flow (US$/ozEq)      NPV at 10% (US$/ozEq)       LOM Capex (US$/ozEq)
La Colorada           101%     Skouries            0.75     Edikan                 0.25   Merian            1215.9    Tengrela           560.2    La Colorada         36.5
San Antonio            75%     Tengrela            0.75     Mercedes               0.25   Perama Hill       1104.3    Perama Hill        460.4    Golpu              109.8
Tengrela               64%     Hounde              1.00     La Colorada            0.50   Tengrela           945.9    Merian             390.3    Edikan             113.2
New Liberty            58%     Krumovgrad          1.00     Efemcukuru             0.75   Pilar              928.8    C1 Santa Luz        390.2   Hammond Reef       117.9
Hounde                 57%     New Liberty         1.00     New Afton              0.75   Wafi               874.9    Pilar              340.4    Hounde             120.9
Cerro Moro             48%     San Antonio         1.00     Olympias               0.75   C1 Santa Luz       874.4    New Liberty        317.1    Wafi               123.2
Edikan                 47%     C1 Santa Luz        1.25     Young-Davidson         0.75   Agi Dagi          711.2     San Antonio        307.8    San Antonio        124.9
Krumovgrad             46%     La Colorada         1.25     Cadia East             1.00   Skouries           705.1    Eastern Dragon     293.4    Haile              125.4
La India               46%     Perama Hill         1.25     Pueblo Viejo           1.00   Golpu              699.1    Krumovgrad         284.8    Livengood          130.3
Skouries               42%     Cerro Moro          1.50     Detour Lake            1.25   Massawa            695.9    Massawa            276.8    Olympias           137.3
Orion                  42%     Edikan              1.50     Eastern Dragon         1.25   Pueblo Viejo       661.3    Agi Dagi           275.5    Detour Lake        140.9
Fronteer               40%     Fronteer            1.50     C1 Santa Luz           1.50   Haile              660.6    Skouries           275.3    Fronteer           143.8
C1 Santa Luz           40%     La India            1.50     Didipio                1.50   Eastern Dragon     641.1    Cerro Moro         274.9    Golden Meadows     145.2
Suyai                  39%     Orion               1.50     Ernesto                1.50   Phoenix            638.3    Efemcukuru          274.1   Morelos            150.4
Perama Hill            39%     Suyai               1.50     Pascua                 1.75   New Afton          624.8    Edikan             273.8    Skouries           155.3
Cerro Negro            39%     Cerro Negro         1.75     Cerro Negro            2.00   Morelos           619.2     La India           272.8    Volcan             157.2
Wafi                   39%     Esaase              1.75     Pilar                  2.00   La India           618.1    Haile              272.2    Natalka            158.7
Agi Dagi               38%     Haile               1.75     Tengrela               2.00   Cerro Negro       610.2     Cerro Negro        270.8    Bombore            170.6
Morelos                36%     Massawa             1.75     Cerro Moro             2.25   Eleonore           606.2    New Afton           261.4   Cerro Negro        172.5
Haile                  35%     Meliadine           1.75     New Liberty            2.25   San Antonio       598.4     Suyai              258.9    Certej             173.6
Massawa                30%     Morelos             1.75     San Antonio            2.25   New Liberty        590.2    Morelos            243.6    El Morro           182.3
Arqueros               30%     Wafi                1.75     Tropicana              2.25   Efemcukuru         586.6    Orion               236.8   Volta Grande       182.5
Volcan                 30%     Baomahun            2.25     Akyem                  2.50   Krumovgrad         579.0    Young-Davidson     236.4    Caspiche           182.9
Angostura              29%     Certej              2.25     Kibali                 2.50   Suyai              577.8    Wafi               233.8    Pueblo Viejo       188.0
Young-Davidson         29%     Ernesto             2.25     Phoenix                2.50   Young-Davidson     576.2    Pueblo Viejo       226.9    Cadia East         191.2
Rainy River            28%     Angostura           2.50     Agi Dagi               2.75   Rosia Montana      562.1    Phoenix            224.1    La India           192.9
Livengood              28%     Arqueros            2.50     Aurora                 2.75   Donlin             558.3    Mercedes           218.7    Phoenix            199.5
New Afton              28%     Blackwater          2.50     La India               2.75   Natalka            547.9    Ernesto             210.4   Pascua             200.6
Volta Grande           28%     Eastern Dragon      2.50     Mongbwalu              2.75   Conga              533.2    Fronteer           201.7    New Afton          200.9
Caspiche               27%     Efemcukuru          2.50     Baomahun               3.00   Detour Lake        532.8    Detour Lake        184.4    Cerro Casale       202.0
Hammond Reef           27%     Tropicana           2.50     Eagle                  3.00   Orion              530.6    Rosia Montana      182.0    Lobo Marte         206.1
Bombore                26%     Volcan              2.50     Eleonore               3.00   Fronteer           527.0    La Colorada        169.2    Suyai              215.0
Ernesto                26%     Didipio             2.75     Esaase                 3.00   Kibali             525.2    Volta Grande       166.5    Angostura          216.4
Esaase                 26%     Eagle               2.75     Haile                  3.00   El Morro           522.0    Angostura           165.9   Rosia Montana      221.2
Detour Lake            26%     Agi Dagi            3.00     Joanna                 3.00   Mercedes           516.0    Akyem              163.6    Tocantinzinho      226.5
Merian                 25%     New Afton           3.00     Perama Hill            3.00   Volta Grande       509.8    Rainy River        161.5    Baomahun           232.1
Blackwater             24%     Rosia Montana       3.00     Angostura              3.25   Cerro Moro         506.5    Volcan             157.9    Cerro Moro         233.2
Cadia East             24%     Volta Grande        3.00     Arqueros               3.25   Akyem              499.5    Arqueros           156.4    Akyem              236.4
Pilar                  24%     Akyem               3.25     Bombore                3.25   Cerro Casale       494.4    Esaase             155.7    New Liberty        237.0
Golden Meadows         24%     El Morro            3.25     Krumovgrad             3.25   Rainy River        491.1    Cadia East         154.3    Agi Dagi           237.4
Phoenix                23%     Phoenix             3.25     Merian                 3.25   Mongbwalu          483.3    Mongbwalu          151.6    Arqueros           238.1
Certej                 23%     Pilar               3.25     Volcan                 3.25   Blackwater         480.8    Bombore            150.8    Esaase             241.7
Golpu                  23%     Tocantinzinho       3.25     Certej                 3.50   Cadia East         478.1    Blackwater          146.7   La Colosa          246.6
Pueblo Viejo           23%     Golden Meadows      3.50     Morelos                3.50   Aurora             476.1    Eleonore           139.5    Blackwater         248.5
Tocantinzinho          22%     Hammond Reef        3.50     Skouries               3.50   Edikan             475.7    Aurora             135.0    Kibali             249.8
Mercedes               22%     Jeronimo            3.50     Jeronimo               3.75   Borden Lake        468.1    Tropicana          134.7    Meliadine          254.2
Efemcukuru             22%     Livengood           3.50     Rainy River            3.75   Bombore            463.7    Certej             126.0    Fruta Del Norte    258.9
Tropicana              21%     Merian              3.50     Rosia Montana          3.75   Ernesto            451.6    Baomahun           123.9    Orion              260.7
Eagle                  21%     Mongbwalu           3.50     Massawa                4.00   Fruta Del Norte    449.3    Livengood          123.7    C1 Santa Luz       262.3
Natalka                20%     Pascua              3.50     Natalka                4.00   Volcan             437.0    Kibali             122.6    Donlin             263.7
Tusker                 20%     Rainy River         3.50     Tocantinzinho          4.00   Angostura          436.9    Conga               121.2   Young-Davidson     264.0
Baomahun               20%     Young-Davidson      3.50     Borden Lake            4.25   La Colosa         433.1     Tocantinzinho      120.1    Krumovgrad         268.5
Rosia Montana          20%     Donlin              3.75     Cote Lake              4.25   Pascua             419.8    Borden Lake        120.1    Rainy River        270.9
Mongbwalu              20%     Lobo Marte          3.75     Hammond Reef           4.25   Livengood          411.5    Hammond Reef       116.7    Perama Hill        273.6
Akyem                  20%     Tusker              3.75     Suyai                  4.25   Esaase             410.4    Didipio            106.2    Efemcukuru         280.0
Eastern Dragon         20%     Borden Lake         4.00     Volta Grande           4.25   Back River         409.2    Jeronimo           105.9    Tropicana          280.1
Borden Lake            20%     Cerro Blanco        4.00     Back River             4.50   Arqueros          401.9     Caspiche           105.2    Eagle              282.0
Aurora                 20%     Conga               4.00     Lobo Marte             4.50   Cote Lake          399.4    La Colosa          102.8    Massawa            287.7
Jeronimo               19%     Mercedes            4.00     Tusker                 4.50   Tocantinzinho      391.1    Fruta Del Norte    101.8    Tusker             288.7
Didipio                19%     Back River          4.25     Conga                  4.75   Cerro Blanco       386.4    Back River          94.2    Didipio            298.8
La Colosa              19%     Cerro Casale        4.25     Hounde                 4.75   Caspiche          380.1     Tusker              92.4    Jeronimo           301.5
El Morro               18%     Fruta Del Norte     4.25     Orion                  4.75   Hammond Reef       376.6    Hounde              92.2    Conga              304.6
Olympias               18%     Pueblo Viejo        4.25     Blackwater             5.25   Jeronimo           372.4    Eagle               90.0    Borden Lake        312.0
Back River             18%     Bombore             4.50     Fronteer               5.25   Certej             370.3    Pascua              87.7    Back River         316.5
Cote Lake              17%     Detour Lake         4.50     Fruta Del Norte        5.50   Tropicana         350.3     Cote Lake           87.6    Tengrela           327.5
Lobo Marte             17%     La Colosa           4.50     El Morro               6.00   Tusker             342.1    El Morro            70.7    Cote Lake          332.2
Fruta Del Norte        17%     Eleonore            4.75     Golpu                  6.00   Joanna             339.3    Lobo Marte          68.7    Mercedes           350.2
Pascua                 17%     Caspiche            5.00     Meliadine              6.00   Baomahun          338.4     Golden Meadows      68.2    Eastern Dragon     355.9
Conga                  17%     Cote Lake           5.00     Caspiche               6.25   Didipio           292.6     Natalka             64.8    Joanna             359.5
Meliadine              16%     Golpu               5.25     Cerro Blanco           6.25   Lobo Marte         288.5    Meliadine           64.3    Aurora             368.3
Kibali                 16%     Aurora              5.50     Golden Meadows         6.25   Meliadine          280.8    Golpu               47.6    Ernesto            378.2
Eleonore               15%     Joanna              5.75     Livengood              6.25   La Colorada       277.7     Olympias            44.1    Eleonore           383.0
Cerro Casale           14%     Kibali              5.75     La Colosa              6.75   Eagle             261.2     Joanna              36.1    Pilar              385.1
Joanna                 12%     Natalka             5.75     Cerro Casale           7.00   Golden Meadows     252.4    Cerro Blanco        35.0    Cerro Blanco       437.9
Cerro Blanco           11%     Olympias            6.00     Wafi                   7.00   Hounde             211.8    Cerro Casale        32.2    Mongbwalu          438.6
Donlin                 10%     Cadia East          6.25     Donlin                 7.50   Olympias           123.8    Donlin               7.6    Merian             487.0

Source: BMO Capital Markets




Page 42 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012




Fig 68: Ranking Based on LOM Capex & Opex, In Situ Value Metrics, and Risk (Best at Top)
 Capex & Opex (US$/ozEq)      In Situ M&I Value (US$/t)      In Situ M&I Value (US$B)          LOM Capex (US$B)             Perceived Risk                Project Ranking
Haile              454.3   Suyai                 1387.2   Cadia East             103.8   La Colorada         0.04   Edikan                 1.00   Cerro Negro              1
Pueblo Viejo       475.4   Cerro Blanco           897.2   Pueblo Viejo           99.8    Orion               0.11   Mercedes               1.00   Edikan                   2
Skouries           512.9   Kibali                 880.1   Golpu                   92.1   Hounde              0.13   La Colorada            1.00   San Antonio              3
Cerro Negro        531.8   Cerro Moro             876.1   Natalka                75.0    San Antonio         0.18   Efemcukuru             1.00   Perama Hill              4
Pascua             534.4   Olympias               828.9   Pascua                  69.3   Krumovgrad          0.21   Detour Lake            1.00   Skouries                 5
Olympias           534.6   Phoenix                761.9   Cerro Casale           69.3    New Liberty         0.24   Ernesto                1.00   Haile                    6
Suyai              554.4   Jeronimo               633.8   Donlin                 64.0    Arqueros            0.25   Pilar                  1.00   C1 Santa Luz             7
Fronteer           563.9   Efemcukuru             505.4   Caspiche                58.5   Perama Hill         0.28   Akyem                  1.00   Efemcukuru               8
El Morro           575.6   Orion                  494.4   Detour Lake             45.4   La India            0.30   Eleonore               1.00   La Colorada              9
Perama Hill        594.8   Cerro Negro            474.8   El Morro                41.1   Tengrela            0.31   Cadia East             1.20   Pueblo Viejo            10
Wafi               616.3   Donlin                 473.3   Rosia Montana           32.6   Eastern Dragon      0.31   Pueblo Viejo           1.20   La India                11
Golpu              619.5   Pueblo Viejo           440.5   Conga                   27.2   Baomahun            0.32   Pascua                 1.20   New Afton               12
Efemcukuru         622.4   Wafi                   422.3   Livengood               25.3   Ernesto             0.33   Tropicana              1.20   Tengrela                13
Fruta Del Norte    628.8   Fruta Del Norte       418.9    Kibali                 23.1    Edikan              0.38   La India               1.20   New Liberty             14
Morelos            634.2   Eleonore               416.4   Skouries                18.7   Cerro Moro          0.43   Arqueros               1.20   Morelos                 15
Hammond Reef       641.1   Mongbwalu              402.7   Volcan                  14.6   C1 Santa Luz        0.44   Merian                 1.20   Wafi                    16
Certej             641.3   Eastern Dragon         399.7   Akyem                   12.5   Joanna              0.46   Lobo Marte             1.20   Suyai                   17
La India           644.4   Meliadine              296.9   Fruta Del Norte         12.4   Certej              0.48   Fronteer               1.20   Krumovgrad              18
Eastern Dragon     661.3   Back River             296.3   Olympias                12.3   Mercedes            0.50   Meliadine              1.20   Cerro Moro              19
Cerro Blanco       661.7   Mercedes               264.1   Lobo Marte              11.4   Efemcukuru          0.51   Young-Davidson         1.40   Eastern Dragon          20
San Antonio        666.2   New Liberty            235.8   Aurora                  10.4   Phoenix             0.52   Eastern Dragon         1.40   Orion                   21
New Afton          666.6   Golpu                  225.5   Blackwater               9.8   Tocantinzinho       0.54   C1 Santa Luz           1.40   Pilar                   22
Rosia Montana      675.0   Tropicana              224.3   Edikan                  9.2    Pilar               0.58   Cerro Negro            1.40   Agi Dagi                23
Natalka            697.7   Pilar                  217.4   Cerro Negro             9.1    Mongbwalu           0.59   San Antonio            1.40   Phoenix                 24
Agi Dagi           706.8   Massawa                203.0   New Afton               9.0    Bombore             0.60   Agi Dagi               1.40   Fronteer                25
Cadia East         707.4   Aurora                 197.8   Tropicana                8.5   Jeronimo            0.60   Perama Hill            1.40   Young-Davidson          26
Volcan             708.1   Krumovgrad             194.3   Eagle                   7.9    Eagle               0.65   Tocantinzinho          1.40   Detour Lake             27
La Colorada        708.9   Perama Hill           182.4    Morelos                 7.9    Angostura           0.67   Volta Grande           1.40   Massawa                 28
Orion              714.0   Angostura              177.6   Young-Davidson           7.9   Morelos             0.68   Orion                  1.40   Mercedes                29
Detour Lake        716.1   Tengrela               154.1   Rainy River             7.5    Massawa             0.70   El Morro               1.40   Ernesto                 30
Conga              723.2   Morelos                147.2   Meliadine               7.4    Agi Dagi            0.71   New Afton              1.60   Akyem                   31
Young-Davidson     727.6   Ernesto                146.4   Wafi                    6.8    Esaase              0.73   Tengrela               1.60   Cadia East              32
C1 Santa Luz       740.1   Baomahun               132.8   Haile                   6.6    Haile               0.73   Phoenix                1.60   Volta Grande            33
Massawa            745.7   New Afton              128.4   Back River               6.6   Suyai               0.75   Haile                  1.60   Pascua                  34
Krumovgrad         750.5   Young-Davidson         128.3   Tusker                  6.2    Cerro Blanco        0.76   Krumovgrad             1.60   Hounde                  35
Phoenix            757.0   Rosia Montana          112.5   Didipio                 5.9    Volta Grande        0.80   Skouries               1.60   Volcan                  36
Volta Grande       757.1   Merian                 110.3   Eleonore                5.8    Fronteer            0.83   Jeronimo               1.60   Olympias                37
Cerro Casale       759.2   Pascua                 110.1   Angostura               5.4    Golden Meadows      0.85   Rainy River            1.60   Arqueros                38
La Colosa          760.0   Hounde                 109.3   Esaase                  5.3    Didipio             0.86   Hammond Reef           1.60   Angostura               39
Mercedes           768.6   Natalka                104.0   Massawa                 5.2    New Afton           0.94   Blackwater             1.60   Merian                  40
Cerro Moro         773.3   Certej                 102.6   Suyai                    5.0   Olympias            0.98   Donlin                 1.60   Certej                  41
Akyem              786.5   Arqueros                98.9   Certej                  5.0    Back River          0.99   Olympias               1.80   Golpu                   42
Eleonore           790.1   Haile                  93.2    Joanna                  4.1    Volcan              1.04   Didipio                1.80   Rosia Montana           43
Lobo Marte         796.4   El Morro                87.9   Tocantinzinho            3.9   Meliadine           1.06   Mongbwalu              1.80   Tropicana               44
Caspiche           798.3   Volta Grande           87.5    Merian                  3.7    Borden Lake         1.07   Joanna                 1.80   El Morro                45
Angostura          805.8   Akyem                  87.2    Volta Grande            3.7    Wafi                1.07   Tusker                 1.80   Esaase                  46
Hounde             814.1   Didipio                84.0    Agi Dagi                3.6    Young-Davidson      1.10   Conga                  1.80   Eleonore                47
Meliadine          817.2   Golden Meadows          83.6   Jeronimo                 3.5   Tusker              1.14   Hounde                 1.80   Rainy River             48
Pilar              820.0   Fronteer               82.1    Golden Meadows          3.4    Tropicana           1.19   Golpu                  1.80   Natalka                 49
Rainy River        824.8   C1 Santa Luz           78.7    Baomahun                3.4    Skouries            1.21   Cerro Blanco           1.80   Blackwater              50
Blackwater         825.8   Esaase                  77.2   C1 Santa Luz             3.4   Hammond Reef        1.24   La Colosa              1.80   Kibali                  51
Edikan             826.3   Conga                   76.2   Pilar                    2.8   Rainy River         1.37   Cerro Casale           1.80   Baomahun                52
Donlin             830.7   Skouries               76.0    Efemcukuru               2.7   Merian              1.37   Wafi                   1.80   Tocantinzinho           53
Tocantinzinho      834.3   Tusker                  75.2   San Antonio              2.7   Lobo Marte          1.41   New Liberty            2.00   Mongbwalu               54
Livengood          837.7   Edikan                 72.7    Bombore                 2.6    Cote Lake           1.52   Kibali                 2.00   Meliadine               55
Kibali             860.1   Joanna                 70.6    Perama Hill             2.3    Blackwater          1.71   Eagle                  2.00   Hammond Reef            56
Ernesto            861.8   Cerro Casale            69.0   Cerro Blanco            2.3    Aurora              1.71   Esaase                 2.00   Jeronimo                57
Borden Lake        863.7   Borden Lake            66.8    La Colorada             2.2    Cerro Negro         1.80   Volcan                 2.00   Fruta Del Norte         58
Jeronimo           895.1   Rainy River            64.0    Cerro Moro              2.1    Akyem               1.93   Massawa                2.00   Bombore                 59
Bombore            896.5   Lobo Marte             57.4    Arqueros                2.1    Livengood           2.06   Natalka                2.00   Didipio                 60
Mongbwalu          924.3   Blackwater              56.0   La India                 1.9   Fruta Del Norte     2.10   Cote Lake              2.00   Livengood               61
New Liberty        926.0   Tocantinzinho           56.0   Mercedes                1.9    Detour Lake         2.19   Suyai                  2.00   Conga                   62
Tengrela           940.8   San Antonio            51.8    New Liberty              1.8   Eleonore            2.36   Fruta Del Norte        2.00   Lobo Marte              63
Eagle              951.2   Cadia East             47.2    Ernesto                 1.5    Kibali              2.71   Aurora                 2.20   Donlin                  64
Cote Lake          974.3   Detour Lake             44.1   Tengrela                 1.5   Rosia Montana       3.21   Certej                 2.20   Aurora                  65
Merian             983.8   La Colorada            43.5    Hounde                  1.5    La Colosa           3.77   Morelos                2.20   Eagle                   66
Tropicana          995.7   Caspiche                43.0   Mongbwalu               1.5    Caspiche            5.67   Borden Lake            2.20   Caspiche                67
Aurora             997.6   Bombore                42.8    Krumovgrad              1.4    Conga               5.84   Livengood              2.20   Cerro Blanco            68
Arqueros          1001.1   La India                39.4   Eastern Dragon           1.4   El Morro            5.89   Cerro Moro             2.40   Cerro Casale            69
Esaase            1008.6   Volcan                  37.4   Phoenix                 0.8    Natalka             7.22   Baomahun               2.40   Golden Meadows          70
Didipio           1011.2   Eagle                  35.7    Orion                   0.5    Pueblo Viejo        7.57   Angostura              2.40   Back River              71
Baomahun          1019.8   Agi Dagi               33.0    Borden Lake             0.5    Cerro Casale        8.19   Bombore                2.40   Tusker                  72
Tusker            1025.4   Livengood              32.5    Fronteer                 0.0   Pascua              8.35   Rosia Montana          2.40   Borden Lake             73
Back River        1047.0   La Colosa                0.0   La Colosa               0.0    Cadia East          9.40   Back River             2.40   Joanna                  74
Golden Meadows    1049.3   Cote Lake               0.0    Cote Lake               0.0    Donlin              9.57   Golden Meadows         2.40   La Colosa               75
Joanna            1112.9   Hammond Reef             0.0   Hammond Reef            0.0    Golpu               9.84   Caspiche               2.60   Cote Lake               76

Source: BMO Capital Markets




Page 43 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012




Fig 69: Ranking Based on IRR, Payback, Years to Start-up, Cash Flow, 10% NPV, LOM Capex (Alphabetic)
 #    Internal Rate of Return (%)    #     Cash Flow Pay Back (yrs)    #          Years to Start-up       #     LOM Cash Flow (US$/oz)    #       NPV at 10% (US$/oz)     #        LOM Capex (US$/oz)
18   Agi Dagi              38%      35   Agi Dagi            3.00     26   Agi Dagi               2.75    7   Agi Dagi          711.2    11   Agi Dagi           275.5   40   Agi Dagi           237.4
55   Akyem                 20%      39   Akyem               3.25     23   Akyem                  2.50   38   Akyem              499.5   35   Akyem              163.6   38   Akyem              236.4
24   Angostura              29%     26   Angostura           2.50     37   Angostura              3.25   51   Angostura          436.9   34   Angostura          165.9   33   Angostura          216.4
22   Arqueros               30%     27   Arqueros            2.50     38   Arqueros               3.25   57   Arqueros          401.9    38   Arqueros           156.4   41   Arqueros           238.1
58   Aurora                20%      71   Aurora              5.50     27   Aurora                 2.75   44   Aurora             476.1   45   Aurora             135.0   70   Aurora             368.3
64   Back River            18%      60   Back River          4.25     57   Back River             4.50   56   Back River         409.2   60   Back River          94.2   64   Back River         316.5
52   Baomahun              20%      23   Baomahun            2.25     30   Baomahun               3.00   68   Baomahun           338.4   48   Baomahun           123.9   36   Baomahun           232.1
37   Blackwater            24%      28   Blackwater          2.50     63   Blackwater             5.25   42   Blackwater        480.8    43   Blackwater         146.7   44   Blackwater         248.5
32   Bombore               26%      64   Bombore             4.50     39   Bombore                3.25   47   Bombore            463.7   42   Bombore            150.8   18   Bombore            170.6
57   Borden Lake           20%      56   Borden Lake         4.00     52   Borden Lake            4.25   46   Borden Lake       468.1    53   Borden Lake        120.1   63   Borden Lake        312.0
13   C1 Santa Luz          40%      7    C1 Santa Luz        1.25     12   C1 Santa Luz           1.50    6   C1 Santa Luz      874.4    4    C1 Santa Luz       390.2   49   C1 Santa Luz       262.3
38   Cadia East            24%      76   Cadia East          6.25      8   Cadia East             1.00   43   Cadia East         478.1   40   Cadia East         154.3   25   Cadia East         191.2
30   Caspiche              27%      68   Caspiche            5.00     69   Caspiche               6.25   61   Caspiche          380.1    57   Caspiche           105.2   23   Caspiche           182.9
75   Cerro Blanco          11%      57   Cerro Blanco        4.00     70   Cerro Blanco           6.25   60   Cerro Blanco       386.4   74   Cerro Blanco        35.0   74   Cerro Blanco       437.9
73   Cerro Casale           14%     61   Cerro Casale        4.25     74   Cerro Casale           7.00   39   Cerro Casale      494.4    75   Cerro Casale        32.2   30   Cerro Casale       202.0
 6   Cerro Moro            48%      10   Cerro Moro          1.50     19   Cerro Moro             2.25   37   Cerro Moro        506.5    13   Cerro Moro         274.9   37   Cerro Moro         233.2
16   Cerro Negro           39%      16   Cerro Negro         1.75     16   Cerro Negro            2.00   18   Cerro Negro       610.2    18   Cerro Negro        270.8   19   Cerro Negro        172.5
42   Certej                23%      24   Certej              2.25     43   Certej                 3.50   64   Certej             370.3   47   Certej             126.0   20   Certej             173.6
69   Conga                 17%      58   Conga               4.00     60   Conga                  4.75   29   Conga              533.2   51   Conga              121.2   62   Conga              304.6
65   Cote Lake             17%      69   Cote Lake           5.00     53   Cote Lake              4.25   58   Cote Lake          399.4   65   Cote Lake           87.6   66   Cote Lake          332.2
35   Detour Lake           26%      65   Detour Lake         4.50     10   Detour Lake            1.25   30   Detour Lake       532.8    30   Detour Lake        184.4   11   Detour Lake        140.9
60   Didipio               19%      33   Didipio             2.75     13   Didipio                1.50   69   Didipio            292.6   55   Didipio            106.2   60   Didipio            298.8
76   Donlin                10%      53   Donlin              3.75     76   Donlin                 7.50   27   Donlin             558.3   76   Donlin               7.6   50   Donlin             263.7
49   Eagle                 21%      34   Eagle               2.75     31   Eagle                  3.00   73   Eagle              261.2   63   Eagle               90.0   57   Eagle              282.0
56   Eastern Dragon        20%      29   Eastern Dragon      2.50     11   Eastern Dragon         1.25   13   Eastern Dragon    641.1    8    Eastern Dragon     293.4   68   Eastern Dragon     355.9
 7   Edikan                47%      11   Edikan              1.50      1   Edikan                 0.25   45   Edikan             475.7   15   Edikan             273.8    3   Edikan             113.2
47   Efemcukuru            22%      30   Efemcukuru          2.50      4   Efemcukuru             0.75   22   Efemcukuru         586.6   14   Efemcukuru         274.1   55   Efemcukuru         280.0
62   El Morro              18%      40   El Morro            3.25     66   El Morro               6.00   34   El Morro           522.0   66   El Morro            70.7   21   El Morro           182.3
72   Eleonore              15%      67   Eleonore            4.75     32   Eleonore               3.00   19   Eleonore          606.2    44   Eleonore           139.5   72   Eleonore           383.0
33   Ernesto                26%     25   Ernesto             2.25     14   Ernesto                1.50   48   Ernesto           451.6    28   Ernesto            210.4   71   Ernesto            378.2
34   Esaase                26%      17   Esaase              1.75     33   Esaase                 3.00   55   Esaase             410.4   39   Esaase             155.7   42   Esaase             241.7
12   Fronteer              40%      12   Fronteer            1.50     64   Fronteer               5.25   32   Fronteer           527.0   29   Fronteer           201.7   12   Fronteer           143.8
67   Fruta Del Norte       17%      62   Fruta Del Norte     4.25     65   Fruta Del Norte        5.50   49   Fruta Del Norte   449.3    59   Fruta Del Norte    101.8   47   Fruta Del Norte    258.9
40   Golden Meadows        24%      44   Golden Meadows      3.50     71   Golden Meadows         6.25   74   Golden Meadows    252.4    68   Golden Meadows      68.2   13   Golden Meadows     145.2
43   Golpu                 23%      70   Golpu               5.25     67   Golpu                  6.00    9   Golpu              699.1   71   Golpu               47.6    2   Golpu              109.8
20   Haile                 35%      18   Haile               1.75     34   Haile                  3.00   12   Haile              660.6   17   Haile              272.2    8   Haile              125.4
31   Hammond Reef          27%      45   Hammond Reef        3.50     54   Hammond Reef           4.25   62   Hammond Reef      376.6    54   Hammond Reef       116.7    4   Hammond Reef       117.9
 5   Hounde                57%       3   Hounde              1.00     61   Hounde                 4.75   75   Hounde             211.8   62   Hounde              92.2    5   Hounde             120.9
59   Jeronimo              19%      46   Jeronimo            3.50     46   Jeronimo               3.75   63   Jeronimo          372.4    56   Jeronimo           105.9   61   Jeronimo           301.5
74   Joanna                12%      72   Joanna              5.75     35   Joanna                 3.00   67   Joanna             339.3   73   Joanna              36.1   69   Joanna             359.5
71   Kibali                16%      73   Kibali              5.75     24   Kibali                 2.50   33   Kibali             525.2   50   Kibali             122.6   45   Kibali             249.8
 8   Krumovgrad             46%      4   Krumovgrad          1.00     40   Krumovgrad             3.25   23   Krumovgrad         579.0    9   Krumovgrad         284.8   52   Krumovgrad         268.5
 1   La Colorada           101%     8    La Colorada         1.25      3   La Colorada            0.50   72   La Colorada        277.7   32   La Colorada        169.2    1   La Colorada         36.5
61   La Colosa             19%      66   La Colosa           4.50     73   La Colosa              6.75   52   La Colosa         433.1    58   La Colosa          102.8   43   La Colosa          246.6
 9   La India              46%      13   La India            1.50     28   La India               2.75   17   La India           618.1   16   La India           272.8   26   La India           192.9
27   Livengood             28%      47   Livengood           3.50     72   Livengood              6.25   54   Livengood         411.5    49   Livengood          123.7    9   Livengood          130.3
66   Lobo Marte            17%      54   Lobo Marte          3.75     58   Lobo Marte             4.50   70   Lobo Marte         288.5   67   Lobo Marte          68.7   31   Lobo Marte         206.1
21   Massawa               30%      19   Massawa             1.75     49   Massawa                4.00   10   Massawa            695.9   10   Massawa            276.8   58   Massawa            287.7
70   Meliadine             16%      20   Meliadine           1.75     68   Meliadine              6.00   71   Meliadine          280.8   70   Meliadine           64.3   46   Meliadine          254.2
46   Mercedes              22%      59   Mercedes            4.00      2   Mercedes               0.25   35   Mercedes           516.0   27   Mercedes           218.7   67   Mercedes           350.2
36   Merian                25%      48   Merian              3.50     41   Merian                 3.25    1   Merian            1215.9    3   Merian             390.3   76   Merian             487.0
54   Mongbwalu             20%      49   Mongbwalu           3.50     29   Mongbwalu              2.75   41   Mongbwalu         483.3    41   Mongbwalu          151.6   75   Mongbwalu          438.6
19   Morelos               36%      21   Morelos             1.75     44   Morelos                3.50   16   Morelos           619.2    21   Morelos            243.6   14   Morelos            150.4
50   Natalka               20%      74   Natalka             5.75     50   Natalka                4.00   28   Natalka            547.9   69   Natalka             64.8   17   Natalka            158.7
28   New Afton              28%     36   New Afton           3.00      5   New Afton              0.75   15   New Afton          624.8   19   New Afton          261.4   29   New Afton          200.9
 4   New Liberty           58%      5    New Liberty         1.00     20   New Liberty            2.25   21   New Liberty        590.2    6   New Liberty        317.1   39   New Liberty        237.0
63   Olympias              18%      75   Olympias            6.00      6   Olympias               0.75   76   Olympias           123.8   72   Olympias            44.1   10   Olympias           137.3
11   Orion                 42%      14   Orion               1.50     62   Orion                  4.75   31   Orion              530.6   22   Orion              236.8   48   Orion              260.7
68   Pascua                17%      50   Pascua              3.50     15   Pascua                 1.75   53   Pascua             419.8   64   Pascua              87.7   28   Pascua             200.6
15   Perama Hill           39%      9    Perama Hill         1.25     36   Perama Hill            3.00    2   Perama Hill       1104.3    2   Perama Hill        460.4   54   Perama Hill        273.6
41   Phoenix               23%      41   Phoenix             3.25     25   Phoenix                2.50   14   Phoenix            638.3   26   Phoenix            224.1   27   Phoenix            199.5
39   Pilar                 24%      42   Pilar               3.25     17   Pilar                  2.00    4   Pilar              928.8    5   Pilar              340.4   73   Pilar              385.1
44   Pueblo Viejo          23%      63   Pueblo Viejo        4.25      9   Pueblo Viejo           1.00   11   Pueblo Viejo      661.3    25   Pueblo Viejo       226.9   24   Pueblo Viejo       188.0
26   Rainy River           28%      51   Rainy River         3.50     47   Rainy River            3.75   40   Rainy River       491.1    36   Rainy River        161.5   53   Rainy River        270.9
53   Rosia Montana         20%      37   Rosia Montana       3.00     48   Rosia Montana          3.75   26   Rosia Montana      562.1   31   Rosia Montana      182.0   34   Rosia Montana      221.2
 2   San Antonio           75%      6    San Antonio         1.00     21   San Antonio            2.25   20   San Antonio        598.4    7   San Antonio        307.8    7   San Antonio        124.9
10   Skouries              42%       1   Skouries            0.75     45   Skouries               3.50    8   Skouries           705.1   12   Skouries           275.3   15   Skouries           155.3
14   Suyai                 39%      15   Suyai               1.50     55   Suyai                  4.25   24   Suyai              577.8   20   Suyai              258.9   32   Suyai              215.0
 3   Tengrela              64%       2   Tengrela            0.75     18   Tengrela               2.00    3   Tengrela           945.9    1   Tengrela           560.2   65   Tengrela           327.5
45   Tocantinzinho         22%      43   Tocantinzinho       3.25     51   Tocantinzinho          4.00   59   Tocantinzinho      391.1   52   Tocantinzinho      120.1   35   Tocantinzinho      226.5
48   Tropicana             21%      31   Tropicana           2.50     22   Tropicana              2.25   65   Tropicana          350.3   46   Tropicana          134.7   56   Tropicana          280.1
51   Tusker                20%      55   Tusker              3.75     59   Tusker                 4.50   66   Tusker             342.1   61   Tusker              92.4   59   Tusker             288.7
23   Volcan                30%      32   Volcan              2.50     42   Volcan                 3.25   50   Volcan            437.0    37   Volcan             157.9   16   Volcan             157.2
29   Volta Grande          28%      38   Volta Grande        3.00     56   Volta Grande           4.25   36   Volta Grande       509.8   33   Volta Grande       166.5   22   Volta Grande       182.5
17   Wafi                  39%      22   Wafi                1.75     75   Wafi                   7.00    5   Wafi               874.9   24   Wafi               233.8    6   Wafi               123.2
25   Young-Davidson        29%      52   Young-Davidson      3.50      7   Young-Davidson         0.75   25   Young-Davidson    576.2    23   Young-Davidson     236.4   51   Young-Davidson     264.0


Source: BMO Capital Markets




Page 44 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012




Fig 70: Ranking Based on LOM Capex & Opex, In Situ Value Metrics, and Risk (Alphabetic)
 #      Capex & Opex (US$/oz)     #      In Situ M&I Value (US$/t)    #      In Situ M&I Value (US$B)     #         LOM Capex (US$B)      #           Perceived Risk         #           Project Ranking
25   Agi Dagi            706.8   72   Agi Dagi                33.0   47   Agi Dagi                3.6    31   Agi Dagi            0.71   25   Agi Dagi               1.40   23   Agi Dagi                23
42   Akyem               786.5   46   Akyem                   87.2   17   Akyem                   12.5   59   Akyem               1.93    8   Akyem                  1.00   31   Akyem                   31
46   Angostura           805.8   29   Angostura              177.6   38   Angostura                5.4   28   Angostura           0.67   71   Angostura              2.40   39   Angostura               39
69   Arqueros           1001.1   42   Arqueros                98.9   60   Arqueros                2.1     7   Arqueros            0.25   15   Arqueros               1.20   38   Arqueros                38
68   Aurora             997.6    26   Aurora                 197.8   21   Aurora                  10.4   57   Aurora              1.71   64   Aurora                 2.20   65   Aurora                  65
74   Back River         1047.0   19   Back River             296.3   34   Back River              6.6    42   Back River          0.99   74   Back River             2.40   71   Back River              71
72   Baomahun           1019.8   33   Baomahun               132.8   50   Baomahun                3.4    12   Baomahun            0.32   70   Baomahun               2.40   52   Baomahun                52
51   Blackwater          825.8   61   Blackwater              56.0   22   Blackwater              9.8    56   Blackwater          1.71   40   Blackwater             1.60   50   Blackwater              50
60   Bombore            896.5    68   Bombore                 42.8   55   Bombore                  2.6   25   Bombore             0.60   72   Bombore                2.40   59   Bombore                 59
58   Borden Lake        863.7    58   Borden Lake            66.8    72   Borden Lake             0.5    45   Borden Lake         1.07   67   Borden Lake            2.20   73   Borden Lake             73
33   C1 Santa Luz       740.1    50   C1 Santa Luz           78.7    51   C1 Santa Luz            3.4    16   C1 Santa Luz        0.44   22   C1 Santa Luz           1.40    7   C1 Santa Luz             7
26   Cadia East         707.4    64   Cadia East             47.2     1   Cadia East             103.8   74   Cadia East          9.40   10   Cadia East             1.20   32   Cadia East              32
45   Caspiche           798.3    67   Caspiche               43.0     8   Caspiche                58.5   67   Caspiche            5.67   76   Caspiche               2.60   67   Caspiche                67
20   Cerro Blanco       661.7     2   Cerro Blanco           897.2   57   Cerro Blanco            2.3    35   Cerro Blanco        0.76   50   Cerro Blanco           1.80   68   Cerro Blanco            68
38   Cerro Casale        759.2   57   Cerro Casale           69.0     6   Cerro Casale           69.3    72   Cerro Casale        8.19   52   Cerro Casale           1.80   69   Cerro Casale            69
41   Cerro Moro          773.3    4   Cerro Moro             876.1   59   Cerro Moro              2.1    15   Cerro Moro          0.43   69   Cerro Moro             2.40   19   Cerro Moro              19
 4   Cerro Negro        531.8    10   Cerro Negro           474.8    24   Cerro Negro             9.1    58   Cerro Negro         1.80   23   Cerro Negro            1.40    1   Cerro Negro             1
17   Certej              641.3   41   Certej                 102.6   42   Certej                  5.0    18   Certej              0.48   65   Certej                 2.20   41   Certej                  41
31   Conga              723.2    52   Conga                   76.2   12   Conga                   27.2   68   Conga               5.84   47   Conga                  1.80   62   Conga                   62
65   Cote Lake          974.3    75   Cote Lake                0.0   75   Cote Lake               0.0    55   Cote Lake           1.52   61   Cote Lake              2.00   76   Cote Lake               76
30   Detour Lake        716.1    65   Detour Lake            44.1     9   Detour Lake            45.4    62   Detour Lake         2.19   5    Detour Lake            1.00   27   Detour Lake             27
71   Didipio            1011.2   47   Didipio                 84.0   36   Didipio                 5.9    39   Didipio             0.86   43   Didipio                1.80   60   Didipio                 60
53   Donlin             830.7    11   Donlin                 473.3    7   Donlin                  64.0   75   Donlin              9.57   41   Donlin                 1.60   64   Donlin                  64
64   Eagle              951.2    71   Eagle                   35.7   27   Eagle                   7.9    27   Eagle               0.65   56   Eagle                  2.00   66   Eagle                   66
19   Eastern Dragon     661.3    17   Eastern Dragon         399.7   69   Eastern Dragon          1.4    11   Eastern Dragon      0.31   21   Eastern Dragon         1.40   20   Eastern Dragon          20
52   Edikan              826.3   55   Edikan                  72.7   23   Edikan                  9.2    14   Edikan              0.38    1   Edikan                 1.00    2   Edikan                   2
13   Efemcukuru         622.4     8   Efemcukuru             505.4   53   Efemcukuru              2.7    20   Efemcukuru          0.51    4   Efemcukuru             1.00    8   Efemcukuru               8
 9   El Morro           575.6    44   El Morro                87.9   10   El Morro                41.1   69   El Morro            5.89   30   El Morro               1.40   45   El Morro                45
43   Eleonore            790.1   15   Eleonore               416.4   37   Eleonore                5.8    63   Eleonore            2.36    9   Eleonore               1.00   47   Eleonore                47
57   Ernesto             861.8   32   Ernesto                146.4   64   Ernesto                 1.5    13   Ernesto             0.33   6    Ernesto                1.00   30   Ernesto                 30
70   Esaase             1008.6   51   Esaase                 77.2    39   Esaase                  5.3    32   Esaase              0.73   57   Esaase                 2.00   46   Esaase                  46
 8   Fronteer           563.9    49   Fronteer                82.1   73   Fronteer                 0.0   37   Fronteer            0.83   18   Fronteer               1.20   25   Fronteer                25
14   Fruta Del Norte     628.8   14   Fruta Del Norte        418.9   18   Fruta Del Norte         12.4   61   Fruta Del Norte     2.10   63   Fruta Del Norte        2.00   58   Fruta Del Norte         58
75   Golden Meadows     1049.3   48   Golden Meadows         83.6    49   Golden Meadows          3.4    38   Golden Meadows      0.85   75   Golden Meadows         2.40   70   Golden Meadows          70
12   Golpu               619.5   22   Golpu                  225.5    3   Golpu                   92.1   76   Golpu               9.84   49   Golpu                  1.80   42   Golpu                   42
 1   Haile               454.3   43   Haile                   93.2   33   Haile                    6.6   33   Haile               0.73   34   Haile                  1.60    6   Haile                    6
16   Hammond Reef       641.1    76   Hammond Reef            0.0    76   Hammond Reef            0.0    51   Hammond Reef        1.24   39   Hammond Reef           1.60   56   Hammond Reef            56
47   Hounde             814.1    39   Hounde                 109.3   66   Hounde                  1.5     3   Hounde              0.13   48   Hounde                 1.80   35   Hounde                  35
59   Jeronimo           895.1     7   Jeronimo               633.8   48   Jeronimo                3.5    26   Jeronimo            0.60   37   Jeronimo               1.60   57   Jeronimo                57
76   Joanna             1112.9   56   Joanna                 70.6    43   Joanna                  4.1    17   Joanna              0.46   45   Joanna                 1.80   74   Joanna                  74
56   Kibali              860.1    3   Kibali                 880.1   14   Kibali                  23.1   64   Kibali              2.71   55   Kibali                 2.00   51   Kibali                  51
35   Krumovgrad          750.5   27   Krumovgrad             194.3   68   Krumovgrad              1.4     5   Krumovgrad          0.21   35   Krumovgrad             1.60   18   Krumovgrad              18
28   La Colorada        708.9    66   La Colorada            43.5    58   La Colorada             2.2     1   La Colorada         0.04    3   La Colorada            1.00    9   La Colorada              9
39   La Colosa          760.0    74   La Colosa               0.0    74   La Colosa               0.0    66   La Colosa           3.77   51   La Colosa              1.80   75   La Colosa               75
18   La India            644.4   69   La India               39.4    61   La India                 1.9    9   La India            0.30   14   La India               1.20   11   La India                11
55   Livengood          837.7    73   Livengood              32.5    13   Livengood               25.3   60   Livengood           2.06   68   Livengood              2.20   61   Livengood               61
44   Lobo Marte          796.4   60   Lobo Marte              57.4   20   Lobo Marte              11.4   54   Lobo Marte          1.41   17   Lobo Marte             1.20   63   Lobo Marte              63
34   Massawa            745.7    25   Massawa                203.0   40   Massawa                 5.2    30   Massawa             0.70   59   Massawa                2.00   28   Massawa                 28
48   Meliadine          817.2    18   Meliadine              296.9   31   Meliadine               7.4    44   Meliadine           1.06   19   Meliadine              1.20   55   Meliadine               55
40   Mercedes           768.6    20   Mercedes               264.1   62   Mercedes                1.9    19   Mercedes            0.50    2   Mercedes               1.00   29   Mercedes                29
66   Merian             983.8    37   Merian                 110.3   45   Merian                  3.7    53   Merian              1.37   16   Merian                 1.20   40   Merian                  40
61   Mongbwalu          924.3    16   Mongbwalu              402.7   67   Mongbwalu               1.5    24   Mongbwalu           0.59   44   Mongbwalu              1.80   54   Mongbwalu               54
15   Morelos            634.2    31   Morelos                147.2   28   Morelos                 7.9    29   Morelos             0.68   66   Morelos                2.20   15   Morelos                 15
24   Natalka            697.7    40   Natalka                104.0    4   Natalka                 75.0   70   Natalka             7.22   60   Natalka                2.00   49   Natalka                 49
22   New Afton          666.6    34   New Afton              128.4   25   New Afton               9.0    40   New Afton           0.94   31   New Afton              1.60   12   New Afton               12
62   New Liberty        926.0    21   New Liberty            235.8   63   New Liberty             1.8     6   New Liberty         0.24   54   New Liberty            2.00   14   New Liberty             14
 6   Olympias            534.6    5   Olympias               828.9   19   Olympias                12.3   41   Olympias            0.98   42   Olympias               1.80   37   Olympias                37
29   Orion               714.0    9   Orion                  494.4   71   Orion                   0.5     2   Orion               0.11   29   Orion                  1.40   21   Orion                   21
 5   Pascua              534.4   38   Pascua                 110.1    5   Pascua                  69.3   73   Pascua              8.35   12   Pascua                 1.20   34   Pascua                  34
10   Perama Hill        594.8    28   Perama Hill            182.4   56   Perama Hill             2.3     8   Perama Hill         0.28   26   Perama Hill            1.40    4   Perama Hill              4
36   Phoenix             757.0    6   Phoenix                761.9   70   Phoenix                 0.8    21   Phoenix             0.52   33   Phoenix                1.60   24   Phoenix                 24
49   Pilar               820.0   24   Pilar                  217.4   52   Pilar                    2.8   23   Pilar               0.58    7   Pilar                  1.00   22   Pilar                   22
 2   Pueblo Viejo       475.4    12   Pueblo Viejo           440.5    2   Pueblo Viejo            99.8   71   Pueblo Viejo        7.57   11   Pueblo Viejo           1.20   10   Pueblo Viejo            10
50   Rainy River        824.8    59   Rainy River            64.0    30   Rainy River             7.5    52   Rainy River         1.37   38   Rainy River            1.60   48   Rainy River             48
23   Rosia Montana      675.0    36   Rosia Montana          112.5   11   Rosia Montana           32.6   65   Rosia Montana       3.21   73   Rosia Montana          2.40   43   Rosia Montana           43
21   San Antonio        666.2    63   San Antonio            51.8    54   San Antonio             2.7    4    San Antonio         0.18   24   San Antonio            1.40    3   San Antonio             3
 3   Skouries            512.9   53   Skouries                76.0   15   Skouries                18.7   50   Skouries            1.21   36   Skouries               1.60    5   Skouries                 5
 7   Suyai               554.4    1   Suyai                 1387.2   41   Suyai                   5.0    34   Suyai               0.75   62   Suyai                  2.00   17   Suyai                   17
63   Tengrela            940.8   30   Tengrela               154.1   65   Tengrela                1.5    10   Tengrela            0.31   32   Tengrela               1.60   13   Tengrela                13
54   Tocantinzinho      834.3    62   Tocantinzinho          56.0    44   Tocantinzinho           3.9    22   Tocantinzinho       0.54   27   Tocantinzinho          1.40   53   Tocantinzinho           53
67   Tropicana           995.7   23   Tropicana              224.3   26   Tropicana               8.5    49   Tropicana           1.19   13   Tropicana              1.20   44   Tropicana               44
73   Tusker             1025.4   54   Tusker                  75.2   35   Tusker                   6.2   48   Tusker              1.14   46   Tusker                 1.80   72   Tusker                  72
27   Volcan              708.1   70   Volcan                 37.4    16   Volcan                  14.6   43   Volcan              1.04   58   Volcan                 2.00   36   Volcan                  36
37   Volta Grande       757.1    45   Volta Grande            87.5   46   Volta Grande            3.7    36   Volta Grande        0.80   28   Volta Grande           1.40   33   Volta Grande            33
11   Wafi                616.3   13   Wafi                   422.3   32   Wafi                    6.8    46   Wafi                1.07   53   Wafi                   1.80   16   Wafi                    16
32   Young-Davidson     727.6    35   Young-Davidson         128.3   29   Young-Davidson          7.9    47   Young-Davidson      1.10   20   Young-Davidson         1.40   26   Young-Davidson          26


Source: BMO Capital Markets




Page 45 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012



                                      Appendix: Company Production Profiles
Fig 71: African Barrick Production Outlook                                        Fig 72: Agnico-Eagle Production Outlook
                               1.2                                                                               2.0
Annual Gold Production (Moz)




                                                                                  Annual Gold Production (Moz)
                               1.0
                                                                                                                 1.5
                               0.8

                               0.6                                                                               1.0

                               0.4
                                                                                                                 0.5
                               0.2

                               0.0                                                                               0.0
                                 05

                                 06

                                        07

                                        08

                                               09

                                               10

                                                       11




                                                                                                                   05

                                                                                                                   06

                                                                                                                          07

                                                                                                                                 08

                                                                                                                                 09

                                                                                                                                         10

                                                                                                                                         11
                                                        E

                                                        E

                                                        E

                                                        E

                                                        E

                                                        E

                                                        E

                                                        E

                                                        E




                                                                                                                                          E

                                                                                                                                          E

                                                                                                                                          E

                                                                                                                                          E

                                                                                                                                          E

                                                                                                                                          E

                                                                                                                                          E

                                                                                                                                          E

                                                                                                                                          E
                                                      12




                                                                                                                                        12
                                                      13

                                                      14

                                                      15

                                                      16

                                                      17

                                                      18

                                                      19

                                                      20




                                                                                                                                        13

                                                                                                                                        14

                                                                                                                                        15

                                                                                                                                        16

                                                                                                                                        17

                                                                                                                                        18

                                                                                                                                        19

                                                                                                                                        20
                               20

                               20

                                      20

                                      20

                                             20

                                             20

                                                     20




                                                                                                                 20

                                                                                                                 20

                                                                                                                        20

                                                                                                                               20

                                                                                                                               20

                                                                                                                                       20

                                                                                                                                       20
                                                    20

                                                    20

                                                    20

                                                    20

                                                    20

                                                    20

                                                    20

                                                    20

                                                    20




                                                                                                                                      20

                                                                                                                                      20

                                                                                                                                      20

                                                                                                                                      20

                                                                                                                                      20

                                                                                                                                      20

                                                                                                                                      20

                                                                                                                                      20

                                                                                                                                      20
                                                African Barrick Gold     Tusker                                                    Agnico-Eagle Mines      La India   Meliadine

Source: BMO Capital Markets                                                       Source: BMO Capital Markets




Fig 73: Alacer Production Outlook                                                 Fig 74: Alamos Production Outlook
                               1.0                                                                               0.5
Annual Gold Production (Moz)




                                                                                  Annual Gold Production (Moz)




                               0.8                                                                               0.4


                               0.6                                                                               0.3


                               0.4                                                                               0.2


                               0.2                                                                               0.1


                               0.0                                                                               0.0
                                                                                                                   05




                                                                                                                                          E

                                                                                                                                          E

                                                                                                                                          E
                                 05

                                 06

                                        07

                                        08

                                               09

                                               10

                                                       11




                                                                                                                   06

                                                                                                                          07

                                                                                                                                 08

                                                                                                                                 09

                                                                                                                                         10

                                                                                                                                         11
                                                        E

                                                        E

                                                        E

                                                        E

                                                        E

                                                        E

                                                        E

                                                        E

                                                        E




                                                                                                                                          E

                                                                                                                                          E

                                                                                                                                          E

                                                                                                                                          E

                                                                                                                                          E

                                                                                                                                          E
                                                      12




                                                                                                                                        12

                                                                                                                                        13

                                                                                                                                        14

                                                                                                                                        15

                                                                                                                                        16

                                                                                                                                        17

                                                                                                                                        18

                                                                                                                                        19

                                                                                                                                        20
                                                      13

                                                      14

                                                      15

                                                      16

                                                      17

                                                      18

                                                      19

                                                      20
                               20

                               20

                                      20

                                      20

                                             20

                                             20

                                                     20




                                                                                                                 20

                                                                                                                 20

                                                                                                                        20

                                                                                                                               20

                                                                                                                               20

                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                      20

                                                                                                                                      20

                                                                                                                                      20

                                                                                                                                      20

                                                                                                                                      20

                                                                                                                                      20

                                                                                                                                      20

                                                                                                                                      20

                                                                                                                                      20
                                                    20

                                                    20

                                                    20

                                                    20

                                                    20

                                                    20

                                                    20

                                                    20

                                                    20




                                                          Alacer Gold                                                                        Alamos Gold     Agi Dagi

Source: BMO Capital Markets                                                       Source: BMO Capital Markets




Fig 75: Andina Production Outlook                                                 Fig 76: AngloGold Ashanti Production Outlook
                               0.4                                                                               7.0

                                                                                                                 6.0
Annual Gold Production (Moz)




                                                                                  Annual Gold Production (Moz)




                               0.3
                                                                                                                 5.0

                                                                                                                 4.0
                               0.2
                                                                                                                 3.0

                                                                                                                 2.0
                               0.1
                                                                                                                 1.0

                               0.0                                                                               0.0
                                 05

                                 06

                                        07

                                        08

                                               09

                                               10

                                                       11




                                                                                                                   05

                                                                                                                   06

                                                                                                                          07

                                                                                                                                 08

                                                                                                                                 09

                                                                                                                                         10

                                                                                                                                         11
                                                        E

                                                        E

                                                        E

                                                        E

                                                        E

                                                        E

                                                        E

                                                        E

                                                        E




                                                                                                                                          E

                                                                                                                                          E

                                                                                                                                          E

                                                                                                                                          E

                                                                                                                                          E

                                                                                                                                          E

                                                                                                                                          E

                                                                                                                                          E

                                                                                                                                          E
                                                      12




                                                                                                                                        12
                                                      13

                                                      14

                                                      15

                                                      16

                                                      17

                                                      18

                                                      19

                                                      20




                                                                                                                                        13

                                                                                                                                        14

                                                                                                                                        15

                                                                                                                                        16

                                                                                                                                        17

                                                                                                                                        18

                                                                                                                                        19

                                                                                                                                        20
                               20

                               20

                                      20

                                      20

                                             20

                                             20

                                                     20




                                                                                                                 20

                                                                                                                 20

                                                                                                                        20

                                                                                                                               20

                                                                                                                               20

                                                                                                                                       20

                                                                                                                                       20
                                                    20

                                                    20

                                                    20

                                                    20

                                                    20

                                                    20

                                                    20

                                                    20

                                                    20




                                                                                                                                      20

                                                                                                                                      20

                                                                                                                                      20

                                                                                                                                      20

                                                                                                                                      20

                                                                                                                                      20

                                                                                                                                      20

                                                                                                                                      20

                                                                                                                                      20




                                                    Andina Minerals     Volcan                                           AngloGold Ashanti   Tropicana   Kibali   Mongbwalu       La Colosa

Source: BMO Capital Markets                                                       Source: BMO Capital Markets




Page 46 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012




Fig 77: Argonaut Production Outlook                                                      Fig 78: Aureus Production Outlook
                               0.35                                                                                     0.14

                               0.30                                                                                     0.12
Annual Gold Production (Moz)




                                                                                         Annual Gold Production (Moz)
                               0.25                                                                                     0.10

                               0.20                                                                                     0.08

                               0.15                                                                                     0.06

                               0.10                                                                                     0.04

                               0.05                                                                                     0.02

                               0.00                                                                                     0.00
                                    05

                                   06




                                    10

                                    11

                                     E

                                     E

                                     E

                                     E

                                     E

                                     E

                                     E

                                     E

                                     E




                                                                                                                              E

                                                                                                                              E

                                                                                                                              E




                                                                                                                              E

                                                                                                                              E

                                                                                                                              E
                                   07

                                   08

                                   09




                                                                                                                             05

                                                                                                                             06




                                                                                                                             10

                                                                                                                             11




                                                                                                                              E

                                                                                                                              E




                                                                                                                              E
                                                                                                                             07

                                                                                                                             08

                                                                                                                             09
                                  12

                                  13

                                  14

                                  15

                                  16

                                  17

                                  18

                                  19

                                  20




                                                                                                                            12

                                                                                                                           13




                                                                                                                            17

                                                                                                                           18
                                                                                                                           14

                                                                                                                           15

                                                                                                                           16




                                                                                                                           19

                                                                                                                           20
                                 20

                                 20

                                 20

                                 20

                                 20

                                 20

                                 20




                                                                                                                          20




                                                                                                                          20
                                                                                                                          20

                                                                                                                          20

                                                                                                                          20

                                                                                                                          20




                                                                                                                          20
                                20

                                20

                                20

                                20

                                20

                                20

                                20

                                20

                                20




                                                                                                                         20

                                                                                                                         20

                                                                                                                         20

                                                                                                                         20

                                                                                                                         20

                                                                                                                         20

                                                                                                                         20

                                                                                                                         20

                                                                                                                         20
                                             Argonaut Gold   La Colorada   San Antonio                                         Aureus Mining     New Liberty

Source: BMO Capital Markets                                                              Source: BMO Capital Markets




Fig 79: AuRico Production Outlook                                                        Fig 80: Aurizon Production Outlook
                               0.6                                                                                      0.30
Annual Gold Production (Moz)




                                                                                         Annual Gold Production (Moz)




                               0.5                                                                                      0.25

                               0.4                                                                                      0.20

                               0.3                                                                                      0.15

                               0.2                                                                                      0.10

                               0.1                                                                                      0.05

                               0.0                                                                                      0.00
                                                                                                                             05

                                                                                                                            06




                                                                                                                             10

                                                                                                                             11

                                                                                                                              E

                                                                                                                              E

                                                                                                                              E

                                                                                                                              E

                                                                                                                              E

                                                                                                                              E

                                                                                                                              E

                                                                                                                              E

                                                                                                                              E
                                                                                                                            07

                                                                                                                            08

                                                                                                                            09
                                 05

                                 06

                                        07

                                        08

                                               09

                                               10

                                                        11

                                                         E

                                                         E

                                                         E

                                                         E

                                                         E

                                                         E

                                                         E

                                                         E

                                                         E




                                                                                                                           12

                                                                                                                           13

                                                                                                                           14

                                                                                                                           15

                                                                                                                           16

                                                                                                                           17

                                                                                                                           18

                                                                                                                           19

                                                                                                                           20
                                                       12

                                                       13

                                                       14

                                                       15

                                                       16

                                                       17

                                                       18

                                                       19

                                                       20




                                                                                                                          20

                                                                                                                          20

                                                                                                                          20

                                                                                                                          20

                                                                                                                          20

                                                                                                                          20

                                                                                                                          20
                               20

                               20

                                      20

                                      20

                                             20

                                             20

                                                      20




                                                                                                                         20

                                                                                                                         20

                                                                                                                         20

                                                                                                                         20

                                                                                                                         20

                                                                                                                         20

                                                                                                                         20

                                                                                                                         20

                                                                                                                         20
                                                     20

                                                     20

                                                     20

                                                     20

                                                     20

                                                     20

                                                     20

                                                     20

                                                     20




                                              AuRico Gold    Young-Davidson    Orion                                             Aurizon Mines    Joanna

Source: BMO Capital Markets                                                              Source: BMO Capital Markets




Fig 81: Avion Production Outlook                                                         Fig 82: Avocet Production Outlook
                               0.35                                                                                     0.25

                               0.30
Annual Gold Production (Moz)




                                                                                         Annual Gold Production (Moz)




                                                                                                                        0.20
                               0.25

                               0.20                                                                                     0.15

                               0.15                                                                                     0.10
                               0.10
                                                                                                                        0.05
                               0.05

                               0.00                                                                                     0.00
                                    05

                                   06




                                    10

                                    11

                                     E

                                     E

                                     E

                                     E

                                     E

                                     E

                                     E

                                     E

                                     E




                                                                                                                              E

                                                                                                                              E

                                                                                                                              E




                                                                                                                              E

                                                                                                                              E

                                                                                                                              E
                                   07

                                   08

                                   09




                                                                                                                             05

                                                                                                                             06




                                                                                                                             10

                                                                                                                             11




                                                                                                                              E

                                                                                                                              E




                                                                                                                              E
                                                                                                                             07

                                                                                                                             08

                                                                                                                             09
                                  12

                                  13

                                  14

                                  15

                                  16

                                  17

                                  18

                                  19

                                  20




                                                                                                                            12

                                                                                                                           13




                                                                                                                            17

                                                                                                                           18
                                                                                                                           14

                                                                                                                           15

                                                                                                                           16




                                                                                                                           19

                                                                                                                           20
                                 20

                                 20

                                 20

                                 20

                                 20

                                 20

                                 20




                                                                                                                          20




                                                                                                                          20
                                                                                                                          20

                                                                                                                          20

                                                                                                                          20

                                                                                                                          20




                                                                                                                          20
                                20

                                20

                                20

                                20

                                20

                                20

                                20

                                20

                                20




                                                                                                                         20

                                                                                                                         20

                                                                                                                         20

                                                                                                                         20

                                                                                                                         20

                                                                                                                         20

                                                                                                                         20

                                                                                                                         20

                                                                                                                         20




                                                       Avion Gold   Hounde                                                           Avocet Mining

Source: BMO Capital Markets                                                              Source: BMO Capital Markets




Page 47 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012




Fig 83: Barrick Production Outlook                                                                     Fig 84: Belo Sun Production Outlook
                               10.0                                                                                                   0.35

                                                                                                                                      0.30
Annual Gold Production (Moz)




                                                                                                       Annual Gold Production (Moz)
                                8.0
                                                                                                                                      0.25
                                6.0                                                                                                   0.20

                                                                                                                                      0.15
                                4.0
                                                                                                                                      0.10
                                2.0
                                                                                                                                      0.05

                                0.0                                                                                                   0.00
                                    05

                                   06




                                    10

                                    11




                                                                                                                                           05

                                                                                                                                          06




                                                                                                                                           10

                                                                                                                                           11
                                     E

                                     E

                                     E

                                     E

                                     E

                                     E

                                     E

                                     E

                                     E




                                                                                                                                            E

                                                                                                                                            E

                                                                                                                                            E

                                                                                                                                            E

                                                                                                                                            E

                                                                                                                                            E

                                                                                                                                            E

                                                                                                                                            E

                                                                                                                                            E
                                   07

                                   08

                                   09




                                                                                                                                          07

                                                                                                                                          08

                                                                                                                                          09
                                  12

                                  13

                                  14

                                  15

                                  16

                                  17

                                  18

                                  19

                                  20




                                                                                                                                         12

                                                                                                                                         13

                                                                                                                                         14

                                                                                                                                         15

                                                                                                                                         16

                                                                                                                                         17

                                                                                                                                         18

                                                                                                                                         19

                                                                                                                                         20
                                 20




                                 20
                                 20

                                 20

                                 20

                                 20




                                 20




                                                                                                                                        20

                                                                                                                                        20

                                                                                                                                        20

                                                                                                                                        20

                                                                                                                                        20

                                                                                                                                        20

                                                                                                                                        20
                                20

                                20

                                20

                                20

                                20

                                20

                                20

                                20

                                20




                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                       20
                                       Barrick Gold   Pueblo Viejo   Pascua    Cerro Casale   Donlin                                                       Belo Sun Mining    Volta Grande

Source: BMO Capital Markets                                                                            Source: BMO Capital Markets




Fig 85: Centamin Production Outlook                                                                    Fig 86: Centerra Production Outlook
                               0.5                                                                                                    1.2
Annual Gold Production (Moz)




                                                                                                       Annual Gold Production (Moz)




                                                                                                                                      1.0
                               0.4

                                                                                                                                      0.8
                               0.3
                                                                                                                                      0.6
                               0.2
                                                                                                                                      0.4

                               0.1
                                                                                                                                      0.2

                               0.0                                                                                                    0.0
                                                                                                                                        05




                                                                                                                                                               E

                                                                                                                                                               E

                                                                                                                                                               E
                                 05

                                 06

                                        07

                                        08

                                                09

                                                10

                                                            11




                                                                                                                                        06

                                                                                                                                               07

                                                                                                                                                      08

                                                                                                                                                      09

                                                                                                                                                              10

                                                                                                                                                              11
                                                             E

                                                             E

                                                             E

                                                             E

                                                             E

                                                             E

                                                             E

                                                             E

                                                             E




                                                                                                                                                               E

                                                                                                                                                               E

                                                                                                                                                               E

                                                                                                                                                               E

                                                                                                                                                               E

                                                                                                                                                               E
                                                           12




                                                                                                                                                             12

                                                                                                                                                             13

                                                                                                                                                             14

                                                                                                                                                             15

                                                                                                                                                             16

                                                                                                                                                             17

                                                                                                                                                             18

                                                                                                                                                             19

                                                                                                                                                             20
                                                           13

                                                           14

                                                           15

                                                           16

                                                           17

                                                           18

                                                           19

                                                           20
                               20

                               20

                                      20

                                      20

                                              20

                                              20

                                                          20




                                                                                                                                      20

                                                                                                                                      20

                                                                                                                                             20

                                                                                                                                                    20

                                                                                                                                                    20

                                                                                                                                                            20

                                                                                                                                                            20

                                                                                                                                                           20

                                                                                                                                                           20

                                                                                                                                                           20

                                                                                                                                                           20

                                                                                                                                                           20

                                                                                                                                                           20

                                                                                                                                                           20

                                                                                                                                                           20

                                                                                                                                                           20
                                                         20

                                                         20

                                                         20

                                                         20

                                                         20

                                                         20

                                                         20

                                                         20

                                                         20




                                                              Centamin Egypt                                                                                       Centerra Gold

Source: BMO Capital Markets                                                                            Source: BMO Capital Markets




Fig 87:CGA Mining Production Outlook                                                                   Fig 88: Cluff Production Outlook
                               0.30                                                                                                   0.25
Annual Gold Production (Moz)




                                                                                                       Annual Gold Production (Moz)




                               0.25
                                                                                                                                      0.20

                               0.20
                                                                                                                                      0.15
                               0.15
                                                                                                                                      0.10
                               0.10

                                                                                                                                      0.05
                               0.05

                               0.00                                                                                                   0.00
                                     E

                                     E

                                     E




                                     E

                                     E

                                     E
                                    05

                                   06




                                    10

                                    11




                                                                                                                                           05

                                                                                                                                          06




                                                                                                                                           10

                                                                                                                                           11
                                     E

                                     E




                                     E




                                                                                                                                            E

                                                                                                                                            E

                                                                                                                                            E

                                                                                                                                            E

                                                                                                                                            E

                                                                                                                                            E

                                                                                                                                            E

                                                                                                                                            E

                                                                                                                                            E
                                   07

                                   08

                                   09




                                                                                                                                          07

                                                                                                                                          08

                                                                                                                                          09
                                  12

                                  13

                                  14

                                  15

                                  16

                                  17

                                  18

                                  19

                                  20




                                                                                                                                         12

                                                                                                                                         13

                                                                                                                                         14

                                                                                                                                         15

                                                                                                                                         16

                                                                                                                                         17

                                                                                                                                         18

                                                                                                                                         19

                                                                                                                                         20
                                 20




                                 20




                                                                                                                                        20




                                                                                                                                        20
                                 20

                                 20

                                 20

                                 20




                                 20




                                                                                                                                        20

                                                                                                                                        20

                                                                                                                                        20

                                                                                                                                        20




                                                                                                                                        20
                                20

                                20

                                20

                                20

                                20

                                20

                                20

                                20

                                20




                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                       20




                                                               CGA Mining                                                                                      Cluff Gold    Baomahun

Source: BMO Capital Markets                                                                            Source: BMO Capital Markets




Page 48 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012




Fig 89: Detour Production Outlook                                                                        Fig 90: Eco Oro Production Outlook
                               0.8                                                                                                      0.3
Annual Gold Production (Moz)




                                                                                                         Annual Gold Production (Moz)
                                                                                                                                        0.3
                               0.6
                                                                                                                                        0.2

                               0.4                                                                                                      0.2

                                                                                                                                        0.1
                               0.2
                                                                                                                                        0.1

                               0.0                                                                                                      0.0




                                                                                                                                          05




                                                                                                                                                                 E

                                                                                                                                                                 E

                                                                                                                                                                 E
                                 05

                                 06

                                        07

                                        08

                                                09

                                                10

                                                              11




                                                                                                                                          06

                                                                                                                                                 07

                                                                                                                                                        08

                                                                                                                                                        09

                                                                                                                                                                10

                                                                                                                                                                11
                                                               E

                                                               E

                                                               E

                                                               E

                                                               E

                                                               E

                                                               E

                                                               E

                                                               E




                                                                                                                                                                 E

                                                                                                                                                                 E

                                                                                                                                                                 E

                                                                                                                                                                 E

                                                                                                                                                                 E

                                                                                                                                                                 E
                                                             12




                                                                                                                                                               12

                                                                                                                                                               13

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                                                             13

                                                             14

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                               20

                               20

                                      20

                                      20

                                              20

                                              20

                                                            20




                                                                                                                                        20

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                                                                                                                                                      20

                                                                                                                                                      20

                                                                                                                                                              20

                                                                                                                                                              20

                                                                                                                                                             20

                                                                                                                                                             20

                                                                                                                                                             20

                                                                                                                                                             20

                                                                                                                                                             20

                                                                                                                                                             20

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                                                                                                                                                             20

                                                                                                                                                             20
                                                           20

                                                           20

                                                           20

                                                           20

                                                           20

                                                           20

                                                           20

                                                           20

                                                           20
                                                         Detour Gold    Detour Lake                                                                            Eco Oro Minerals    Angostura

Source: BMO Capital Markets                                                                              Source: BMO Capital Markets




Fig 91: Eldorado Production Outlook                                                                      Fig 92: Exeter Production Outlook
                               2.00                                                                                                     1.0
Annual Gold Production (Moz)




                                                                                                         Annual Gold Production (Moz)




                                                                                                                                        0.8
                               1.50

                                                                                                                                        0.6
                               1.00

                                                                                                                                        0.4
                               0.50
                                                                                                                                        0.2

                               0.00
                                                                                                                                        0.0
                                     E

                                     E

                                     E




                                     E

                                     E

                                     E
                                    05

                                   06




                                    10

                                    11




                                     E

                                     E




                                     E
                                   07

                                   08

                                   09




                                  12

                                  13




                                  17

                                  18
                                  14

                                  15

                                  16




                                  19

                                  20
                                 20




                                 20
                                 20

                                 20

                                 20

                                 20




                                 20




                                                                                                                                          05




                                                                                                                                                                 E

                                                                                                                                                                 E

                                                                                                                                                                 E

                                                                                                                                                                 E

                                                                                                                                                                 E

                                                                                                                                                                 E

                                                                                                                                                                 E

                                                                                                                                                                 E

                                                                                                                                                                 E
                                                                                                                                          06

                                                                                                                                                 07

                                                                                                                                                        08

                                                                                                                                                        09

                                                                                                                                                                10

                                                                                                                                                                11
                                20

                                20

                                20

                                20

                                20

                                20

                                20

                                20

                                20




                                                                                                                                                               12

                                                                                                                                                               13

                                                                                                                                                               14

                                                                                                                                                               15

                                                                                                                                                               16

                                                                                                                                                               17

                                                                                                                                                               18

                                                                                                                                                               19

                                                                                                                                                               20
                                                                                                                                        20

                                                                                                                                        20

                                                                                                                                               20

                                                                                                                                                      20

                                                                                                                                                      20

                                                                                                                                                              20

                                                                                                                                                              20

                                                                                                                                                             20

                                                                                                                                                             20

                                                                                                                                                             20

                                                                                                                                                             20

                                                                                                                                                             20

                                                                                                                                                             20

                                                                                                                                                             20

                                                                                                                                                             20

                                                                                                                                                             20
                                       Eldorado Gold    Efemcukuru     Eastern Dragon    Olympias
                                       Perama Hill      Certej         Skouries          Tocantinzinho                                                         Exeter Resources     Caspiche

Source: BMO Capital Markets                                                                              Source: BMO Capital Markets




Fig 93: Extorre Production Outlook                                                                       Fig 94: Gabriel Production Outlook
                               0.16                                                                                                     0.8

                               0.14
Annual Gold Production (Moz)




                                                                                                         Annual Gold Production (Moz)




                               0.12                                                                                                     0.6

                               0.10

                               0.08                                                                                                     0.4

                               0.06

                               0.04                                                                                                     0.2

                               0.02

                               0.00                                                                                                     0.0
                                    05

                                   06




                                    10

                                    11

                                     E

                                     E

                                     E

                                     E

                                     E

                                     E

                                     E

                                     E

                                     E
                                   07

                                   08

                                   09




                                                                                                                                          05




                                                                                                                                                                 E

                                                                                                                                                                 E

                                                                                                                                                                 E
                                                                                                                                          06

                                                                                                                                                 07

                                                                                                                                                        08

                                                                                                                                                        09

                                                                                                                                                                10

                                                                                                                                                                11




                                                                                                                                                                 E

                                                                                                                                                                 E

                                                                                                                                                                 E

                                                                                                                                                                 E

                                                                                                                                                                 E

                                                                                                                                                                 E
                                  12

                                  13

                                  14

                                  15

                                  16

                                  17

                                  18

                                  19

                                  20




                                                                                                                                                               12

                                                                                                                                                               13

                                                                                                                                                               14

                                                                                                                                                               15

                                                                                                                                                               16

                                                                                                                                                               17

                                                                                                                                                               18

                                                                                                                                                               19

                                                                                                                                                               20
                                 20

                                 20

                                 20

                                 20

                                 20

                                 20

                                 20




                                                                                                                                        20

                                                                                                                                        20

                                                                                                                                               20

                                                                                                                                                      20

                                                                                                                                                      20

                                                                                                                                                              20

                                                                                                                                                              20
                                20

                                20

                                20

                                20

                                20

                                20

                                20

                                20

                                20




                                                                                                                                                             20

                                                                                                                                                             20

                                                                                                                                                             20

                                                                                                                                                             20

                                                                                                                                                             20

                                                                                                                                                             20

                                                                                                                                                             20

                                                                                                                                                             20

                                                                                                                                                             20




                                                       Extorre Gold Mines   Cerro Moro                                                                       Gabriel Resources    Rosia Montana

Source: BMO Capital Markets                                                                              Source: BMO Capital Markets




Page 49 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012




Fig 95: Gold Fields Production Outlook                                        Fig 96: Goldcorp Production Outlook
                               5.0                                                                           5.0
Annual Gold Production (Moz)




                                                                              Annual Gold Production (Moz)
                               4.0                                                                           4.0


                               3.0                                                                           3.0


                               2.0                                                                           2.0


                               1.0                                                                           1.0


                               0.0                                                                           0.0
                                 05

                                 06

                                        07

                                        08

                                               09

                                               10

                                                       11




                                                                                                               05
                                                        E

                                                        E

                                                        E

                                                        E

                                                        E

                                                        E

                                                        E

                                                        E

                                                        E




                                                                                                                                           E

                                                                                                                                           E

                                                                                                                                           E

                                                                                                                                           E

                                                                                                                                           E

                                                                                                                                           E

                                                                                                                                           E

                                                                                                                                           E

                                                                                                                                           E
                                                                                                               06

                                                                                                                         07

                                                                                                                                 08

                                                                                                                                 09

                                                                                                                                          10

                                                                                                                                          11
                                                      12




                                                                                                                                         12
                                                      13

                                                      14

                                                      15

                                                      16

                                                      17

                                                      18

                                                      19

                                                      20




                                                                                                                                         13

                                                                                                                                         14

                                                                                                                                         15

                                                                                                                                         16

                                                                                                                                         17

                                                                                                                                         18

                                                                                                                                         19

                                                                                                                                         20
                               20

                               20

                                      20

                                      20

                                             20

                                             20

                                                     20




                                                                                                             20

                                                                                                             20

                                                                                                                       20

                                                                                                                               20

                                                                                                                               20

                                                                                                                                        20

                                                                                                                                        20
                                                    20

                                                    20

                                                    20

                                                    20

                                                    20

                                                    20

                                                    20

                                                    20

                                                    20




                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                       20
                                                       Gold Fields                                                  Goldcorp   Pueblo Viejo   Cerro Negro    Eleonore   El Morro   Cerro Blanco

Source: BMO Capital Markets                                                   Source: BMO Capital Markets




Fig 97: Golden Star Production Outlook                                        Fig 98: Great Basin Production Outlook
                               0.5                                                                           0.30
Annual Gold Production (Moz)




                                                                              Annual Gold Production (Moz)




                                                                                                             0.25
                               0.4

                                                                                                             0.20
                               0.3
                                                                                                             0.15
                               0.2
                                                                                                             0.10

                               0.1
                                                                                                             0.05

                               0.0                                                                           0.00
                                                                                                                   E

                                                                                                                   E

                                                                                                                   E




                                                                                                                   E

                                                                                                                   E

                                                                                                                   E
                                                                                                                  05

                                                                                                                  06




                                                                                                                  10

                                                                                                                  11




                                                                                                                   E

                                                                                                                   E




                                                                                                                   E
                                                                                                                  07

                                                                                                                  08

                                                                                                                  09
                                 05

                                 06

                                        07

                                        08

                                               09

                                               10

                                                       11

                                                        E

                                                        E

                                                        E

                                                        E

                                                        E

                                                        E

                                                        E

                                                        E

                                                        E




                                                                                                                 12

                                                                                                                13




                                                                                                                 17

                                                                                                                18
                                                                                                                14

                                                                                                                15

                                                                                                                16




                                                                                                                19

                                                                                                                20
                                                      12

                                                      13

                                                      14

                                                      15

                                                      16

                                                      17

                                                      18

                                                      19

                                                      20




                                                                                                               20




                                                                                                               20
                               20

                               20

                                      20

                                      20

                                             20

                                             20

                                                     20




                                                                                                               20

                                                                                                               20

                                                                                                               20

                                                                                                               20




                                                                                                               20

                                                                                                              20

                                                                                                              20

                                                                                                              20

                                                                                                              20

                                                                                                              20

                                                                                                              20

                                                                                                              20

                                                                                                              20

                                                                                                              20
                                                    20

                                                    20

                                                    20

                                                    20

                                                    20

                                                    20

                                                    20

                                                    20

                                                    20




                                                       Golden Star                                                                               Great Basin Gold

Source: BMO Capital Markets                                                   Source: BMO Capital Markets




Fig 99: Guyana Production Outlook                                             Fig 100: Harmony Production Outlook
                               0.4                                                                           3.0
Annual Gold Production (Moz)




                                                                              Annual Gold Production (Moz)




                                                                                                             2.5
                               0.3
                                                                                                             2.0

                               0.2                                                                           1.5

                                                                                                             1.0
                               0.1
                                                                                                             0.5

                               0.0                                                                           0.0
                                 05

                                 06

                                        07

                                        08

                                               09

                                               10

                                                       11




                                                                                                               05

                                                                                                               06

                                                                                                                         07

                                                                                                                                 08

                                                                                                                                 09

                                                                                                                                          10

                                                                                                                                          11
                                                        E

                                                        E

                                                        E

                                                        E

                                                        E

                                                        E

                                                        E

                                                        E

                                                        E




                                                                                                                                           E

                                                                                                                                           E

                                                                                                                                           E

                                                                                                                                           E

                                                                                                                                           E

                                                                                                                                           E

                                                                                                                                           E

                                                                                                                                           E

                                                                                                                                           E
                                                      12




                                                                                                                                         12
                                                      13

                                                      14

                                                      15

                                                      16

                                                      17

                                                      18

                                                      19

                                                      20




                                                                                                                                         13

                                                                                                                                         14

                                                                                                                                         15

                                                                                                                                         16

                                                                                                                                         17

                                                                                                                                         18

                                                                                                                                         19

                                                                                                                                         20
                               20

                               20

                                      20

                                      20

                                             20

                                             20

                                                     20




                                                                                                             20

                                                                                                             20

                                                                                                                       20

                                                                                                                               20

                                                                                                                               20

                                                                                                                                        20

                                                                                                                                        20
                                                    20

                                                    20

                                                    20

                                                    20

                                                    20

                                                    20

                                                    20

                                                    20

                                                    20




                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                       20

                                                                                                                                       20




                                                Guyana Goldfields    Aurora                                                            Harmony Gold Mining     Golpu    Wafi

Source: BMO Capital Markets                                                   Source: BMO Capital Markets




Page 50 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012




Fig 101: IAMGOLD Production Outlook                                                                 Fig 102: International Tower Hill Production Outlook
                               1.2                                                                                                 0.8
Annual Gold Production (Moz)




                                                                                                    Annual Gold Production (Moz)
                               1.0
                                                                                                                                   0.6
                               0.8

                               0.6                                                                                                 0.4

                               0.4
                                                                                                                                   0.2
                               0.2

                               0.0                                                                                                 0.0




                                                                                                                                     05




                                                                                                                                                            E

                                                                                                                                                            E

                                                                                                                                                            E
                                 05

                                 06

                                        07

                                        08

                                               09

                                               10

                                                           11




                                                                                                                                     06

                                                                                                                                            07

                                                                                                                                                   08

                                                                                                                                                   09

                                                                                                                                                           10

                                                                                                                                                           11
                                                            E

                                                            E

                                                            E

                                                            E

                                                            E

                                                            E

                                                            E

                                                            E

                                                            E




                                                                                                                                                            E

                                                                                                                                                            E

                                                                                                                                                            E

                                                                                                                                                            E

                                                                                                                                                            E

                                                                                                                                                            E
                                                          12




                                                                                                                                                          12

                                                                                                                                                          13

                                                                                                                                                          14

                                                                                                                                                          15

                                                                                                                                                          16

                                                                                                                                                          17

                                                                                                                                                          18

                                                                                                                                                          19

                                                                                                                                                          20
                                                          13

                                                          14

                                                          15

                                                          16

                                                          17

                                                          18

                                                          19

                                                          20
                               20

                               20

                                      20

                                      20

                                             20

                                             20

                                                         20




                                                                                                                                   20

                                                                                                                                   20

                                                                                                                                          20

                                                                                                                                                 20

                                                                                                                                                 20

                                                                                                                                                         20

                                                                                                                                                         20

                                                                                                                                                        20

                                                                                                                                                        20

                                                                                                                                                        20

                                                                                                                                                        20

                                                                                                                                                        20

                                                                                                                                                        20

                                                                                                                                                        20

                                                                                                                                                        20

                                                                                                                                                        20
                                                        20

                                                        20

                                                        20

                                                        20

                                                        20

                                                        20

                                                        20

                                                        20

                                                        20
                                                              IAMGOLD                                                                                   International Tower Hill   Livengood

Source: BMO Capital Markets                                                                         Source: BMO Capital Markets




Fig 103: Keegan Production Outlook                                                                  Fig 104: Kingsgate Production Outlook
                               0.35                                                                                                0.35

                               0.30                                                                                                0.30
Annual Gold Production (Moz)




                                                                                                    Annual Gold Production (Moz)




                               0.25                                                                                                0.25

                               0.20                                                                                                0.20

                               0.15                                                                                                0.15

                               0.10                                                                                                0.10

                               0.05                                                                                                0.05

                               0.00                                                                                                0.00
                                    05

                                   06




                                    10

                                    11




                                                                                                                                        05

                                                                                                                                       06




                                                                                                                                        10

                                                                                                                                        11
                                     E

                                     E

                                     E

                                     E

                                     E

                                     E

                                     E

                                     E

                                     E




                                                                                                                                         E

                                                                                                                                         E

                                                                                                                                         E

                                                                                                                                         E

                                                                                                                                         E

                                                                                                                                         E

                                                                                                                                         E

                                                                                                                                         E

                                                                                                                                         E
                                   07

                                   08

                                   09




                                                                                                                                       07

                                                                                                                                       08

                                                                                                                                       09
                                  12

                                  13

                                  14

                                  15

                                  16

                                  17

                                  18

                                  19

                                  20




                                                                                                                                      12

                                                                                                                                      13

                                                                                                                                      14

                                                                                                                                      15

                                                                                                                                      16

                                                                                                                                      17

                                                                                                                                      18

                                                                                                                                      19

                                                                                                                                      20
                                 20




                                 20
                                 20

                                 20

                                 20

                                 20




                                 20




                                                                                                                                     20

                                                                                                                                     20

                                                                                                                                     20

                                                                                                                                     20

                                                                                                                                     20

                                                                                                                                     20

                                                                                                                                     20
                                20

                                20

                                20

                                20

                                20

                                20

                                20

                                20

                                20




                                                                                                                                    20

                                                                                                                                    20

                                                                                                                                    20

                                                                                                                                    20

                                                                                                                                    20

                                                                                                                                    20

                                                                                                                                    20

                                                                                                                                    20

                                                                                                                                    20
                                                      Keegan Resources    Esaase                                                                               Kingsgate     Arqueros

Source: BMO Capital Markets                                                                         Source: BMO Capital Markets




Fig 105: Kinross Production Outlook                                                                 Fig 106: Lake Shore Production Outlook
                               5.0                                                                                                 0.4

                                                                                                                                   0.3
Annual Gold Production (Moz)




                                                                                                    Annual Gold Production (Moz)




                               4.0
                                                                                                                                   0.3

                               3.0                                                                                                 0.2

                                                                                                                                   0.2
                               2.0
                                                                                                                                   0.1
                               1.0
                                                                                                                                   0.1

                               0.0                                                                                                 0.0
                                                                                                                                     05




                                                                                                                                                            E

                                                                                                                                                            E

                                                                                                                                                            E
                                 05

                                 06

                                        07

                                        08

                                               09

                                               10

                                                           11




                                                                                                                                     06

                                                                                                                                            07

                                                                                                                                                   08

                                                                                                                                                   09

                                                                                                                                                           10

                                                                                                                                                           11
                                                            E

                                                            E

                                                            E

                                                            E

                                                            E

                                                            E

                                                            E

                                                            E

                                                            E




                                                                                                                                                            E

                                                                                                                                                            E

                                                                                                                                                            E

                                                                                                                                                            E

                                                                                                                                                            E

                                                                                                                                                            E
                                                          12




                                                                                                                                                          12

                                                                                                                                                          13

                                                                                                                                                          14

                                                                                                                                                          15

                                                                                                                                                          16

                                                                                                                                                          17

                                                                                                                                                          18

                                                                                                                                                          19

                                                                                                                                                          20
                                                          13

                                                          14

                                                          15

                                                          16

                                                          17

                                                          18

                                                          19

                                                          20
                               20

                               20

                                      20

                                      20

                                             20

                                             20

                                                         20




                                                                                                                                   20

                                                                                                                                   20

                                                                                                                                          20

                                                                                                                                                 20

                                                                                                                                                 20

                                                                                                                                                         20

                                                                                                                                                         20

                                                                                                                                                        20

                                                                                                                                                        20

                                                                                                                                                        20

                                                                                                                                                        20

                                                                                                                                                        20

                                                                                                                                                        20

                                                                                                                                                        20

                                                                                                                                                        20

                                                                                                                                                        20
                                                        20

                                                        20

                                                        20

                                                        20

                                                        20

                                                        20

                                                        20

                                                        20

                                                        20




                                       Kinross Gold   Lobo Marte   Fruta Del Norte   Cerro Casale                                                                 Lake Shore Gold

Source: BMO Capital Markets                                                                         Source: BMO Capital Markets




Page 51 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012




Fig 107: Midas Production Outlook                                                           Fig 108: New Gold Production Outlook
                               0.5                                                                                         1.2
Annual Gold Production (Moz)




                                                                                            Annual Gold Production (Moz)
                                                                                                                           1.0
                               0.4

                                                                                                                           0.8
                               0.3
                                                                                                                           0.6
                               0.2
                                                                                                                           0.4

                               0.1
                                                                                                                           0.2

                               0.0                                                                                         0.0
                                 05

                                 06

                                        07

                                        08

                                               09

                                               10

                                                         11




                                                                                                                             05
                                                          E

                                                          E

                                                          E

                                                          E

                                                          E

                                                          E

                                                          E

                                                          E

                                                          E




                                                                                                                                                     E

                                                                                                                                                     E

                                                                                                                                                     E

                                                                                                                                                     E

                                                                                                                                                     E

                                                                                                                                                     E

                                                                                                                                                     E

                                                                                                                                                     E

                                                                                                                                                     E
                                                                                                                             06

                                                                                                                                    07

                                                                                                                                           08

                                                                                                                                           09

                                                                                                                                                    10

                                                                                                                                                    11
                                                        12




                                                                                                                                                   12
                                                        13

                                                        14

                                                        15

                                                        16

                                                        17

                                                        18

                                                        19

                                                        20




                                                                                                                                                   13

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                               20

                                      20

                                      20

                                             20

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                                                                                                                           20

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                                                      20

                                                      20

                                                      20

                                                      20

                                                      20

                                                      20

                                                      20

                                                      20

                                                      20




                                                                                                                                                 20

                                                                                                                                                 20

                                                                                                                                                 20

                                                                                                                                                 20

                                                                                                                                                 20

                                                                                                                                                 20

                                                                                                                                                 20

                                                                                                                                                 20

                                                                                                                                                 20
                                                   Midas Gold     Golden Meadows                                                                 New Gold   New Afton   Blackwater

Source: BMO Capital Markets                                                                 Source: BMO Capital Markets




Fig 109: Newcrest Production Outlook                                                        Fig 110: Newmont Production Outlook
                               3.5                                                                                         7.0

                               3.0                                                                                         6.0
Annual Gold Production (Moz)




                                                                                            Annual Gold Production (Moz)




                               2.5                                                                                         5.0

                               2.0                                                                                         4.0

                               1.5                                                                                         3.0

                               1.0                                                                                         2.0

                               0.5                                                                                         1.0

                               0.0                                                                                         0.0
                                                                                                                             05




                                                                                                                                                     E

                                                                                                                                                     E

                                                                                                                                                     E
                                 05

                                 06

                                        07

                                        08

                                               09

                                               10

                                                         11




                                                                                                                             06

                                                                                                                                    07

                                                                                                                                           08

                                                                                                                                           09

                                                                                                                                                    10

                                                                                                                                                    11
                                                          E

                                                          E

                                                          E

                                                          E

                                                          E

                                                          E

                                                          E

                                                          E

                                                          E




                                                                                                                                                     E

                                                                                                                                                     E

                                                                                                                                                     E

                                                                                                                                                     E

                                                                                                                                                     E

                                                                                                                                                     E
                                                        12




                                                                                                                                                   12

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                                                        13

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                                                                                                                           20

                                                                                                                           20

                                                                                                                                  20

                                                                                                                                         20

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                                                                                                                                                  20

                                                                                                                                                  20

                                                                                                                                                 20

                                                                                                                                                 20

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                                                                                                                                                 20
                                                      20

                                                      20

                                                      20

                                                      20

                                                      20

                                                      20

                                                      20

                                                      20

                                                      20




                                             Newcrest Mining    Cadia East   Golpu   Wafi                                                Newmont Mining   Akyem   Merian   Fronteer   Conga

Source: BMO Capital Markets                                                                 Source: BMO Capital Markets




Fig 111: OceanaGold Production Outlook                                                      Fig 112: Orezone Production Outlook
                               0.5                                                                                         0.25
Annual Gold Production (Moz)




                                                                                            Annual Gold Production (Moz)




                               0.4                                                                                         0.20


                               0.3                                                                                         0.15


                               0.2                                                                                         0.10


                               0.1                                                                                         0.05


                               0.0                                                                                         0.00
                                                                                                                                05

                                                                                                                               06




                                                                                                                                10

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                                                                                                                                 E

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                                                        OceanaGold     Didipio                                                                        Orezone Gold   Bombore

Source: BMO Capital Markets                                                                 Source: BMO Capital Markets




Page 52 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012




Fig 113: Osisko Production Outlook                                            Fig 114: Perseus Production Outlook
                               1.2                                                                           0.5




                                                                              Annual Gold Production (Moz)
Annual Gold Production (Moz)




                               1.0
                                                                                                             0.4

                               0.8
                                                                                                             0.3
                               0.6
                                                                                                             0.2
                               0.4

                                                                                                             0.1
                               0.2

                               0.0                                                                           0.0




                                                                                                               05




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                                               Osisko Mining   Hammond Reef                                                       Perseus Mining   Edikan    Tengrela

Source: BMO Capital Markets                                                   Source: BMO Capital Markets




Fig 115: Petropavlovsk Production Outlook                                     Fig 116: Polyus Production Outlook
                               1.0                                                                           3.5

                                                                                                             3.0
Annual Gold Production (Moz)




                                                                              Annual Gold Production (Moz)




                               0.8
                                                                                                             2.5

                               0.6                                                                           2.0

                                                                                                             1.5
                               0.4
                                                                                                             1.0
                               0.2
                                                                                                             0.5

                               0.0                                                                           0.0
                                 05

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                                                       Petropavlovsk                                                                    Polyus Gold    Natalka

Source: BMO Capital Markets                                                   Source: BMO Capital Markets




Fig 117: Primero Production Outlook                                           Fig 118: Probe Production Outlook
                               0.16                                                                          0.30

                               0.14
Annual Gold Production (Moz)




                                                                              Annual Gold Production (Moz)




                                                                                                             0.25
                               0.12
                                                                                                             0.20
                               0.10

                               0.08                                                                          0.15

                               0.06
                                                                                                             0.10
                               0.04
                                                                                                             0.05
                               0.02

                               0.00                                                                          0.00
                                    05

                                   06




                                    10

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                                                       Primero Mining                                                                Probe Mines      Borden Lake

Source: BMO Capital Markets                                                   Source: BMO Capital Markets




Page 53 of 61
Global Mining Research
New Gold Mines Ranked
May 7, 2012




Fig 119: Rainy River Production Outlook                                             Fig 120: Randgold Production Outlook
                               0.4                                                                                 2.0
Annual Gold Production (Moz)




                                                                                    Annual Gold Production (Moz)
                               0.3                                                                                 1.5



                               0.2                                                                                 1.0



                               0.1                                                                                 0.5



                               0.0                                                                                 0.0
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