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Our Commitment to Metals & Mining
With nearly a century of service to the metals and mining sector,
we understand the forces shaping the industry. Our dedicated team
delivers a full range of investment and corporate banking services
to our metals and mining clients through 30 offices worldwide.

                          In 2011, for the second year in a row, Global Finance   collectively covering more than 130 metals and
                          named BMO Capital Markets the “World’s Best             mining companies – one of the largest and strongest
                          Metals & Mining Investment Bank.” This accolade         mining equity research teams in the world. This effort
                          speaks to our ongoing commitment to the sector.         is backed by our team of over 150 equity sales and
                                                                                  trading professionals in 11 offices in Canada, the
                          We are a leading underwriter of equity issues for       United States and Europe.
                          metals & mining companies and can assist your
                          business whether you are in the early stages of         Our annual Global Metals & Mining Conference is
                          exploration or in full production. Our extensive        now widely recognized as the best event of its kind
                          industry contacts and transactional experience          anywhere. This year, the Conference marks its 21st
                          enable us to provide expert support throughout the      year of bringing companies and investors together.
                          merger and acquisition process. We also offer you
TOM MILROY                complete treasury and risk management services.         As you read through these pages, I am confident
Chief Executive Officer
                                                                                  that you will discover for yourself what makes
BMO Capital Markets
                          At the heart of our effort is our top-rated Equity      BMO Capital Markets the ideal partner to help
                          Research team, with nine dedicated analysts             you achieve your ambitions.

What We Do
BMO Capital Markets offers a complete suite of products and services. We
are a single-stop provider, regardless of your company’s size, stage of
development or target markets. Depending on your needs, you may use
a combination of our capabilities, or only one. Our experience and deep
sector knowledge enable us to develop the solution that fits you best.

 Access to Capital                Strategy & Growth                Research                    Distribution                       Treasury & Risk Management
 Initial Public Offerings         Mergers                          Commodity Research          Institutional                      Commodity Products

 Debt Financing                   Acquisitions                     Diversified Miners              Direct Brokerage               Money Markets

 Equity Financing                 Valuations & Fairness Opinions   Base & Precious Metals          Full-service Brokerage         Trade Finance

 Private Equity Financing         Divestitures                     Coal                            Private Banking                Cash Management

 Corporate Lending                Buyouts                          Iron Ore                    Retail                             Foreign Exchange

 Structured & Project Financing   Restructurings                   Exploration & Development       Equity Sales & Trading

 Securitization                   Recapitalizations                Potash & Phosphates             Fixed Income Sales & Trading

Our Philosophy & Focus
Few sectors have changed as rapidly as metals and mining has in
recent years. Consolidation has created a truly global industry, with
companies making substantial investments far from home.

BMO Capital Markets wants to be your           As a member of BMO Financial Group (NYSE,
partner of choice. No matter what stage of     TSX: BMO), we leverage the financial strength
development your company has reached, or       and capabilities of one of North America’s
which markets you choose to compete in, we     leading financial services organizations.
have the knowledge and the resources to help
you succeed.                                   With 30 offices spanning five continents,
                                               BMO Capital Markets is a one-stop provider
We have been a trusted advisor to metals and   of financial solutions to an industry where
mining companies for nearly a century and      vision, speed and the ability to transcend
this tradition of excellence carries over in   borders are the benchmarks for success.
everything we do.

Global Financial Solutions

 Calgary         Boston
 Denver          Chicago
 Houston         Fort Lauderdale
 Los Angeles     Montreal                                                        Beijing
 Mexico City     Milwaukee                          Dublin                       Guangzhou
 San Francisco   New York                           London                       Hong Kong
 Seattle         Toronto                            Paris                        Shanghai
 Vancouver       Washington D.C.   Rio de Janeiro   Zurich   Abu Dhabi   Delhi   Taipei      Melbourne

Our Capabilities
Access to Capital
Backed by BMO Financial Group’s total assets of US$479 billion*,
BMO Capital Markets can provide the capital your ambitions require. Our
lending solutions include traditional loans and commitments, asset-based
lending, complex structured, acquisition and project financing. We also
provide broad access to the world’s capital markets.

BMO Capital Markets is an experienced            We generate solutions on equity and equity-         on timing, pricing and documentation of
lender with a team dedicated to evaluating the   related financings. Our reach and expertise         investment grade and high-yield fixed income
metals & mining environment. We have the         allow us to support the origination and execu-      securities.
commitment to provide fully underwritten         tion of public offerings of equity, equity-relat-
facilities and the industry reputation to lead   ed securities and private investment in public      BMO Capital Markets is a leading provider of
syndicated transactions.                         equity (PIPE) placements.                           securitization and structured finance services
                                                                                                     worldwide. We specialize in innovative
For clients who need to raise money through      BMO Capital Markets also provides compre-           securitization solutions that are tailored to
the equity markets, our Equity Capital Mar-      hensive debt underwriting services, working         meet your specific business needs.
kets desk is a leader in global mining equity    across the yield curve and credit spectrum to
underwritings.                                   provide bond issuance and strategic advice

*As at October 31, 2011


Market Presence
BMO Capital Markets has a powerful equity sales and trading platform with
11 offices across the U.S., Canada and Europe. Our more than 150 equity sales
and trading professionals have close relationships with 1,000 institutional
accounts globally, including the leading holders and buyers of mining equities.

A key component of the BMO Capital Markets        We leverage our strong corporate and
equity distribution platform is our team of       investor relationships to be a global leader
dedicated mining institutional equity sales       in investor marketing for mining companies.
specialists. Our five mining sales specialists,   With 12 professionals in Toronto, New York
based in the U.S., Canada and Europe              and London, the BMO Capital Markets Equity
average 13 years of equity sales experience.      Marketing group is dedicated to coordinating
These specialists have close relationships        investor marketing and investor feedback.
with both our buy-side and corporate issuing
clients and work in close coordination with
our broader equity sales team.


Strategy & Growth
BMO Capital Markets is in the business of big ambitions. We have the industry
knowledge and expertise to help our clients at every stage: from exploration
and development, to production, marketing and distribution.

Your company needs a financial advisor     Our team of M&A professionals has         Our full range of advisory services includes:
that understands world markets and can     developed significant expertise and a      • Mergers & Acquisitions

differentiate between trend and            proven track record of delivering high-    • Strategic Advisory

opportunity. With 30 offices worldwide,    quality strategic advice. Since 2010,      • Valuation and Fairness Opinions

including Australia, Europe, India and     BMO Capital Markets has ranked #1 for      • Public Takeover Bids and Defenses

China, we can offer thorough, dependable   North American metals and mining M&A,      • Share Buybacks

and leading-edge strategic advice.         with 32 transactions totaling more than    • Leverage Buyouts

                                           US$32 billion in value.                    • Recapitalizations and Restructuring


Commodity Products
Risk management in volatile metals markets is more critical than ever as
companies, their boards and their shareholders demand orderly and
efficient strategies. BMO’s Commodity Products group, as a principal
counterparty, provides strategies that enable our clients to reduce their
price volatility risk.

BMO Capital Markets has built a team of         These tools can be combined to provide   We leverage our lending capabilities and
trading and marketing professionals to help     tailored products and solutions for:     research experience to develop strategies
clients manage their metal price risks. These     • Gold          • Palladium            that support complex structured and project
clients range from producers and consumers        • Platinum      • Aluminum             financings, along with your day-to-day
to institutional investors and central banks.     • Copper        • Nickel               hedging needs.
Our products and services include:                • Zinc

   • Spot          • Forwards                     • Lead

   • Options       • Swaps                        • Silver

   • Swaptions     • Structured Products


Treasury & Risk Management
As a global financial solutions provider, BMO Capital Markets offers a full range
of products to manage day-to-day capital and mitigate risk. Our treasury
management solutions give you the technology and the tools to accelerate
collections and receivables processing, manage payables and generate
incremental income from daily cash flow.

Fluctuations in foreign exchange rates can       derivatives, cross-currency swaps and
affect cost competitiveness, profitability and   swaptions.
the valuation of internal operations. Our FX
teams, with nine locations in Canada, the        Our international trade experience assists
U.S., the U.K. and China, use currency           in managing trade documentation and mini-
derivatives to help minimize these risks and     mizing foreign credit risk. Our trade finance
seize opportunities.                             professionals offer expert advice on structur-
                                                 ing import, standby and export transactions. In
We also provide customized risk mitigation       addition, we maintain relationships with lead-
techniques through a combination of credit       ing financial institutions worldwide, providing
derivatives, interest rate derivatives, equity   support wherever your ambition takes you.


The BMO Metals & Mining Research team of nine analysts covers more than
130 metals and mining companies, which is one of the strongest mining
equity research teams in the world. Our analysts cover nearly 70 small and
micro-cap companies, tracked by both the BMO Small Cap Gold and Precious
Metals Index, and the Metals & Minerals Index.

Our breadth of coverage is matched only          In the 2011 U.S. Equity Analyst survey by
by the quality of the coverage. In its 2011      Greenwich Associates, we improved four
survey of institutional investors, independent   places to 16th overall for U.S. equity research.
consulting firm Brendan Wood International       We were also recognized by The Wall Street
(BWI) ranked the BMO Capital Markets Base        Journal’s 2011 “Best on the Street Survey” with
Metals & Minerals and Precious Metals Small/     three 1st place finishes and 6 total awards,
Mid Cap teams with All-Star rankings. BWI        placing the firm 5th out of a field of 86. And, in
has ranked our Canadian Research team #1 for     2011, the BMO Research team also collected
29 of the past 31 years.                         over 20 awards from StarMine for the team’s
                                                 stock picking and earnings estimates.


Our Track Record
Leading Metals & Mining
M&A Advisory Franchise

  C$1.5 billion           C$2.5 billion               C$3.0 billion                 US$1.3 billion
   Advisor on Sale to      Advisor on Sale to         Advisor on Sale to           Advisor on Acquisition of
  Pan American Silver       Eldorado Gold           KGHM Polska Miedz S.A.      First Quantum’s residual claims
                                                                                    and assets in respect of:
                                                                                 Kolwezi, Frontier and Lonshi

       Pending                  Pending                     Pending                        Pending

                                                                                            C O N S O L I DA T E D
                                                                                            T HOM PSON

  C$1.3 billion          C$559 million                A$1.0 billion                  C$4.9 billion
   Advisor on Sale to   Advisor on Acquisition of   Advisor on Acquisition of         Advisor on Sale to
  Minmetals Resources      Iberian Minerals            Mantra Resources            Cliffs Natural Resources

       Pending                  Pending                    June 2011                      May 2011

Leading Metals & Mining
M&A Advisory Franchise


   C$2.3 billion                  C$1.0 billion                US$1.0 billion                   US$1.7 billion
 Advisor on Acquisition of     Advisor on Acquisition of      Advisor on Merger with      Advisor on strategic acquisition of
      Fronteer Gold                 Gold Wheaton                Avoca Resources           50% interest in Akbastau Uranium
                                                                                          mine, 49.7% interest in Zarechnoye
                                                                                                    Uranium mine

        April 2011                    March 2011                   February 2011                   December 2010

   C$3.6 billion                 C$650 million                  C$8.0 billion                    C$1.7 billion
    Advisor on Sale to             Advisor on Sale of         Advisor on Acquisition of        Advisor on Merger with
       Goldcorp              58% interest in Terrane Metals      Red Back Mining                  Quadra Mining

     December 2010                   October 2010                 September 2010                      May 2010

Leading Underwriter of
Metals & Mining Equities


    C$391 million                   C$93 million              C$428 million                        US$550 million
      Common Shares                      Common Shares           Common Shares                 Private Placement of Convertible
                                                                                                       Preferred Shares

     Sole Bookrunner                    Joint Bookrunner       Joint Bookrunner                      Joint Bookrunner
      November 2011                       October 2011            August 2011                             June 2011

                                                                      C O N S O L I DA T E D
                                                                      T HOM PSON

     C$98 million                   C$152 million            US$230 million                         C$653 million
Common Shares & Flow-through             Common Shares     Senior Unsecured Convertible               Secondary Sale of
     Common Shares                                                    Notes                           Equinox Minerals
                                                                                                       Common Shares

      Sole Bookrunner                   Joint Bookrunner        Joint Bookrunner                     Joint Bookrunner
        March 2011                       December 2010           November 2010                         November 2010

Leading Underwriter of
Metals & Mining Equities

   C$392 million            C$130 million      C$144 million         C$235 million
     Secondary Sale of       Common Shares      Common Shares           Common Shares
     Lake Shore Gold
      Common Shares

    Joint Bookrunner        Sole Bookrunner    Joint Bookrunner        Joint Bookrunner
      November 2010          November 2010       October 2010            August 2010

   C$144 million            C$115 million      C$460 million          C$1.8 billion
 Common Shares & Warrants    Common Shares      Common Shares     Common Shares & Convertible
                                                                        Senior Notes

    Joint Bookrunner        Joint Bookrunner   Joint Bookrunner         Lead Manager
     September 2009          September 2009      March 2009              January 2009

Leading Lender to the
Metals & Mining Sector

  US$4.0 billion           US$2.0 billion             US$1.25 billion             US$1.2 billion
  Acquisition Financing    Senior Credit Facility      Senior Credit Facility     Senior Credit Facility

                           Co-Lead Arranger &            Co-Arranger &
         Lender            Administrative Agent      Co-Documentation Agent     Co-Documentation Agent
      January 2012            November 2011              November 2011                August 2011

  US$175 million           US$1.0 billion              US$4.6 billion             US$1.0 billion
  Senior Credit Facility    Senior Credit Facility     Acquisition Financing      Senior Credit Facility

    Lead Arranger &
  Administrative Agent         Co-Arranger                    Lender                    Lender
        July 2011                June 2011                  June 2011                  May 2011

Leading Lender to the
Metals & Mining Sector

   US$2.5 billion                    US$1.2 billion           US$3.7 billion             US$150 million
   Senior Credit Facility            Senior Credit Facility   Acquisition Financing       Senior Credit Facility

 Co-Documentation Agent                     Lender            Documentation Agent               Lender
        May 2011                         March 2011                March 2011                February 2011

          C O N S O L I DA T E D
          T HOM PSON

  US$250 million                     US$6.0 billion           US$300 million              US$1.0 billion
   Senior Credit Facility            Senior Credit Facility    Senior Credit Facility     Senior Credit Facility

   Sole Bookrunner &                                                                    Bookrunner & Mandated
  Administrative Agent             Mandated Lead Arranger     Co-Syndication Agent          Lead Arranger
     December 2010                     November 2010             September 2010                April 2010

A Long History of Landmark Transactions

            •	 The	Voisey’s	Bay	discovery	was                             •	 Western	States,	along	with	its	joint		
               the most significant nickel discovery                      	 venture	partner	PanCana	Minerals,		
               in the Americas and one of the                                was creditied for the discovery of
               greatest mineral discoveries of                               the deep sulphide mineralization
               our time                                                      on what is now known as the
            •	 The	BMO	Capital	Markets	Research		 	      C$41.5 million      Goldstrike property
               team was early to identify its                             •	 After	acquiring	PanCana	Minerals,		
               potential                                                     American Barrick Resources
            •	 The	rich	orebody	attracted	interest		 	                       Corporation (now known as
               from larger companies                                         Barrick Gold Corporation) acquired
                                                                             the remaining 50% of the
            •	 BMO	Capital	Markets	acted	as                                  Goldstrike property
               financial advisor when Diamond
               Fields Resources was acquired                              •	 BMO	Capital	Markets	was	there	at		
               by Inco                                                       the beginning and is proud to have
                                                                             been part of this landmark

A Long History of Landmark Transactions

                                   Echo Bay Mines was the first                                      International Corona followed                                   Kinross emerged in the
                                   significant new North                 CORONA                      in a succession of new North                                    mid-1990s after a wave of
                                   American gold mining               RESOURCES Ltd.                 American gold producers that                                    consolidation swept through
                                   company that grew from the                                        started in the mid-1980s.                                       the North American precious
      C$80 million                 rising prominence of precious      C$45.3 million                                                    C$43.5 million               metals sector.
     Initial Public Offering                                       Income Participating Securities                                       Initial Public Offering
                                   metals in the early 1980s.                                        The company was an amal-
                                                                                                     gamation of three smaller
      Joint Bookrunner                                                  Joint Bookrunner             gold miners and developers.          Joint Bookrunner
         January 1981                                                    September 1986                                                        May 1995

                                   This transformational                                             The purchase of Rio Algom                                       Wheaton	River’s	purchase	of	
                                   transaction represented the                                       by Billiton Plc occured at the                                  Rio	Tinto’s	precious	metals	
                                   first major investment by an                                      beginning of the most recent                                    assets laid the foundation
                                   Australian major gold pro-                                        consolidation in the Metals                                     for the subsequent dramatic
    US$361 million                 ducer into North America.            C$2.8 billion                & Mining sector and posi-          US$220 million               growth of the company.
      Sale of Interest in its                                         Acquisition of Rio Algom                                          Acquisition Financing for
       operating assets to                                                                           tioned Billiton for its eventual    Rio Tinto Gold Assets
   Normandy Mining Limited                                                                           merger with BHP Limited.
                                                                    Lead Financial Advisor to
  Financial Advisor to TVX                                                                                                                Joint Bookrunner
          June 1999                                                       October 2000                                                      February 2003

                                   Norilisk	Nickel’s	purchase	                                       BMO	Financial	Group’s	long	                                     The	IPO	of	Franco-Nevada	
                                   of this significant stake in                                      track record of service in                                      by Newmont Mining was
                                   Gold Fields Limited was                                           China has resulted in the                                       yet another landmark
                                   the	company’s	first	major	                                        establishment of key                                            transaction,	resulting	in	the	
      R$7.6 billion                investment outside of              US$840 million                 relationships	-	BMO	is	proud	       C$1.3 million               re-emergence of one of the
       20% Acquisition of                                            Advisor on Acquisition of                                          Initial Public Offering of
   Gold Fields Limited from a      Russia.                                 Peru Copper               to have advised Chinalco in             Franco-Nevada           iconic brands in gold mining.
subsidiary of Anglo American plc                                                                     its purchase of Peru Copper.
Exclusive Financial Advisor to
                                                                                                                                          Joint Bookrunner
                                                                         September 2007                                                     December 2007

Our Team
Client Relationship Management

BMO Financial Group has been supporting the metals and mining industry       T: +1 416 359 6196                             T: +1 416 359 5359
for nearly 100 years. We have a knowledgeable, experienced and deep          E:                    E:

team that includes an Investment & Corporate Banking coverage group          EGIZIO BIANCHINI                               JASON NEAL
                                                                             Vice Chair, Global Co-Head,                    Managing Director, Global Co-Head,
comprised of over 65 professionals on five continents.
                                                                             Global Metals & Mining, Toronto                Global Metals & Mining, Toronto

The senior core of our coverage group has been together for many years.      Egizio is the Co-Head of the Global Metals &   Jason, a team member for more than
                                                                             Mining coverage group. He has 11 years of      15 years, manages equity and debt
We are supported by product specialists that are in their own right deeply   experience as an investment banker. Prior      financing, merger, acquisition, sale and
knowledgeable and experienced. Our dedication to serving clients in the      to joining Investment & Corporate Banking,     defence transactions for clients ranging
                                                                             Egizio was a top-rated Research Analyst        from junior growth companies to senior
sector has earned us recognition from Global Finance as the “World’s Best
                                                                             covering precious metals and mineral           metals & mining companies. He holds a
Metals & Mining Investment Bank,” two years running.                         stocks.                                        Bachelor of Business Administration from
                                                                                                                            Simon Fraser University.
                                                                             Egizio joined BMO Capital Markets in 1989.
We are continuously seeking to enhance our capabilities through reinvest-    He holds an MBA from the University of         Selected transactions closed or announced
ment in our business. Our objective is to be successful alongside you, our   British Columbia and a Bachelor of Science     in 2011 include: the sale of Quadra FNX to
                                                                             Degree in Geology from the University of       KGHM (C$3.0 billion); Newmont’s
client. We strive to understand your needs and we align ourselves with
                                                                             Toronto.                                       acquisition of Fronteer Gold (US$2.3
your long-term objectives. We are here to help you achieve your ambitions.                                                  billion); ARMZ’s acquisition of Mantra
                                                                             Key transactions include: the C$8 billion      Resources (A$1.0 billion); Franco-Nevada’s
                                                                             purchase of Red Back Mining by Kinross         acquisition of Gold Wheaton (C$1.0 billion);
This year we are celebrating our 21st annual Metals & Mining Conference,     Gold; the C$3.7 billion sale of Meridian       and acting as sole bookrunner on a (C$391
an achievement that demonstrates our unwavering commitment to the            Gold to Yamana Gold; UraMin Inc.’s             million) equity offering for Franco-Nevada.
                                                                             US$2.5 billion sale to Areva; and Alcoa’s
metals and mining clients of our firm.
                                                                             US$33 billion bid for Alcan. Egizio has led
                                                                             numerous key equity financings for a wide
                                                                             variety of metals and mining companies.

     Client Relationship Management

T: +1 416 359 6173                             T: +1 416 359 8309                            T: +44 20 7664 8102                            T: +61 3 9094 3906
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JASON ATTEW                                    PETER COLLIBEE                                JEFFREY COUCH                                  KEN DRAKE
Managing Director,                             Managing Director,                            Managing Director,                             Managing Director,
Global Metals & Mining, Toronto                Global Metals & Mining, Toronto               Head of Investment & Corporate Banking,        Head of Investment & Corporate Banking,
                                                                                             Europe, London                                 Asia Pacific Region, Melbourne
Jason joined the Toronto office in 2007 to     Peter works with domestic and
focus on public and private financings         international clients to arrange equity and   Jeff joined the European I&CB team in 2011     Ken heads BMO investment and corporate
and M&A engagements on behalf of both          debt financing, M&A and restructurings.       to focus on metals and mining transactions     banking activities in the Asia Pacific region.
domestic and international clients. Prior to   Before joining BMO Capital Markets in         including M&A, strategic advisory, equity      He established our Australian office in
joining BMO Capital Markets, he worked         2001, he spent seven years in mining          and debt financing. Prior to joining BMO       2004, having previously been head of the
at another investment bank. Jason has          finance with Rothschild in Sydney and         Capital Markets, Jeff was a head of Business   firm’s European investment banking
an MBA from Queen’s University and an          Toronto. Peter has a Bachelor of Economics    Development at Eurasian Natural                activities. He has also been actively
Honours Bachelor of Science from the           from the University of Western Australia      Resources Corporation and has gained           involved in establishing our investment
University of British Columbia.                and is a Chartered Accountant (Australia).    15 years of investment banking and capital     banking activities in China. Ken holds a
                                                                                             markets experience at Credit Suisse,           Bachelor of Business in Accountancy.
Key recent transactions include: the           Key recent transactions include: Anvil        Citigroup and Kleinwort Benson. Jeff was
C$4.9 billion acquisition of Consolidated      Mining’s $1.3 billion sale to Minmetals       called to the Ontario Bar after having         Key transactions include: Moto Goldmines’
Thompson Iron Mines by Cliffs Natural          Resources; Trafigura’s C$559 million          graduated from Osgoode Hall Law School         US$519 million sale to Randgold/Anglo-
Resources; the C$3.6 billion acquisition of    acquisition of Iberian Minerals; First        and holds a Bachelor of Business Admin-        Gold Ashanti; First Quantum’s C$464
Andean Resources by Goldcorp; the              Quantum’s C$460 million acquisition of        istration from The University of Western       million acquisition of Antares and
acquisitions of PDX Resources and              Antares Minerals; First Quantum’s             Ontario Business School.                       acquisitions by Chinalco, China Minmetals,
TradeWinds Ventures by Detour Gold;            C$653 million sale of its investment in                                                      Jinchuan and China National Nuclear
the US$240 million strategic investment        Equinox Minerals; Moto Goldmines’             Key transactions at ENRC include the ac-       Corporation; and equity financing
by Wuhan Iron and Steel in Consolidated        US$519 million sale to Randgold; and Anvil    quisitions of CAMEC and Bahia Mineracao        transactions by CGA Mining, Extract
Thompson Iron Mines; and raising equity        Mining’s US$200 million strategic alliance    Ltda Iron Ore, and the strategic investment    Resources and Anvil Mining.
of over C$1.9 billion for Detour Gold, C$375   with Trafigura; as well as numerous equity    in Northern Platinum. Other transactions
million for Andean Resources, and C$230        offerings for various companies.              include Rio Tinto’s defense of BHP Billiton
million for Romarco Minerals.                                                                and IPO’s for ENRC and EVRAZ.

      Client Relationship Management

T: +1 604 443 1491                             T: +91 12 4484 9401                            T: +44 20 7664 8120                            T: +86 10 8588 1786
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JAMIE ROGERS                                   ASHUTOSH SHARMA                                WILLIAM SMITH                                  KEVIN SU
Managing Director,                             Managing Director,                             Managing Director,                             Managing Director,
Head of Investment & Corporate Banking,        Head of Investment & Corporate Banking,        Head of European & Middle East,                Chief Representative, Investment & Corporate
Vancouver                                      India                                          BMO Financial Group                            Banking, Beijing

As the head of the Vancouver Investment &      Ashutosh is responsible for building           Bill is responsible for expanding BMO          Kevin’s career at BMO has spanned over 13
Corporate Banking office, Jamie is             relationships with Indian clients focused on   Financial Group’s activities in Europe and     years. Kevin is responsible for the firm’s in-
responsible for working on public and          pursuing cross-border M&A opportunities        the Middle East. He is also a member of the    vestment and corporate banking activities in
private financing as well as mergers &         and Capital raising on the NYSE, NASDAQ        BMO Capital Markets Management                 China, and for developing relationships with
acquisition engagements for a broad range      or TSX. Ashutosh has over 20 years of          Committee. Previously, Bill was Head of        government departments to advance the
of metals & mining clients. Jamie has 15       Investment & Corporate banking                 Investment & Corporate Banking, Europe,        work of the Beijing Representative Office.
years of investment banking experience,        experience in India, Malaysia and Hong         responsible for a wide range of transactions   Previously, Kevin worked for Industrial and
having joined BMO Capital Markets in           Kong. Previously, he spent 14 years at         in the resource sector, including M&A,         Commercial Bank of China’s Beijing branch
1996. He holds an Honours Bachelor of          Citigroup, most recently as Managing           strategic advisory, and equity financing.      as Deputy Manager of the International De-
Commerce from the University of British        Director, Corporate and Investment             Before joining BMO Capital Markets in          partment. Kevin has a Bachelor of Science
Columbia and is a CFA Charterholder.           Banking, in Malaysia. He has advised on        2004, Bill gained 17 years of investment       from Beijing Polytechnic University and an
                                               M&A transactions as well as complex            banking experience working in London,          MBA from Renmin University of China.
Key transactions include: Teck’s               debt and equity financings across various      Toronto and Tokyo. This included work
C$1.0 billion sale of its gold assets;         industries.                                    in fixed income, derivatives and foreign       Key transactions include: CNOOC’s
Miramar’s C$1.5 billion sale to Newmont;                                                      exchange as well as spending one year as a     acquisition of OPTI Canada Inc.;
Bema’s C$3.7 billion sale to Kinross;          Ashutosh holds an MBA from the Indian          credit analyst.                                Chinalco’s C$840 million acquisition of
Canico’s C$941 million sale to Vale;           Institute of Management (IIM) – Ahmeda-                                                       Peru Copper; Minmetals & Jiangxi Copper’s
Goldcorp’s C$650 million sale of its stake     bad and a Bachelor of Economics from St.       Bill holds an MBA from York University,        C$455 million acquisition of Northern
in Terrane; Far West’s C$725 million sale to   Stephen’s College, Delhi University.           a Master’s in Political Economy from the       Peru Copper; Jinchuan’s C$214 million
Capstone; Red Back’s C$165 million equity                                                     University of Toronto and a Bachelor of Arts   acquisition of Tyler Resources; and
issue; and Platinum Group Metals’ C$144                                                       from St. Lawrence University.                  Canadian Royalties’ C$192 million
million equity issue.                                                                                                                        acquisition by Jien Nickel.

     Client Relationship Management

T: +1 604 443 1442                             T: +44 20 7664 8118                          T: +1 604 443 1445                           T: +44 20 7664 8125
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CARTER HOHMANN                                 SIMON KERSEY                                 MORTEN EISENHARDT                            DERK HARTMAN
Managing Director,                             Managing Director,                           Director,                                    Director,
Global Metals & Mining, Vancouver              Global Metals & Mining, London               Global Metals & Mining, Vancouver            Global Metals & Mining, London

Carter joined the BMO Capital Markets          Simon joined the BMO Capital Markets         Morten is responsible for public and         Derk joined the London office of
Vancouver office in 2001. Since that time he   London office in 2011 to provide M&A         private financing and merger & acquisition   BMO Capital Markets in 2007 to focus
has been involved in a wide range of public    advice with a focus on Africa and emerging   engagements for clients in the Vancouver     on public and private equity financings
and private financings and M&A mandates        markets. Previously, Simon worked for the    region. He joined BMO Capital Markets in     and M&A engagements for metals &
for metals & mining clients. Carter holds a    mining M&A teams at Standard Bank and        2005. Morten holds a Bachelor of Applied     mining clients. Prior to joining BMO
Bachelor of Commerce from the University       Deutsche Bank, and was also instrumental     Science in Mechanical Engineering from       Capital Markets, he worked in the natural
of British Columbia. He is also a Chartered    in establishing a London-based mining-       the University of British Columbia and an    resources sector team for a large European
Accountant and a Chartered Business            focused finance advisory boutique. He is     MBA from the Rotman School of Business       investment bank. Derk has been working
Valuator.                                      a chartered accountant, having worked        at the University of Toronto.                on deals in the metals and mining sector for
                                               within PwC’s M&A tax advisory team. He                                                    more than 12 years, with particular focus on
Key transactions include: Far West’s           has completed M&A transactions for clients   Key transactions include: Bema’s             Europe, FSU and Africa.
C$725 million sale to Capstone; Bear           including BHP Billiton, Anglo American,      C$3.7 billion sale to Kinross; Anglo’s
Creek’s C$130 million equity financing;        ENRC and Lonmin, as well as junior           US$1.5 billion purchase of a 50% stake       Derk has a Master of Science in Mining
Silvercorp’s C$117 million equity              exploration and development companies        in Northern Dynasty’s Pebble project;        and Petroleum Engineering from Delft
financing; Newmont’s C$1.5 billion             and private equity funds. Simon has a BA     Thompson Creek’s C$690 million               University of Technology in The
acquisition of Miramar; and Canico’s           degree in Philosophy from Bristol            purchase of Terrane Metals; Goldcorp’s       Netherlands and is a Professional
C$135.4 million equity financing and           University.                                  US$505 million sale of Escobal to Tahoe      Member of the Society for Mining,
C$941 million sale to CVRD. He also                                                         Resources; and Aurizon’s hostile defence.    Metallurgy and Exploration.
played a key role in Copper Mountain’s         Recent transactions include: the sale of
C$52.5 million equity offering and Peru        Chambishi Metals to ENRC; the strategic
Copper’s C$56.6 million IPO.                   investment in Northam Platinum by ENRC;
                                               and the sale of Metorex to Jinchuan.

      Client Relationship Management

T: +86 10 8588 1711                            T: +1 212 702 1854                              T: + 1 416 359 5547                           T: +1 416 359 5051
E:                             E:                        E:                         E:

JON JIN                                        JONATHAN ROSE                                   ILAN BAHAR                                    CHRIS EGER
Director,                                      Director,                                       Vice President,                               Vice President,
Investment & Corporate Banking, Beijing        Global Metals & Mining, New York                Global Metals & Mining, Toronto               Global Metals & Mining, London

Jon joined the firm in Aug 2011 as a           Based out of New York, Jonathan focuses on      Ilan joined the Global Metals & Mining        Chris is focused on merger, acquisition and
Director, promoting the BMO Capital            metals and mining clients, with particular      team in 2005 and has broad experience in      defense transactions as well as public and
Markets investment and corporate banking       concentration on the coal sector. Jonathan      equity / convertible debenture financing,     private equity financings. He joined BMO
activities in China. Prior to joining BMO,     has over 10 years of global investment          merger, acquisition, and defence              Capital Markets in 2007 working in the
Jon worked 7 years for Anglo American          banking experience within the Metals &          transactions. Ilan holds a Bachelor of        Mergers & Acquisitions group in Chicago
Plc, took positions as Head of Corporate       Mining industry. He has been involved in        Applied Science degree in Industrial          and transferred to the Metals & Mining
Finance and Interim Chief Representative       over 30 successful coal transactions and        Engineering from the University of Toronto.   group in 2011. Chris has over 12 years of
of the China Representative Office, as well    numerous transactions in metals distribu-                                                     corporate finance experience and prior to
as senior corporate finance executive in       tion as well as base and precious metals. He    Key transactions include: Newmont’s           joining BMO Capital Markets, he worked
Anglo’s London headquarters. He worked         joined BMO Capital Markets in 2010.             acquisition of Fronteer (C$2.3 billion);      for a hedge fund specializing in the base
on a number of M&A and large capital                                                           the sale of Quadra FNX (C$3.0 billion         metals. Chris also worked for seven years at
projects for the global leading mining         Jonathan holds a Master’s degree in Inter-      transaction); the C$3.7 billion hostile       a private equity firm specializing in indus-
company. Before Anglo, Jon worked with         national Affairs from Columbia University,      defence and sale of Meridian to Yamana;       trial transactions.
Ernst & Young LLP transaction services         a Certificate from the Institute of East Cen-   the C$1.5 billion sale of Gold Eagle to
team in London, advising clients over M&A      tral Europe at Columbia University, and an      Goldcorp; raising equity and convertibles     Chris has an MBA from the J. L. Kellogg
transactions in financial services sector in   undergraduate degree in Economics from          of over C$1.9 billion for Detour Gold; the    Graduate School of Management of
emerging markets.                              the University of Virginia.                     US$550 million private placement of           Northwestern University and a Bachelor
                                                                                               convertible preferred shares of Manabi;       of Arts from Colgate University.
Jon holds an MBA from INSEAD and a                                                             and the C$392 million secondary sale of
Bachelor degree from Beijing Foreign Stud-                                                     Lake Shore shares by Hochschild.
ies University.

     Client Relationship Management

T: +44 20 7664 8135                           T: +1 416 359 5574                            T: +1 416 359 5745
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SAPAN GHAI                                    TOM JAKUBOWSKI                                CARLOS RAMIREZ
Vice President,                               Vice President,                               Vice President,
Global Metals & Mining, London                Global Metals & Mining, Toronto               Global Metals & Mining, Toronto

Sapan joined the BMO Capital Markets          Tom works with clients to arrange equity      Carlos joined the Global Metals & Mining
London Office in 2011 with a focus on         and debt financing, merger, acquisition and   team in 2010 to focus on M&A and defense
providing M&A advice to the metals and        defence mandates. His experience includes     engagements as well as public and private
mining sector. Prior to joining BMO, Sapan    transactions and equity financings for        financings. Prior to joining BMO Capital
worked at Standard Bank within its Global     precious metal, base-metal and uranium        Markets, he worked in the Global Mining
Advisory team. Sapan has advised on a         mining companies. Tom spent two years         team at another investment bank. Carlos
broad range of M&A transactions involving     in BMO’s Equity Research group covering       has an MBA from the Schulich School of
London-listed miners, Russian investment      metals and mining companies before join-      Business and an Honours Bachelor degree
funds and Chinese mining companies.           ing the Investment & Corporate Banking        in Industrial Engineering from Sabana
Notable clients include BHP Billiton, Vale,   group in 2006. Tom holds a Bachelor of        University.
ENRC and Chinalco.                            Commerce from McGill University.
                                                                                            Key transactions include: Franco-Nevada’s
Sapan is a Chartered Accountant having        Key transactions include: Western Gold-       C$1.0 billion acquisition of Gold Wheaton;
qualified with PricewaterhouseCoopers.        fields’ C$548 million merger with New         Andean Resources’ C$3.6 billion sale to
He holds a BSc in Mathematics and an          Gold; New Gold’s US$513 million exercise      Goldcorp; Kinross Gold’s C$8.0 billion
MSc in Finance.                               of El Morro ROFR and C$115 million equity     acquisition of Red Back Mining; Golden
                                              financing; Aquiline’s C$626 million sale      Minerals’ C$600 million merger with ECU
                                              to Pan American Silver; Franco- Nevada’s      Silver; Vale’s C$263 million acquisition
                                              C$1.3 billion IPO; numerous M&A and           of TEAL Exploration jointly with African
                                              equity mandates for Uranium One, as           Rainbow Minerals; and raising equity of
                                              well as for small cap metals & mining         over C$230 million for Romarco Minerals
                                              companies.                                    and C$85 million for San Gold.

      Equity Capital Markets

T: +1 416 359 4184                            T: +1 416 359 4241                             T: +1 416 359 8130                             T: +1 416 359 5201
E:                       E:                   E:                       E:

PETER MILLER                                  ELIZABETH WADEMAN                              MANNY DHILLON                                  FAHEEM TEJANI
Managing Director,                            Managing Director,                             Director,                                      Director,
Head of Equity Capital Markets Canada,        Equity Capital Markets, Toronto                Equity Capital Markets, Toronto                Equity Capital Markets, Toronto
                                              Elizabeth has over a decade of experience      Manny joined BMO Capital Markets               Faheem joined the Equity Capital Markets
Peter heads the Equity Capital Markets        in advising private and public companies       Investment Banking in July of 2001 as          group in 2009, after spending three years in
group in Canada, and is responsible for       on equity capital markets solutions. She       an Analyst. Over the last decade, Manny        London, England, selling North American
developing and executing equity and           specializes in the metals & mining sector      gained experience working in a number of       equities to European investors for BMO
equity-linked financing solutions. He has     and has a depth of expertise in originat-      different teams within the firm, joining the   Capital Markets. Faheem began his
overseen a variety of follow-on and initial   ing and executing equity transactions,         Equity Capital Markets group in July of        investment banking career at BMO Nesbitt
public equity offerings primarily in the      including IPOs, follow-on and secondary        2004. As a part of ECM, Manny has been         Burns in 2000 in the M&A group and then
mining, energy, industrial, real estate,      offerings, and equity-linked securities. She   instrumental in number of financings           the Financial Services group. He has
technology and financial services indus-      has been instrumental in the structuring       across various sectors for common equity,      completed a number of initial public
tries. Prior to joining BMO Capital Markets   of complex offerings for a wide range of       convertible debentures, preferred shares       offerings, follow-on and equity-linked
in 2003, he spent five years with Salomon     domestic and international clients.            and income trust transactions for both         financings for a wide range of clients
Smith Barney in London. He began his          Elizabeth has been with BMO Capital            public and private companies. Most             during his time with the firm. Prior to
investment banking career in 1994 at Burns    Markets since 1998, where she started in       recently, Manny has been focused in the        working at BMO Capital Markets, Faheem
Fry in the M&A group.                         the Mergers & Acquisitions group.              execution role of BMO Capital Markets led      spent two years with an international
                                                                                             financings.                                    accounting firm in its financial institutions
Peter holds an MBA and a Bachelor of Engi-    Elizabeth holds a Bachelor of Commerce                                                        group.
neering and is a CFA Charterholder.           from McGill University and is a CFA            Manny holds a Bachelor of Commerce
                                              Charterholder. She also holds a degree in      degree (Honours) from the University of        Faheem holds a Bachelor of Arts with
                                              Piano Performance (ARCT) from The Royal        Toronto and a Chartered Financial Analyst      Honours from the University of Western
                                              Conservatory of Music.                         (CFA) designation.                             Ontario and is a Chartered Accountant.

     Mergers & Acquisitions

T: +1 416 359 4744                             T: +1 416 359 4754                            T: +1 416 359 6575                             T: +1 416 359 6425
E:                          E:                     E:                      E:

ANDRE L. HIDI                                  DANIEL BARCLAY                                JOHN ARMSTRONG                                 GARY A. MATTAN
Executive Managing Director,                   Managing Director,                            Managing Director,                             Managing Director,
Global Head, Mergers & Acquisitions,           Head of Canadian Mergers & Acquisitions,      Mergers & Acquisitions, Toronto                Mergers & Acquisitions, Toronto
Toronto                                        Toronto
                                                                                             John has been involved in a wide range         Gary has over 15 years of experience
Andre heads the BMO Capital Markets            Daniel heads the BMO Capital Markets          of public and private advisory mandates,       advising on purchase and sale mandates,
Global M&A group. He joined BMO Capital        Canadian Mergers & Acquisitions group.        but focuses much of his time on advising       merger transactions, and valuations and
Markets in 2004, following 12 years with       Prior to joining BMO Capital Markets in       clients in resource-based industries. Prior    fairness opinions. Previously, Gary worked
two leading international investment banks     2003, he spent a combined 13 years in         to joining BMO Capital Markets in 2003,        in an M&A capacity with another major
and teaching an MBA course on M&A at           investment banking at Morgan Stanley and      he worked with other investment banks          Canadian investment bank in Toronto and
the University of Toronto. Andre holds an      Scotia Capital. Daniel has a Bachelor of      in Toronto and New York. John received         New York. He holds an MBA from Wake
MBA from Stanford University’s Graduate        Science with Honours from the University      a Bachelor of Commerce from the Sauder         Forest University’s Babcock Graduate
School of Business as well as a BA and MA      of Alberta and an MBA from the University     School of Business at the University of        School of Management and a Bachelor of
in Political Economy from the University of    of Calgary.                                   British Columbia and an MBA with               Science from the University of Western
Toronto.                                                                                     Honours from the Rotman School of              Ontario. Gary is a CFA Charterholder.
                                               His key assignments include: QuadraFNX        Management at the University of Toronto.
His advisory experience includes: pending      on its sale to KGHM; CNOOC’s acquisition                                                     Key mining transactions include: ENRC’s
$3.6 billion sale of TMX Group to Maple        of OPTI Canada Inc.; Canadian Tire’s          Notable advisory mandates include:             acquisition of First Quantum’s copper
Acquisition Corp; BMO Financial Group’s        acquisition of Forzani; Consolidated          Newmont’s acquisition of Fronteer Gold         assets in the Democratic Republic of Congo;
US$4.1 billion acquisition of Marshall &       Thompson Iron Ore’s sale to Cliffs;           and its consolidation of the Boddington        European Goldfields on its sale to Eldorado
Ilsley; Newmont’s C$2.3 billion acquisition    Goldcorp’s sale of its interest in Terrane;   gold mine; Consolidated Thompson Iron          Gold; Anvil on its sale to Minmetals;
of Fronteer Gold and $1.0 billion consolida-   Woodbridge on its sale of CTVglobeme-         Ore’s sale to Cliffs; Andean’s Sale to Gold-   Kinross’s acquisition of Red Back Mining;
tion of its Boddington project; Meridian       dia; Value Creation Inc on its oil sands JV   corp; Far West Mining’s sale to Capstone       ARMZ/Uranium One’s acquisition of
Gold’s $3.8 billion merger with Yamana         with BP plc; TransAlta Power LP’s sale to     Mining; Aquiline’s sale to Pan American        Mantra Resources; Nyrstar’s acquisition of
Gold and Northern Orion Resources;             Cheung Kong Infrastructure; Miramar’s sale    Silver; Chinalco’s acquisition of Peru         Farallon Mining; Anatolia Minerals’ merger
Wheaton River’s $2.6 billion acquisition of    to Newmont; Kensington Resources’ sale        Copper; Teck’s sale of various gold assets;    with Avoca Resources; and Meridian Gold’s
Goldcorp and Goldcorp’s $1.6 billion           to Shore Gold; and EnCana’s sale of its oil   Gold Eagle’s sale to Goldcorp and Uramin’s     defence and successful sale to Yamana
acquisition of certain Placer Dome assets.     pipelines.                                    sale to AREVA.                                 Gold.

      Mergers & Acquisitions

T: +1 416 359 5864                              T: +1 416 359 6361                              T: +1 416 359 6292
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SARFRAZ VISRAM                                  GEOFF BARSKY                                    BRADLEY WELLS
Managing Director,                              Director,                                       Vice President,
Mergers & Acquisitions, Toronto                 Mergers & Acquisitions, Toronto                 Mergers & Acquisitions, Toronto

Sarfraz has extensive experience advising       Geoff has been involved in a wide array of      Since joining BMO Capital Markets in 2007,
clients on a wide array of M&A                  M&A assignments. While he has worked            Brad has been involved in a wide array of
assignments, including purchase and sale        for clients in a variety of industries, Geoff   M&A assignments, including purchase and
mandates, hostile defense assignments,          spends the majority of his time advising        sale mandates, strategic alternatives
valuations, strategic alternatives reviews,     clients in the natural resources sector with    reviews and several restructuring
and restructuring mandates. He joined           a specific focus on mining. Prior to joining    mandates. After spending three years in
BMO Capital Markets in 1998.                    BMO in 2006, Geoff spent over six years         the Diversified Industries group, covering
                                                with GE Capital. Geoff holds an MBA from        a range of clients and industries, he
Sarfraz has taken lead roles in the firm’s      McGill University and a Bachelor of             transferred to the M&A group and now
metals and mining M&A transactions for          Business Administration from Simon              spends a significant portion of his time
Franco Nevada, Quadra FNX, Trafigura            Fraser University. Geoff is also a CFA          focused on the metals and mining sector.
Beheer as well mandates for Chinese-            Charterholder.                                  Prior to joining BMO Capital Markets,
based companies, like China Minmetals,                                                          Brad spent three years with Ernst & Young
Jiangxi Copper, Northwest Nonferrous            Notable advisory mandates include:              working in the Assurance & Advisory
International, Jinduicheung Molybdenum,         European Goldfield’s sale to Eldorado           Business Services Group in Montreal,
Jinchuan Group, China National Nuclear,         Gold; Golden Minerals’ merger with ECU          Quebec.
Zijin Mining Group, and the China-Africa        Silver; Anatolia Minerals’ merger with
Development Fund. He has also been              Avoca Resources; Kinross’ acquisition of        Brad holds a Bachelor of Commerce with
involved in a number of successful defenses     Red Back Mining; Moto Gold Mines’ sale to       First Class Honours in Accounting from
of hostile bids, including advisory roles for   Randgold; Teck’s sale of various gold assets;   McGill University. He is a Chartered
Meridian Gold, Air Canada, SMED                 Teck’s acquisition of Global Copper; China      Accountant and a Certified Public
International, Canico Resource and              Minmetals/Jiangxi Copper’s acquisition of       Accountant (IL).
Canadian Royalties.                             Northern Peru Copper; and Cambior’s sale
                                                to IAMGOLD.

     Loan Products

T: +1 416 359 6835                           T: +1 416 359 6306                              T: +44 20 7664 8041                         T: +1 604 443 1436
E:                     E:                             E:                    E:

STEPHEN KELLY                                BOB DEOL                                        ANTHONY EBDON                               JERRY KAYE
Managing Director,                           Director,                                       Director,                                   Director,
Loan Products, Toronto                       Loan Products, Toronto                          Loan Products, London                       Loan Products, Vancouver

Steve is responsible for the Loan Products   Bob joined the Loan Products group with         Tony is responsible for the Loan Products   Jerry is responsible for the Loan Products
group’s metals and mining accounts           BMO Capital Markets in 2011. Bob’s area         group’s activities in Europe and Africa.    group’s activities in British Columbia. He
globally. He has been with BMO Capital       of expertise is in the structuring of lending   He has been with BMO Capital Markets        has been with BMO Capital Markets for
Markets for over 25 years and has            transactions for clients in the metals and      for 20 years and has extensive experience   over 25 years and has extensive experience
extensive experience in project financing,   mining sector. These transactions include       in structured, project, acquisition, and    in corporate lending, acquisition and
mergers and acquisition financing as well    acquisition, project and corporate financ-      corporate financings in the natural         project financing in the mining sector,
as traditional corporate finance for the     ings. Prior to joining BMO Capital Markets,     resources sector in various geographical    as well as bonds, preferred shares,
metals and mining sector. Prior to joining   Bob was with another financial institution      locations.                                  commercial paper and derivatives.
BMO, he was a mining engineer for            for five years where he played a key role in
Syncrude Canada Ltd.                         establishing many corporate, acquisition        Tony holds a Bachelor of Commerce from      Jerry holds an MBA and an Honours
                                             and project financings for a diverse range      the University of Cape Town and is a        Bachelor of Science, both from the
Steve holds a Mining Engineering Degree      of mining clients. Bob had a lead role on       Chartered Accountant.                       University of British Columbia.
and an MBA, both from Queen’s University.    the US$1.035 billion Pueblo Viejo project
                                             financing for Barrick/Goldcorp, which was
                                             recognized as 2010 Americas Mining Deal
                                             of the Year by PFI.

                                             Bob has an MBA from the Rotman School
                                             of Management at the University of
                                             Toronto and a Bachelor of Applied Science
                                             in Mechanical Engineering also from the
                                             University of Toronto.

     Loan Products

T: +1 416 359 4313                               T: +1 416 359 6890
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DEREK TOVICH                                     ROBERT WRIGHT
Director,                                        Director,
Loan Products, Toronto                           Loan Products, Toronto

Derek joined BMO Capital Markets in 2007         Robert is responsible for managing credit
as a member of the Loan Products group           relationships with many of the
with a particular responsibility for the         Loan Products group’s mining clients
mining sector. Prior to joining BMO Capital      based in Canada and the US. He has been
Markets, Derek spent several years with          with BMO Capital Markets for more than
another financial institution where he           20 years and has extensive experience in
completed numerous general corporate             corporate lending, project finance, and
and project financings in the mining sector.     acquisition financing.
Prior to this role, Derek worked for a private
equity firm assisting in the management of       He holds a Bachelor’s degree in Chemical
a $350 million fund across a diverse range       Engineering from the University of Toronto,
of industries.                                   an MBA from York University and is a
                                                 Certified Management Accountant.
Derek holds a Bachelor of Business
Administration from Wilfrid Laurier
University and is a CFA Charterholder.

      Technical Services

T: +1 416 359 7716                             T: +1 416 359 7732                            T: +1 416 359 4263
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LEONARD KILPATRICK                             CHRIS MORETON                                 TOM RANNELLI
Senior Mining Engineer & Consultant,           Senior Consulting Geologist,                  Senior Mining Engineer,
Global Metals & Mining, Toronto                Global Metals & Mining, Toronto               Loan Products, Toronto

Leonard R. Kilpatrick, A.C.S.M. (Camborne      Chris is a consulting geologist working       Tom joined the Loan Products group in
School of Mines), G.D.E. (Wits), P. Eng., a    exclusively for BMO Capital Markets.          2008 and contributes to the technical due
mining engineer, has over 40 years of world    In this role he performs technical due        diligence and financial analysis of mining
wide operating and consulting experience       diligence on projects and companies for       sector clients. Tom has 26 years of experi-
in base metals, precious metals, platinum      Investment & Corporate Banking. Chris is      ence in the mining industry. His expertise
group metals, iron ore, uranium, thermal       a Professional Geoscientist and Qualified     includes mine engineering and production
and coking coals, diamonds, potash and         Person for various commodities including      in underground and open pit operations,
other industrial minerals. Len consulted for   gold, silver, PGMs, base metals, REEs, tin,   geotechnical and mine design, new mine
Canadian, European, American and Aus-          tungsten, molybdenum and uranium. Chris       commissioning, operational supervision,
tralian banks, as well as for senior North     is skilled in block model resource estima-    mineral processing and mining contractor
American mining and oil companies, junior      tion techniques and the geo-statistical       services. Prior to joining BMO, Tom was
mining and exploration companies, law          treatment of geological data. He has worked   involved with asset valuation and due
firms, accounting firms, utilities and crown   in mining and exploration for more than 25    diligence for projects in North America,
corporations.                                  years on grassroots and brownfields           South America, Eastern Europe, and Africa.
                                               projects in such places as the Canadian
Presently, Len’s consulting services are       Arctic, Mexico and Saudi Arabia.              Tom is a P.Eng with a Bachelor of Science
exclusive to BMO Capital Markets.                                                            with Honors in Mine Engineering from
                                               Chris holds a PhD in structural geology       Queen’s University and an MBA from the
                                               from the University of New Brunswick,         Richard Ivey School of Business.

     Commodity Products

T: +1 212 702 1817                           T: +1 212 702 1819
E:                      E:

GARY SPENCER                                 TAI WONG
Director,                                    Director,
Commodity Products, New York                 Commodity Products, New York

Gary is the senior metals trader for BMO     Tai is a senior metals trader for BMO
Capital Markets, based in our New York       Capital Markets, based in our New York
office. With more than 20 years of trading   office. With 20 years of trading experience
experience in both precious and base         in precious metals, foreign exchange and
metals, Gary joined BMO Capital Markets      emerging markets Tai joined BMO Capital
from a leading investment bank in New        Markets from a leading international
York, where he established the firm’s        investment bank in 2011 where he
precious metals option trading business.     established the firm’s precious metals
                                             trading operation in North America.
During his earlier career at an investment   Previously Tai was global head of
bank, Gary served as the Head of Precious    precious metals spot trading at a US
Metals Option Trading in London, Global      investment bank. Earlier in his career he
Head of Precious and Base Metals Option      built a market-leading electronic trading
Trading in New York, and Asia Pacific Head   platform for foreign exchange.
of Foreign Exchange and Commodity
Option Trading in Singapore.                 Tai holds an AB in Government from
                                             Harvard College and is a CFA

     Equity Sales Team

T: +1 416 359 5270                            T: +1 416 359 4027                            T: +33 1 4450 4381                              T: +1 212 885 4049
E:                        E:                     E:                      E:

MIKE MILLER                                   JAMSHEED MEHTA                                MATTHIEU DEBOST                                 ALAN TANNENBAUM
Executive Managing Director,                  Managing Director,                            Managing Director,                              Managing Director,
Head of Equity Products, Toronto              Head of Global Equity Sales, Toronto          Head of European Sales, Paris                   Head of U.S. Equity Sales, New York

Since joining BMO Capital Markets in 1987,    Jamsheed joined Burns Fry Ltd., a             Matthieu heads the European sales team.         Prior to joining BMO Capital Markets in
Mike has been involved in various Cana-       predecessor to BMO Capital Markets, in        Previously, he oversaw Canadian equity          2010, Alan spent 13 years at Lehman
dian and U.S. equity research and portfolio   1992. He was appointed Head of Global         sales in Europe for a major European bank,      Brothers Inc., including four years as Head
management capacities. He was appointed       Equity Sales in 2009 and is responsible       and worked for 18 years at that bank’s office   of U.S. Institutional Sales, and two years as
Director of Research in 2000, Co-Head of      for BMO’s institutional equity sales and      and predecessor firm Bunting Warburg in         Head of European Equity Capital Markets
Equity Products in 2006, and Head of Equity   new issue efforts. Prior to joining the       Toronto. He joined BMO Capital Markets          in London. Alan joined Lehman Brothers
Products in 2008. He is responsible for the   institutional equity group in 1995,           in 2009.                                        in 1993 in Institutional Sales and moved
BMO Capital Markets institutional equity      Jamsheed worked in equity capital                                                             into Equity Capital Markets in 1996. Prior
research, sales and trading businesses in     markets.                                      Matthieu holds a Master of Business & Tax       to joining Lehman Brothers, he worked at
Canada, the U.S. and globally.                                                              Laws from the University of Paris-Dau-          HSBC James Capel in Equity Sales.
                                              Jamsheed holds a Bachelor of Commerce         phine. Matthieu is a citizen of France, the
Mike holds a Bachelor of Commerce from        from the University of Toronto and is a CFA   U.S. and Canada.                                Alan holds a Bachelors Degree with High
the University of Toronto and a Master of     Charterholder.                                                                                Honors from the University of Michigan.
Economics from the University of Western
Ontario. He is also a CFA Charterholder.
He has been a member of the Board of
Directors of the Toronto Society of
Financial Analysts and the Investment
Industry Association of Canada, as well as
both private equity and pension advisory

      Equity Sales Team

T: +44 20 7246 5444                            T: +1 416 359 4132                            T: +1 212 702 1916                             T: +1 212 702 1270
E:                         E:                         E:                      E:

ALEX ARAUJO                                    DOUG FLEGG                                    CHUCK VITTON                                   PETER BURES
Managing Director,                             Managing Director,                            Managing Director,                             Director,
Equity Sales, London                           Global Mining Sales, Toronto                  Global Equity Sales, New York                  Global Mining Sales, New York

Alex heads the Equity Sales team in            Doug is a Mining Specialist on the            Chuck received his securities license in       Peter joined the BMO Capital Markets
London. He was most recently                   institutional sales desk in Toronto. He       1987 and joined Burns Fry, a predecessor       institutional sales desk in New York in 2011.
Executive Director of Institutional Equity     is responsible for covering institutional     to BMO Capital Markets in 1988. He has         His first few years in the mining industry
Sales at UBS, covering clients in both North   mining investors and providing support        helped build our institutional sales           were at Placer Dome in Timmins, followed
America and Europe for more than a             to BMO’s sales and trading desks on           efforts in the United States over the past     by eight years on the sell side in equity
decade. He started his career in the           mining-related issues. He has over 23 years   23 years. Chuck is a resource specialist       research. Peter worked at Deutsche Bank,
research department at Burns Fry, having       of investment experience on both the buy      on the institutional sales desk in New York    HSBC in New York and Toronto, and at
served as a Financial Economist. Alex          and sell-sides of the street. Doug has also   and is actively involved in public and         Yorkton. In 2007 he transitioned to the
re-joined BMO Capital Markets in 2009.         worked in the mining industry as an           private placements.                            buy side with Sentry Investments as an
                                               Exploration Geologist.                                                                       associate portfolio manager, specializing in
Alex holds a Bachelor of Commerce and                                                        Chuck holds a Bachelor of Science from the     metals and mining.
a Master’s degree in Economics from the        Doug holds an MBA and a Bachelor of           University of Nebraska, majoring in finance.
University of Toronto. He is a CFA             Science (Honours Geology) from Queen’s                                                       Peter holds a Bachelor of Applied Science
Charterholder and a member of the UK           University. He is a CFA Charterholder.                                                       (geological and mineral engineering) from
Society of Investment Professionals.                                                                                                        the University of Toronto.

      Equity Sales Team

T: +44 20 7246 5427                           T: +1 416 359 7062
E:                          E:

JACK GABB                                     HEATHER TAYLOR
Vice President,                               Associate,
Global Mining Sales, London                   Equity Sales, Toronto

Jack joined the institutional sales desk in   Heather is an Associate in the BMO Capital
London in 2011 as a Mining Specialist.        Markets Global Mining Equity Sales group,
His expertise and responsibilities are in     covering Canadian investors. Heather
covering UK and European institutional        has over 5 years of experience in Capital
mining investors and supporting BMO sales     Markets, both on buy and sell sides. Most
and trading desks on all mining-related       recently, she worked in the Global Metals
issues. Prior to joining BMO, Jack spent      & Mining Research group at BMO. During
several years working at Liberum Capital in   her tenure in research she helped launch
London, at Her Majesty’s Treasury (United     coverage on over 25 various precious
Kingdom’s economics and finance               metals and minerals stocks and played a
ministry) and at the Citi Private Bank in     significant part in creating the largest silver
New York. Jack holds a Bachelor of Science    coverage worldwide.
with Honors in Economics from the
University of Bath, as well as Diploma        Heather holds a Bachelor of Social Science
from the Chartered Institute for Securities   from the University of Western Ontario.
and Investment.

Notable transactions include: the IPOs of
Glencore, UC Rusal and London Mining.

      Equity Research Team

T: +1 416 359 4478                           T: +1 416 359 5424                             T: +1 416 359 4052                             T: +1 416 359 4034
E:                    E:                       E:                      E:

IAN DE VERTEUIL                              PAUL CAMPBELL                                  DAVID HAUGHTON                                 TONY ROBSON
Managing Director,                           Executive Managing Director,                   SENIOR PRECIOUS METALS                         DIVERSIFIED MINERS
Global Head of Research, Toronto             Co-Head of Equity Research, Toronto            Managing Director,                             Managing Director,
                                                                                            Co-Head, Mining Research, Toronto              Co-Head, Mining Research, Toronto
Prior to joining a predecessor firm of       Paul’s extensive experience in institutional
BMO Capital Markets in 1987 as a Research    equities includes work as both a Research      David joined BMO Capital Markets in 2007       Tony joined BMO Capital Markets in 2007
Analyst, Ian worked in his native Trinidad   Analyst and Portfolio Manager. Paul has        as Co-Head of Mining Research and to           as a sell-side Mining Analyst. He has 25
and Tobago for a diversified holding         covered a variety of sectors for BMO Capital   cover global mining stocks. He has worked      years of prior experience in financial
company, in both restructuring and           Markets including real estate, conglomer-      for over 15 years researching global min-      markets, covering all precious metal, base
operating management. For over 15 years,     ates and non-bank financial services –         ing companies as a Senior Equity Analyst       metal and bulk commodity sectors. He
Ian was a top-ranked analyst in banks,       reaching the top ranking in the real estate    for international stockbrokers, and has        co-founded Global Mining Research, a
life insurance and consumer products. In     sector as measured by the Brendan Wood         a further seven years of experience as a       boutique firm providing research to
2009, Ian joined the Canada Pension Plan     International Survey. In 1998, Paul left       Financial Analyst in the resources sector.     financial institutions, and is a former
Investment Board as Head of Fundamental      BMO to work for a Canadian investment          David co-founded and built Global Mining       Senior Mining Analyst at BNP Paribas
Research to help develop the $150 billion    counsellor as a Portfolio Manager of           Research into an internationally recognized    and Prudential Securities.
Fund build-out of its global research        Canadian equities. He rejoined BMO in          business, providing world-class mining
capability. In 2011, Ian rejoined BMO        2000 to assume the role of Associate           equity research for institutional investors.   Tony holds a Master of Mineral Economics
Capital Markets as Global Head of            Director of Research and was appointed         He has analyzed major Australian, North        from Macquarie University, and a Master of
Research.                                    to his current position in 2008.               American, South African, U.K., European,       Science and Bachelor of Science (Honours),
                                                                                            Asian and Russian precious metals and          both in Geology, from the University of
Ian holds a Bachelor of Science in           Paul holds a Bachelor of Commerce (Hon-        mining companies.                              Sydney, as well as a Graduate Diploma in
chemistry from McGill University (1984)      ours) from the University of Manitoba and                                                     Applied Finance and Investment Analysis
and an MBA from the University of Western    an MBA from the University of Western          David holds an MBA from the University         from the Securities Institute of Australia.
Ontario (1986).                              Ontario.                                       of Queensland and a Master of Applied          He is a Fellow of the Financial Services
                                                                                            Science (Geology) from the Queensland          Institute of Australasia.
                                                                                            University of Technology.

     Equity Research Team

T: +1 416 359 8456                             T: +1 416 359 6189                          T: +1 416 359 7224                           T: +1 303 436 1113
E:                    E:                      E:                       E:
STEPHEN BONNYMAN                               JOHN P. HAYES                               ANDREW KAIP                                  MEREDITH BANDY
BASE METALS                                    EXPLORATION & DEVELOPMENT                   PRECIOUS METALS                              COAL
Managing Director,                             Managing Director,                          Director,                                    Vice President,
Research Analyst, Toronto                      Research Analyst, Toronto                   Research Analyst, Toronto                    Research Analyst, Denver

Stephen joined BMO Capital Markets in          John covers select precious and base        Andrew’s research covers gold and silver     Meredith’s research covers coal stocks.
2012 and covers Base Metal equities. He has    metals exploration companies and            stocks. Previously, Andrew worked as a       Meredith has 10 years of financial markets
over 25 years of experience in the financial   emerging producers. He joined BMO           Mining Analyst at Haywood Securities,        experience as a metals & mining Equity
markets. Stephen started his career as an      Capital Markets as an Associate in 2003     most recently covering gold and silver       Research Associate at Barclays (Lehman
exploration geologist, before moving on        and has more than 17 years of geologi-      junior exploration and mining companies.     Brothers), an Investment Banking Analyst
to corporate and structured finance, and       cal work experience, including precious     Prior to that, he served as a Project and    at Legg Mason and a Research Assistant
equity research as a mining, metals and        and base metals exploration. In the 2010    Consulting Geologist for more than 10        at Sands Capital Management. She joined
fertilizer analyst. He has worked in leading   Brendan Wood International Survey, John     years. He joined BMO Capital Markets in      BMO Capital Markets in 2006.
Canadian brokerages for over 13 years as a     achieved an all-star ranking in Precious    2009.
mining analyst, and as a top-ranked global     Metals & Diamonds – Small/Mid Cap.                                                       Meredith holds an MBA from the Kenan-
resources analyst and portfolio manager for                                                Andrew holds a Master of Science in          Flagler Business School at the University of
the past five years.                           John holds an Honours Bachelor of Sci-      Economic Geology from the University of      North Carolina, and a Bachelor of Science
                                               ence in Geology and a Master of Science     British Columbia, a Bachelor of Science in   in Business Administration from George-
Stephen holds an MBA from Dalhousie            in Geology from Memorial University of      Geology from Carleton University, and is a   town University. She is a CFA Charter-
University, a B.Sc. in Geology from            Newfoundland. He also holds an MBA          Professional Geologist.                      holder.
McMaster University and is a CFA               from Dalhousie University. He is a member
Charterholder.                                 (P.Geo.) of the Professional Engineers
                                               and Geoscientists of Newfoundland and

      Equity Research Team

T: +1 416 359 8387                              T: +44 20 7246 5421                          T: +1 416 359 5254
E:                   E:                     E:

ANDREW BREICHMANAS                              EDWARD STERCK                                JOHANNES FAUL
PRECIOUS METALS                                 DIAMONDS, PLATINUM GROUP                     BASE METALS
Vice President,                                 METALS & URANIUM                             Research Analyst, Toronto
Research Analyst, Toronto                       Vice President,
                                                Research Analyst, London                     Johannes rejoined the BMO Mining
Andrew focuses on senior and intermediate                                                    Research team in 2010, as an analyst in
gold producers. His previous experience in-     Edward focuses on uranium, platinum          base metals and bulk materials. Previously,
cludes roles with a technical consultancy in    group metal and diamond stocks. Prior        he spent two years as an energy and
the design, construction and commission-        to joining BMO Capital Markets, Edward       resources analyst at the Royal Bank of
ing of capital projects in the mining sector.   worked as a Mining Analyst at Hargreave      Scotland and three years as a research
He joined BMO Capital Markets in 2006.          Hale, specializing in uranium and            associate at BMO Capital Markets and
                                                diamonds. He also spent over four years      Global Mining Research. He also worked
Andrew holds an MBA from the University         trading government bond futures on a         as a corporate finance consultant
of Michigan, and an Honours Bachelor of         proprietary basis. He joined BMO Capital     at PricewaterhouseCoopers for three years.
Science in Mathematics and Engineering          Markets in 2007.
from Queen’s University. He is a member                                                      Johannes has an MBA from the University
(P.Eng) of Professional Engineers Ontario.      Edward holds a Bachelor of Science (Hon-     of Cologne and is a CFA Charterholder.
                                                ours.) in Geology from the Royal School of
                                                Mines, Imperial College.

Global Metals & Mining Group Contacts
AMERICAS                                                          EUROPE                     ASIA & AUSTRALIA

CHICAGO                          RIO DE JANEIRO                   LONDON                     BEIJING
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DENVER                           TORONTO                                                     People’s Republic of China
Dominion Plaza                   100 King Street West             PARIS
Suite 2240, South Tower          P.O. Box 150                     7, Place Vendome
600 17th Street                  Toronto, ON M5X 1H3              75001 Paris                DELHI
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HOUSTON                          885 West Georgia Street          ZURICH
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Houston, TX 77002                                                 Switzerland                Melbourne, Australia 3000

MEXICO CITy                                                                                  SHANGHAI
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No. 40 - Piso 18                                                                             689 Guangdong Road
Edificio Torre Esmeralda                                                                     Shanghai 200001
Lomas de Chapultepec                                                                         People’s Republic of China
11000 Mexico, D.F.

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