GLOBAL METALS _ MINING by wulinqing

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									GLOBAL METALS & MINING
Our Commitment to Metals & Mining
With nearly a century of service to the metals & 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 & mining clients through 26 offices worldwide.


                          We are a leading underwriter of equity issues for met-   Our annual Global Metals & Mining Conference is
                          als & mining companies, and can assist your business     now widely recognized as the best event of its kind
                          whether you are in the early stages of exploration or    anywhere. This year, the Conference marks its 20th
                          in full production. Our extensive industry contacts      year of bringing companies and investors together.
                          and transactional experience enable us to provide
                          expert support throughout the merger and acquisition     As you read through these pages, I am confident that
                          process. We also offer you complete treasury and risk    you will discover for yourself what makes BMO Capi-
                          management services.                                     tal Markets the ideal partner to help achieve
                                                                                   your ambitions.
                          At the heart of this effort is our top-rated Equity
                          Research team, with 10 dedicated analysts collec-
                          tively covering over 150 metals, mining and fertilizer
TOM MILROY                companies – more than any other financial institution
Chief Executive Officer
                          in the world.
BMO Capital Markets
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 & mining has in
recent years. Consolidation has created a truly global industry, with
companies investing heavily far from home.




BMO Capital Markets wants to be your part-      As a member of BMO Financial Group (NYSE,
ner of choice. No matter what stage of devel-   TSX: BMO), we leverage the financial strength
opment your company has reached, or which       and capabilities of one of North America’s
markets you choose to compete in, we have       leading financial services organizations.
the knowledge and the resources to help you
succeed.                                        With 26 offices spanning five continents,
                                                BMO Capital Markets is a one-stop provider
We have been a trusted advisor to metals &      of financial solutions to an industry where
mining companies for nearly a century and       vision, speed and the ability to transcend bor-
this tradition of excellence carries over in    ders have become the benchmarks for
everything we do.                               success.
Global Financial Solutions



                                                LONDON
                                                DUBLIN
           CALGARY
   VANCOUVER                         MONTREAL       PARIS
       SEATTLE                       TORONTO       ZURICH
       DENVER                 BOSTON                                                   BEIJING
SAN FRANCISCO                 NEW YORK
  LOS ANGELES
                       CHICAGO
                                                                                       SHANGHAI
          HOUSTON      ATLANTA
                                                                                       TAIPEI
         MEXICO CITY                                                             HONG KONG
                                                            MUMBAI               GUANGZHOU




                                         RIO DE JANEIRO




                                                                     MELBOURNE
Our Capabilities
Access to Capital
Backed by BMO Financial Group’s total assets of US$404 billion*,
BMO Capital Markets can provide the capital your ambitions require.
Our lending solutions include traditional loans and commitments, asset-
based lending, and complex structured and project financing. We can 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, 2010




BMO CAPITAL MARKETS HAS BEEN BOOKRUNNER FOR OVER C$10 BILLION IN
METALS & MINING EQUITY ISSUANCES SINCE 2002.
Market Presence
Our sales and trading professionals work closely with institutional
investors to help them achieve their ambitions. We offer sector-specific
insights and reports from analysts with strong technical backgrounds.
Our knowledge, experience and global expertise produce analysis and
recommendations that are thorough and reliable.




BMO CAPITAL MARKETS IS A MEMBER OF THE
FOLLOWING GLOBAL STOCK EXCHANGES:
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 services         with 20 transactions exceeding US$17 billion
partner that understands world markets and      in total value.
distinguishes between trend and opportunity.
With 26 offices worldwide, including Austra-    Our full range of advisory services includes:
lia, Europe and China, we can offer thorough,    • Mergers & Acquisitions

dependable and leading-edge strategic advice.    • Valuations & Fairness Opinions

                                                 • Divestitures

Our team of M&A experts has significant          • Public Takeover Bids and Defenses

expertise and a proven track record. In 2010,    • Leveraged Buyouts

BMO Capital Markets ranked #1 for complet-       • Recapitalizations and Restructurings

ed and pending North American mining M&A,




RANKED #1 IN COMPLETED AND PENDING NORTH AMERICAN MINING M&A IN
2010, WITH 20 TRANSACTIONS EXCEEDING US$17 BILLION IN TOTAL VALUE.
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.
to institutional investors and central banks.     • Copper        • Nickel

Our products and services include:                • Zinc          • Energy Products

   • Spot          • Forwards                     • Lead          • Coal

   • Options       • Swaps                        • Silver        • Industrial Minerals

   • Swaptions     • Structured Products




RISK MANAGEMENT STRATEGIES FOR CLIENTS RANGING FROM PRODUCERS
AND CONSUMERS TO INSTITUTIONAL INVESTORS AND CENTRAL BANKS.
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 eight 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
exploit 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.




GLOBAL FINANCIAL SOLUTIONS TO MANAGE DAY-TO-DAY CAPITAL AND
MITIGATE RISK.
Research
Our Metals & Mining Research team of 10 analysts covers over 150 metals,
mining and fertilizer companies, more than any other financial institution in
the world. Our mining exploration analysts cover approximately 75 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 by       We were also recognized by The Wall Street
the quality of our coverage. In its 2010 sur-    Journal’s “Best on the Street Survey,” with
vey of institutional investors, independent      four awards among 26 qualifying analysts.
consulting firm Brendan Wood International       And in the 2010 U.S. Equity Analyst survey
(BWI) ranked BMO Capital Markets as the          by Greenwich Associates, our firm joined the
Top Overall Institutional Equity Franchise for   ranks of the top 20 U.S. Equity Research firms.
research, sales and trading combined. BWI
has ranked our Canadian Research team #1 or
#2 for each of the past 30 years.




ACTIVE EQUITY RESEARCH ON OVER 150 METALS, MINING & FERTILIZER
COMPANIES ON SIX CONTINENTS.
Our Track Record
 Leading Metals & Mining
 M&A Advisory Franchise

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

  US$2.3 billion                C$4.9 billion                   US$1.2 billion                 C$1.0 billion                 US$1.0 billion                     US$1.7 billion
Advisor on Acquisition of      Advisor on Sale to             Advisor on Acquisition of     Advisor on Acquisition of       Advisor on Merger with         Advisor on Strategic Acquisition
     Fronteer Gold          Cliffs Natural Resources             Mantra Resources                Gold Wheaton                 Avoca Resources                    of 50% Interest in
                                                                                                                                                              Akbastau Uranium mine,
                                                                                                                                                            49.7% Interest in Zarechnoye
                                                                                                                                                                   Uranium mine

        Pending                      Pending                          Pending                       Pending                      February 2011                     December 2010




   C$3.6 billion              C$650 million                      C$8.0 billion                 C$1.7 billion                US$513 million                     US$967 million
   Advisor on Sale to           Advisor on Sale of            Advisor on Acquisition of      Advisor on Merger with          Advisor on Exercise of           Advisor on Acquisition of
      Goldcorp                   58% interest in                 Red Back Mining                Quadra Mining            El Morro Right of First Refusal              CAMEC
                                 Terrane Metals



     December 2010                October 2010                    September 2010                   May 2010                      February 2010                      January 2010




  C$626 million               US$704 million                    C$405 million                 US$519 million                 US$1.0 billion                      C$3.7 billion
  Advisor on Sale to            Advisor on Sale of            Advisor on Acquisition of        Advisor on Sale to        Sole Advisor on Acquisition of           Advisor on Sale to
 Pan American Silver              Gold Assets and              West Timmins Mining        Randgold / AngloGold Ashanti     Remaining Interest in the               Yamana Gold
                            Sale of Gold Royalty on the                                                                       Boddington Project
                            Andacollo Copper Project


      January 2010                January 2010                    November 2009                   October 2009                     June 2009                        January 2008
    Leading Underwriter of
    Metals & Mining Equities

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




     US$90 million             US$152 million       US$250 million           US$117 million       US$230 million                   C$653 million
Common Shares & Flow-through    Common Shares         Senior Unsecured        Common Shares         Senior Unsecured                Secondary Sale of
     Common Shares                                    Convertible Notes                             Convertible Notes               Equinox Minerals
                                                                                                                                     Common Shares

     Sole Bookrunner           Joint Bookrunner      Sole Bookrunner         Joint Bookrunner     Joint Bookrunner                Joint Bookrunner
          Pending                December 2010         December 2010           December 2010         November 2010                   November 2010




     C$392 million             C$130 million         C$144 million           C$235 million         C$290 million                   C$138 million
      Secondary Sale of         Common Shares         Common Shares           Common Shares         Common Shares                    Common Shares
      Lake Shore Gold
       Common Shares

    Joint Bookrunner           Sole Bookrunner      Joint Bookrunner         Joint Bookrunner     Joint Bookrunner                Joint Bookrunner
       November 2010             November 2010          October 2010            August 2010             July 2010                       April 2010




     C$144 million             C$115 million         C$370 million           C$460 million         C$644 million                   C$1.8 million
 Common Shares & Warrants       Common Shares     Common Shares & Warrants    Common Shares     Common Shares & Warrants           Common Shares and
                                                                                                                                 Convertible Senior Notes


                                                                                                                                 Joint Bookrunner and
    Joint Bookrunner           Sole Bookrunner      Joint Bookrunner         Joint Bookrunner     Joint Bookrunner                   Lead Manager
       September 2009           September 2009           June 2009              March 2009           February 2009                    January 2009
 Leading Lender to the
 Metals & Mining Sector

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




 US$250 million                  US$75 million               US$300 million              US$6.0 billion              US$1.2 billion           US$600 million
 Senior Credit Facility          Senior Credit Facility      Senior Credit Facility      Senior Credit Facility      Senior Credit Facility   Senior Credit Facility


 Sole Bookrunner &
Administrative Agent                  Arranger             Co-Syndication Agent       Mandated Lead Arranger      Co-Documentation Agent            Lender
    December 2010                   December 2010               September 2010               August 2010                   June 2010                June 2010




                                                                                                                                                 CAPSTONE
                                                                                                                                                  MINING CORP.


  US$2.0 billion                 US$1.5 billion             US$450 million               US$1.0 billion             US$175 million            US$40 million
 Senior Credit Facility          Senior Credit Facility      Senior Credit Facility      Senior Credit Facility      Senior Credit Facility   Senior Credit Facility


                                                              Bookrunner &                Bookrunner &               Lead Arranger &
       Lender                          Lender             Mandated Lead Arranger      Mandated Lead Arranger       Administrative Agent             Lender
       June 2010                       May 2010                    May 2010                   April 2010                 January 2010            December 2009




  C$500 million                  US$1.9 billion              US$600 million              US$1.5 billion              US$1.5 billion           US$2.0 billion
 Senior Credit Facility          Senior Credit Facility      Senior Credit Facility      Senior Credit Facility      Senior Credit Facility   Senior Credit Facility


                                                            Co-Lead Arranger &                                     Co-Lead Arranger &
       Lender                          Lender                Syndication Agent                 Lender              Administrative Agent            Co-Agent
    February 2009                    October 2008                  June 2008                 March 2008                    May 2007                April 2007
A Long History of Landmark Transactions
A Long History of Landmark Transactions

                                                                    Western States Minerals
                                                                 Corporation / American Barrick
                                                                     Resources Corporation


                         C$4.3 billion                               C$41.5 million
                    Inco has acquired the balance of            Barrick has acquired the interest
                       the outstanding shares of                    of Western States in the
                    Diamond Fields Resources Inc.                  Goldstrike Joint Venture

                        Financial Advisor to                     Financial Advisor to Western
                          Diamond Fields                         States Minerals Corporation
                              August 1996                                December 1986



                   • The Voisey’s Bay discovery was the most    • Western States, along with its joint venture
                     significant nickel discovery in the          partner PanCana Minerals, was credited
                     Americas and one of the greatest mineral     for the discovery of the deep sulphide
                     discoveries of our time                      mineralization on what is now known as
                   • The BMO Capital Markets Research team        the Goldstrike property
                     was early to identify its potential        • After acquiring PanCana Minerals,
                   • The rich orebody attracted interest from     American Barrick Resources Corporation
                     larger companies                             (now known as Barrick Gold Corporation)
                                                                  acquired the remaining 50% of the
                   • BMO Capital Markets was financial            Goldstrike property
                     advisor when Diamond Fields Resources
                     was acquired by Inco                       • BMO Capital Markets was there at the
                                                                  beginning and is proud to have been part
                                                                  of this landmark transaction
A Long History of Landmark Transactions
A Long History of Landmark Transactions
                                          Echo Bay Mines was                                         International Corona                                  Kinross emerged in
                                          the first significant                                      followed in a                                         the mid-1990s after a
                                                                         International
                                          new North American                                         succession of new                                     wave of consolidation
                                                                            Corona
                                          gold mining company           Resources Ltd.               North American gold                                   swept through the
                                          that grew from the                                         producers that started                                North American
                                          rising prominence of                                       in the mid-1980s                                      precious metals
             C$80 million                                             C$45.3 million                                          C$43.5 million
                                          precious metals in the                                     The company was an                                    sector
            Initial Public Offering       early 1980s              Income Participating Securities
                                                                                                     amalgamation of
                                                                                                                               Initial Public Offering

                                                                                                     three smaller gold
                                                                                                     miners and developers
             Joint Bookrunner                                           Joint Bookrunner                                         Joint Bookrunner
                January 1981                                              September 1986                                              May 1995



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



                                          Norilsk Nickel’s                                           BMO Financial Group’s                                 The IPO of
                                          purchase of this                                           long track record of                                  Franco-Nevada by
                                          significant stake in                                       service in China has                                  Newmont Mining was
                                          Gold Fields Limited                                        resulted in the                                       yet another landmark
                                          was the company’s                                          establishment of key                                  transaction, resulting
                                          first major investment                                     relationships – BMO is                                in the re-emergence of
              R7.6 billion                                            US$840 million                                           C$1.3 million
                                          outside of Russia                                          proud to have advised                                 one of the iconic
              20% Acquisition of                                     Advisor on
                                                                     Advisor on Acquisition of       Chinalco in its          Initial Public Offering of   brands in gold mining
          Gold Fields Limited from a                                       Peru
                                                                          Peru Copper                                              Franco-Nevada
       subsidiary of Anglo American plc
                                                                                                     purchase of Peru
                                                                                                     Copper
        Exclusive Financial Advisor
                to Norilsk                                                                                                       Joint Bookrunner
                 March 2004                                               September
                                                                          September 2007                                           December 2007
Our Team
Client Relationship Management




BMO Financial Group has been supporting the Metals & Mining industry         T: +1 416 359 6196                            T: +1 416 359 5359
for nearly 100 years. We have a knowledgeable, experienced and deep          E: egizio.bianchini@bmo.com                   E: jason.neal@bmo.com

team that includes an Investment & Corporate Banking coverage group          EGIZIO BIANCHINI                              JASON NEAL
                                                                             Vice Chairman, Global Co-Head,                Managing Director, Global Co-Head,
comprised of over 50 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 14 years, man-
                                                                             and Mining coverage group. He has 11 years    ages equity and debt financing, merger, ac-
We are supported by product specialists that are in their own right deeply   of experience as an investment banker.        quisition, sale and defence transactions for
knowledgeable and experienced. Together we have built the leading            Prior to joining Investment & Corporate       clients ranging from junior growth compa-
                                                                             Banking, Egizio was a top-rated Research      nies to senior metals & mining companies.
Metals & Mining franchise internationally.
                                                                             Analyst covering precious metals and          He holds a Bachelor of Business Adminis-
                                                                             mineral stocks.                               tration from Simon Fraser University.
We are continuously seeking to enhance our capabilities through reinvest-
                                                                             Egizio joined BMO Capital Markets in 1989.     Key transactions in 2010 and early 2011
ment in our business. Our objective is to be successful alongside you, our   He holds an MBA from the University of        include recently announced and pend-
client. We strive to understand your needs and we align ourselves with       British Columbia and a Bachelor of Science    ing acquisitions by Newmont of Fronteer
                                                                             Degree in Geology from the University of      Gold (C$2.3 billion), by ARMZ of Mantra
your long-term objectives. We are here to help you achieve your ambitions.
                                                                             Toronto.                                      Resources (A$1.2 billion) and by Franco-
                                                                                                                           Nevada of Gold Wheaton (C$1.0 billion).
This year we are celebrating our 20th annual Metals & Mining Conference,     Key transactions include: the C$8 billion     Completed transactions in this period
                                                                             purchase of Red Back Mining by Kinross        include: the merger of FNX Mining and
an achievement that demonstrates our unwavering commitment to the            Gold; the C$3.7 billion sale of Meridian      Quadra Mining (US$3.5 billion); Uranium
Metals & Mining clients of our firm.                                         Gold to Yamana Gold; UraMin Inc.’s            One’s asset-for-share swap and investment
                                                                             US$2.5 billion sale to Areva; and Alcoa’s     transactions with ARMZ (US$2.1 billion);
                                                                             US$33 billion bid for Alcan. Egizio has led   acquisitions by Cliffs Natural Resources of
                                                                             numerous key equity financings for a wide     Freewest and Spider (C$0.4 billion in aggre-
                                                                             variety of Metals & Mining Companies.         gate); as well as numerous equity offerings.
     Client Relationship Management




T: +1 416 359 6173                             T: +1 416 359 8309                            T: +61 3 9094 3906                               T: +1 604 443 1491
E: jason.attew@bmo.com                         E: peter.collibee@bmo.com                     E: ken.drake@bmo.com                             E: jamie.rogers@bmo.com
JASON ATTEW                                    PETER COLLIBEE                                KEN DRAKE                                        JAMIE ROGERS
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,
                                                                                             Melbourne                                        Vancouver
Jason joined the Toronto office in 2007        Peter works with domestic and interna-
to focus on public and private financ-         tional clients to arrange equity and debt     Ken heads our Investment & Corporate             As the head of the Vancouver Investment
ings and M&A engagements on behalf of          financing, M&A and restructurings. Before     Banking activities in the Asia Pacific region.   & Corporate Banking office, Jamie is re-
both domestic and international clients.       joining BMO Capital Markets in 2001, he       He established our Australian office in          sponsible for working on public and private
Prior to joining BMO Capital Markets, he       spent seven years in mining finance with      2004, having previously been head of the         financing as well as mergers & acquisition
worked at another investment bank. Jason       Rothschild in Sydney and Toronto. Peter       firm’s European investment banking activi-       engagements for a broad range of metals &
has an MBA from Queen’s University and         has a Bachelor of Economics from              ties. He has also been actively involved         mining clients. Jamie has 15 years of invest-
an Honours Bachelor of Science from the        the University of Western Australia and is    in establishing our investment banking           ment banking experience, having joined
University of British Columbia.                a Chartered Accountant (Australia).           activities in China. Ken holds a Bachelor of     BMO Capital Markets in 1996. He holds an
                                                                                             Business (Accountancy) and is an Associate       Honours Bachelor of Commerce from the
Key recent transactions include: the           Key transactions include: First Quantum’s     of the Institute of Chartered Accountants in     University of British Columbia and is a CFA
announced C$4.9 billion acquisition of         C$460 million acquisition of Antares Miner-   Australia.                                       Charterholder.
Consolidated Thompson Iron Mines by            als; First Quantum’s C$653 million sale of
Cliff’s Natural Resources; the C$3.6 bil-      its investment in Equinox Minerals; Red       Key transactions include: Moto Goldmines’        Key M&A transactions include: Teck’s C$1
lion acquisition of Andean Resources by        Back’s C$165 million equity issue; Canico’s   sale to Randgold/AngloGold Ashanti; Zijin’s      billion sale of its gold assets; Miramar’s
Goldcorp; the C$160 million acquisition of     C$941 million sale to CVRD; Moto Goldmin-     proposed acquisition of Indophil Resources;      C$1.5 billion sale to Newmont; Bema’s
PDX Resources by Detour Gold; the US$240       es’ US$519 million sale to Randgold; and      acquisitions by Chinalco, China Minmetals,       C$3.7 billion sale to Kinross; and Canico’s
million strategic investment by Wuhan          Anvil Mining’s US$200 million strategic       Jinchuan and China National Nuclear Cor-         C$941 million sale to Vale.
Iron and Steel in Consolidated Thompson        alliance with Trafigura.                      poration; and equity financing transactions
Iron Mines; and raising equity of over C$1.1                                                 by CGA Mining, Extract Resources and
billion for Detour Gold, C$375 million for                                                   Anvil Mining.
Andean Resources, and C$138 million for
Romarco Minerals.
      Client Relationship Management




T: +91 99 2001 4259                             T: +44 20 7664 8120                             T: +86 10 8518 8178
E: ashutosh.sharma@bmo.com                      E: william.smith@bmo.com                        E: kevin.su@bmo.com

ASHUTOSH SHARMA                                 WILLIAM SMITH                                   KEVIN SU
Managing Director,                              Managing Director,                              Managing Director, Chief Representative,
Head of Investment & Corporate Banking,         Head of Investment & Corporate Banking,         Investment & Corporate Banking, Beijing
Mumbai                                          London
                                                                                                Kevin’s career at BMO has spanned over
Ashutosh is responsible for building rela-      Bill is head of Investment & Corporate          13 years. Kevin is responsible for the firm’s
tionships with Indian clients focused on        Banking for Europe. He has been respon-         investment and corporate banking activities
pursuing cross-border M&A opportunities.        sible for a wide range of metals & mining       in China, and for developing relationships
Ashutosh has over 20 years of corporate and     transactions in the EMEA region, including      with government departments to advance
investment banking experience in India,         M&A, strategic advisory, equity and debt        the work of the Beijing Representative Of-
Malaysia and Hong Kong. Previously, he          financing and privatizations. Before joining    fice. Previously, Kevin worked for Industrial
spent 14 years at Citigroup, most recently as   BMO Capital Markets, Bill spent 17 years at     and Commercial Bank of China’s Beijing
Managing Director, Corporate and Invest-        another investment bank, working in Lon-        branch as Deputy Manager of the Interna-
ment Banking, in Malaysia. He has advised       don, Toronto and Tokyo. Bill holds an MBA       tional Department. Kevin has a Bachelor of
on M&A transactions as well as complex          from York University, a Master’s in Political   Science from Beijing Polytechnic University
debt and equity financings across various       Economy from the University of Toronto          and an MBA from Renmin University of
industries.                                     and a Bachelor of Arts from St. Lawrence        China.
                                                University.
Ashutosh holds an MBA from the Indian In-                                                       Key transactions include: Chinalco’s
stitute of Management (IIM) – Ahmedabad         Key transactions include: ENRC’s £584 mil-      C$840 million acquisition of Peru Copper;
and a Bachelor of Arts from St. Stephen’s       lion acquisition of CAMEC; KazakhGold’s         Minmetals & Jiangxi Copper’s C$455
College, Delhi University.                      US$10.4 billion RTO of Polyus Gold; and         million acquisition of Northern Peru
                                                Rio Narcea’s US$955 million sale to Lundin      Copper; Jinchuan’s C$214 million acquisi-
                                                Mining.                                         tion of Tyler Resources; and Canadian
                                                                                                Royalties’ C$192 million acquisition by Jien
                                                                                                Nickel.
     Client Relationship Management




T: +44 20 7664 8047                            T: +1 604 443 1442                             T: +61 3 9094 3904                              T: +1 212 702 1854
E: martin.bawlf@bmo.com                        E: carter.hohmann@bmo.com                      E: mark.macpherson@bmo.com                      E: jonathan.rose@bmo.com

MARTIN BAWLF                                   CARTER HOHMANN                                 MARK MACPHERSON                                 JONATHAN ROSE
Director,                                      Director,                                      Director,                                       Director,
Global Metals & Mining, London                 Global Metals & Mining, Vancouver              Investment & Corporate Banking, Melbourne       Global Metals & Mining, New York

Martin is responsible for public and private   Carter focuses on clients based in British     Mark is responsible for account coverage        Based out of New York, Jonathan focuses on
financings and M&A engagements for min-        Columbia. He has been involved in a wide       and execution of financing and advisory         metals and mining clients, with particular
ing clients, primarily based in Europe and     range of public and private financings         mandates for domestic and international         concentration on the coal sector. Jonathan
Africa. Previously, he worked in the London    and M&A mandates. Prior to joining             clients. He joined the Diversified Industries   has over 10 years of global investment
Stock Exchange’s Equity Capital Markets        BMO Capital Markets, Carter worked in the      group in Toronto in 2000 and transferred to     banking experience within the Metals &
group and the financial advisory services      financial advisory services group at a major   the Metals & Mining group in Melbourne          Mining industry. He has been involved in
group at PricewaterhouseCoopers.               accounting firm. Carter holds a Bachelor of    in 2008. Prior to joining BMO Capital           over 30 successful coal transactions and
                                               Commerce from the University of British        Markets, Mark was a Risk Analyst at Export      numerous transactions in metals distribu-
Martin holds a Bachelor of Arts from the       Columbia. He is also a Chartered Accoun-       Development Canada. Mark has a Bachelor         tion as well as base and precious metals. He
University of British Columbia. He is a        tant and a Chartered Business Valuator.        of Business Administration from St. Francis     joined BMO Capital Markets in 2010.
Chartered Accountant and a Chartered                                                          Xavier University.
Business Valuator.                             Key transactions include: Bear Creek’s                                                         Jonathan holds a Master’s degree in Inter-
                                               C$130 million equity financing, Silvercorp’s                                                   national Affairs from Columbia University,
Key transactions include: Great Basin          C$117 million equity financing, Newmont’s                                                      a Certificate from the Institute of East Cen-
Gold’s C$150 million equity offering; a        C$1.5 billion acquisition of Miramar, and                                                      tral Europe at Columbia University, and an
US$30 million private placement for Cluff      Canico’s C$135.4 million equity financing                                                      undergraduate degree in economics from
Gold; and Lonmin’s C$496 million acquisi-      and C$941 million sale to CVRD. He also                                                        the University of Virginia.
tion of AfriOre.                               played a key role in Copper Mountain’s
                                               C$52.5 million equity offering and Peru
                                               Copper’s C$56.6 million IPO.
      Client Relationship Management




T: + 1 416 359 5547                           T: +44 20 7664 8122                             T: +44 20 7664 8125                            T: +1 416 359 5574
E: ilan.bahar@bmo.com                         E: robin.birchall@bmo.com                       E: derk.hartman@bmo.com                        E: tom.jakubowski@bmo.com

ILAN BAHAR                                    ROBIN BIRCHALL                                  DERK HARTMAN                                   TOM JAKUBOWSKI
Vice President,                               Vice President,                                 Vice President,                                Vice President,
Global Metals & Mining, Toronto               Global Metals & Mining, London                  Global Metals & Mining, London                 Global Metals & Mining, Toronto

Ilan joined the Global Metals & Mining        Robin joined BMO Capital Markets                Derk joined the London office of               Tom works with clients to arrange equity
team in 2005 and has broad experience in      in 2008 to focus on the metals & mining         BMO Capital Markets in 2007 to focus           and debt financing, merger, acquisition
equity financing, merger, acquisition, and    sector, covering international clients          on public and private equity financings        and defence mandates. His experience
defence transactions. Ilan holds a Bachelor   from the London office. He has worked in        as well as M&A engagements for metals          includes transactions and equity financings
of Applied Science degree in Industrial       corporate finance in London for eleven          & mining clients. Prior to joining BMO         for precious metal, base metal and uranium
Engineering from the University of Toronto.   years, and in the past five years has advised   Capital Markets, he worked in the natural      mining companies. Tom spent two years
                                              on and completed more than 65 mining            resources sector team for a large European     in BMO’s Equity Research group covering
Key transactions include: the merger of       mining equity and M&A transactions rais-        investment bank. Derk has been working         Metals & Mining companies before joining
FNX Mining and Quadra Mining (C$3.5           ing over £2 billion on the LSE, AIM and the     on deals in the metals & mining sector for     Investment & Corporate Banking in 2006.
billion merged company); the C$3.7 billion    TSX.                                            more than 11 years, with particular focus on   Tom holds a Bachelor of Commerce from
hostile defence and sale of Meridian to                                                       Eastern Europe, FSU and Africa.                McGill University.
Yamana; the C$1.5 billion sale of Gold        Robin has an MBA from the University of
Eagle to Goldcorp; and raising equity of      Cape Town, a Master of Science from Ed-         Derk has a Master of Science in Mining and     Key transactions include: Western Gold-
over C$1.1 billion for Detour Gold; and the   inburgh University, and a Bachelor of Arts      Petroleum Engineering from Delft Univer-       fields’ C$548 million merger with New Gold
C$392 million secondary sale of Lake Shore    from Queen’s University.                        sity of Technology in The Netherlands and      and New Gold’s subsequent US$513 million
shares by Hochschild.                                                                         is a Professional Member of the Society for    exercise of El Morro ROFR and C$115 mil-
                                                                                              Mining, Metallurgy and Exploration.            lion equity financing; Aquiline’s C$626 mil-
                                                                                                                                             lion sale to Pan American Silver; Franco-
                                                                                                                                             Nevada’s C$1.3 billion IPO and subsequent
                                                                                                                                             equity financings; and numerous M&A and
                                                                                                                                             equity mandates for Uranium One.
     Client Relationship Management




T: +61 3 9094 3903                            T: +1 604 443 1445                             T: +1 416 359 6888
E: pascal.lussier-duquette@bmo.com            E: morten.eisenhardt@bmo.com                   E: brad.ralph@bmo.com

PASCAL LUSSIER-DUqUETTE                       MORTEN EISENHARDT                              BRAD RALPH
Vice President,                               Vice President,                                Vice President,
Investment & Corporate Banking, Melbourne     Global Metals & Mining, Vancouver              Global Metals & Mining, Toronto

Pascal has worked in the Global Metals &      Morten is responsible for public and private   Brad is focused on merger, acquisition and
Mining group since joining BMO Capital        financing and merger & acquisition engage-     defence transactions as well as public and
Markets in 2007, initially based in Toronto   ments for clients in the Vancouver region.     private equity financings. He worked in
and subsequently in Melbourne. He is re-      He joined BMO Capital Markets in 2005.         the metals and mining group at another
sponsible for public and private financings   Morten holds a Bachelor of Applied             investment bank for five years prior to
and M&A engagements primarily for Asia        Science in Mechanical Engineering from         joining BMO Capital Markets. Brad has an
Pacific based clients. Pascal has an MBA      the University of British Columbia and an      MBA from the Schulich School of Business
from HEC Montreal and a Bachelor of Geo-      MBA from the Rotman School of Business at      and a Bachelor of Accounting from Brock
logical Engineering from Laval University.    the University of Toronto.                     University. He is a CFA Charterholder and a
                                                                                             Chartered Accountant.
Key transactions include: First Quantum’s     Key transactions include: Bema’s C$3.7
C$460 million acquisition of Antares          billion sale to Kinross; Anglo’s US$1.5        Key transactions include: Kinross’
Minerals; Teck’s C$1 billion sale of its      billion purchase of a 50% stake in Northern    C$8 billion acquisition of Red Back
gold assets; as well as numerous equity       Dynasty’s Pebble project; Thompson             Mining; Andean Resources’ C$3.6 billion
financings.                                   Creek’s C$690 million purchase of Terrane      acquisition by Goldcorp; Falconbridge’s
                                              Metals; Goldcorp’s US$505 million sale of      C$27 billion acquisition by Xstrata; Placer
                                              Escobal to Tahoe Resources; and Aurizon’s      Dome’s US$10.7 billion acquisition by
                                              hostile defence.                               Barrick Gold; Goldcorp’s US$8.5 billion
                                                                                             acquisition of Glamis Gold; and Cameco’s
                                                                                             C$908 million secondary offering of its
                                                                                             interest in Centerra Gold.
      Equity Capital Markets




T: +1 416 359 4184                            T: +1 416 359 4241                             T: +1 416 359 5201
E: peter.miller@bmo.com                       E: elizabeth.wademan@bmo.com                   E: faheem.tejani@bmo.com

PETER MILLER                                  ELIZABETH WADEMAN                              FAHEEM TEJANI
Managing Director,                            Managing Director,                             Director,
Head of Equity Capital Markets Canada,        Equity Capital Markets, Toronto                Equity Capital Markets, Toronto
Toronto
                                              Elizabeth is responsible for the origination   Faheem joined the Equity Capital Markets
Peter heads the Equity Capital Markets        and execution of initial public offerings,     group in 2009, after spending three years in
group in Canada, and is responsible for       follow-on and secondary offerings, and         London, England, selling North American
developing and executing equity and           equity-linked securities. She specializes in   equities to European investors for BMO
equity-linked financing solutions. He has     the metals & mining sector and has a depth     Capital Markets. Faheem began his invest-
overseen a variety of follow-on and initial   of experience in advising domestic and         ment banking career at BMO Nesbitt Burns
public equity offerings primarily in the      international mining companies on a wide       in 2000 in the M&A group and then the
mining, energy, industrial, real estate,      range of equity capital markets solutions.     Financial Services group. He has completed
technology and financial services indus-      She has been instrumental in the structur-     a number of financing, advisory and M&A
tries. Prior to joining BMO Capital Markets   ing of complex offerings for both public and   deals for a wide range of clients during his
in 2003, he spent five years with Salomon     private companies. Elizabeth joined the        time with the firm. Prior to working at BMO
Smith Barney in London. He began his          BMO Capital Markets Mergers & Acquisi-         Capital Markets, Faheem spent two years
investment banking career in 1994 at Burns    tions group in 1998.                           with an international accounting firm in its
Fry in the M&A group.                                                                        financial institutions group.
                                              Elizabeth holds a Bachelor of Commerce in
Peter holds an MBA and a Bachelor of Engi-    Finance and International Business from        Faheem holds a Bachelor of Arts with
neering and is a CFA charterholder.           McGill University and is a CFA Charter-        Honours from the University of Western
                                              holder. She also holds a degree in Piano       Ontario and is a Chartered Accountant.
                                              Performance (ARCT) from The Royal
                                              Conservatory of Music.
     Mergers & Acquisitions




T: +1 416 359 4744                              T: +1 416 359 4754                             T: +1 416 359 6575                              T: +1 416 359 6425
E: andre.hidi@bmo.com                           E: daniel.barclay@bmo.com                      E: john.armstrong@bmo.com                       E: gary.mattan@bmo.com

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 advis-
Andre heads BMO Capital Markets’ Global         Daniel heads the BMO Capital Markets           of public and private advisory mandates,        ing on purchase and sale mandates, merger
M&A group. Previously, Andre spent 12           Canadian Mergers & Acquisitions group.         but focuses much of his time on advising        transactions, and valuations and fairness
years with two leading international invest-    Previously, he spent a combined 13 years       clients in resource-based industries. Prior     opinions. Previously, Gary worked in an
ment banks and taught an MBA course on          in investment banking at Morgan Stanley,       to joining BMO Capital Markets in 2003,         M&A capacity with another major Canadian
M&A at the University of Toronto. Andre         where he ran the Canadian Energy group,        he worked with other investment banks           investment bank in Toronto and New York.
holds an MBA from Stanford University’s         and at Scotia Capital, where he ran the Pow-   in Toronto and New York. John received          He holds an MBA from Wake Forest Univer-
Graduate School of Business as well as a        er group. He joined BMO Capital Markets in     a Bachelor of Commerce from the Sauder          sity’s Babcock Graduate School of Manage-
BA and MA in Political Economy from the         2003. Daniel has a Bachelor of Science with    School of Business at the University of Brit-   ment and a Bachelor of Science from the
University of Toronto.                          Honours from the University of Alberta and     ish Columbia and an MBA with Honours            University of Western Ontario. Gary is a
                                                an MBA from the University of Calgary.         from the Rotman School of Management at         CFA Charterholder.
Andre has advised on numerous significant                                                      the University of Toronto.
M&A transactions, including the TMX             His recent assignments have included:                                                          Key mining transactions include: Kinross’s
Group’s pending C$6.9 billion merger of         Consolidated Thompson Iron Ore’s sale          Notable advisory mandates include: New-         acquisition of Red Back Mining; ARMZ/
equals with LSE Group; Newmont Mining’s         to Cliffs; Goldcorp’s sale of its interest     mont’s acquisition of Frontier; Consoli-        Uranium One’s acquisition of Mantra
pending C$2.3 billion acquisition of Fron-      in Terrane; Woodbridge on its sale of          dated Thompson Iron Ore sale to Cliffs,         Resources; Nyrstar’s acquisition of Farallon
teer Gold; BMO Financial Group’s pending        CTVglobemedia; Value Creation Inc on its       Andean’s sale to Goldcorp, Aquiline’s sale      Mining; Anatolia Minerals’ merger with
US$4.1 billion acquisition of Marshall &        oil sands JV with BP plc; Tristar Energy’s     to Pan American, Newmont’s consolidation        Avoca Resources; Meridian Gold’s defence
Ilsley; Teck’s US$925 million divestiture of    merger with Petrobakken; TransAlta Power       of Boddington, BP’s integrated oil sands JV     and successful sale to Yamana Gold; Rio
its gold assets; Meridian Gold’s $3.8 billion   LP’s sale to Cheung Kong Infrastructure;       with Husky, Chinalco’s acquisition of Peru      Narcea’s sale to Lundin Mining; Uranium
merger with Yamana Gold and Northern            Miramar’s sale to Newmont; and EnCana’s        Copper, Teck’s sale of various gold assets,     One’s acquisition of UrAsia; and Bema
Orion Resources; and Wheaton River’s            sale of its oil pipelines.                     Gold Eagle’s sale to Goldcorp and Uramin’s      Gold’s sale to Kinross.
$2.6 billion acquisition of Goldcorp.                                                          sale to AREVA.
      Mergers & Acquisitions




T: +1 416 359 5864                            T: +1 416 359 6361
E: sarfraz.visram@bmo.com                     E: geoff.barsky@bmo.com

SARFRAZ VISRAM                                GEOFF BARSKy
Managing Director,                            Vice President,
Mergers & Acquisitions, Toronto               Mergers & Acquisitions, Toronto

Sarfraz has extensive experience              Geoff has been involved in a wide array of
advising clients on a wide array of M&A       M&A assignments. While he has worked
assignments, including purchase and sale      for clients in a variety of industries, Geoff
mandates, hostile defense assignments,        spends the majority of his time advising
valuations, strategic alternatives reviews,   clients in the natural resources sector with
and restructuring mandates. He has            a specific focus on mining. Prior to joining
played a leadership role in developing        BMO in 2006, Geoff spent over six years
the firm’s China strategy, with primary       with GE Capital.
responsibility for the execution of the
firm’s assignments in China.                  Geoff holds an MBA from McGill University
                                              and a Bachelor of Business Administration
Sarfraz has a Bachelor of Business            from Simon Fraser University. Geoff is also
Administration from Schulich School of        a CFA Charterholder.
Business at York University. He is also a
CFA Charterholder.
     Loan Products Group




T: +1 416 359 6835                             T: +44 20 7664 8041                          T: +1 604 443 1436                            T: +1 416 359 4313
E: stephen.kelly@bmo.com                       E: anthony.ebdon@bmo.com                     E: jerry.kaye@bmo.com                         E: derek.tovich@bmo.com

STEPHEN KELLy                                  ANTHONy EBDON                                JERRy KAyE                                    DEREK TOVICH
Managing Director,                             Director,                                    Director,                                     Vice President,
Loan Products Group, Toronto                   Loan Products Group, London                  Loan Products Group, Vancouver                Loan Products Group, Toronto

Steve is responsible for the Loan Products     Tony is responsible for the Loan Products    Jerry is responsible for the Loan Products    Derek joined BMO Capital Markets in 2007
Group’s metals and mining accounts glob-       Group’s activities in Europe and Africa.     Group’s activities in British Columbia. He    as a member of the Loan Products Group
ally. He has been with BMO Capital Markets     He has been with BMO Capital Markets for     is the Bank’s senior mining specialist in     with a particular responsibility for the
for over 25 years and has extensive experi-    20 years and has extensive experience in     Western Canada, with a track record that      mining sector. Prior to joining BMO Capital
ence in project financing, mergers and         structured, project, acquisition, and cor-   includes corporate, acquisition and project   Markets, Derek spent several years with
acquisition financing as well as traditional   porate financings in the natural resources   financings in the bank market, as well as     another financial institution where he
corporate finance for the metals and mining    sector in various geographical locations.    bonds, preferred shares, commercial paper     completed numerous general corporate
sector. Prior to joining BMO, he was a min-                                                 and derivatives. Jerry holds an MBA and an    and project financings in the mining sector.
ing engineer for Syncrude Canada Ltd.          Tony holds a Bachelor of Commerce from       Honours Bachelor of Science, both from the    Prior to this role, Derek worked for a private
                                               the University of Cape Town and is a Char-   University of British Columbia.               equity firm assisting in the management of
Steve holds a Mining Engineering Degree        tered Accountant.                                                                          a C$350 million fund across a diverse range
and an MBA, both from Queen’s University.                                                   Key transactions include a US$9.8 billion     of industries.
                                                                                            debt financing for Teck’s acquisition of
                                                                                            Fording Coal and a US$500 million debt        Derek holds a Bachelor of Business Admin-
                                                                                            financing for Silver Wheaton’s acquisition    istration from Wilfrid Laurier University
                                                                                            of a 25% life-of-mine silver stream from      and is a CFA Charterholder.
                                                                                            Goldcorp’s Penasquito mine.
      Technical Consulting & Commodity Products




T: +1 416 359 7716                             T: +1 416 359 7732                             T: +1 416 359 4263                           T: +1 212 702 1817
E: leonard.kilpatrick@bmo.com                  E: christopher.moreton@bmo.com                 E: thomas.rannelli@bmo.com                   E: gary.spencer@bmo.com

LEONARD KILPATRICK                             CHRIS MORETON                                  TOM RANNELLI                                 GARy SPENCER
Senior Mining Engineer & Consultant,           Senior Consulting Geologist,                   Senior Mining Engineer                       Director,
Global Metals & Mining, Toronto                Global Metals & Mining, Toronto                Loan Products, Toronto                       Commodity Products, New York

Leonard R. Kilpatrick, A.C.S.M. (Camborne      Chris is a Consulting Geologist who works      Tom joined the Loan Products Group in        Gary is the senior metals trader for BMO
School of Mines), G.D.E. (Wits), P. Eng., a    exclusively for BMO Capital Markets.           2008 and contributes to the technical due    Capital Markets, based in our New York
mining engineer, has over 40 years of world    In this role he performs technical due         diligence and financial analysis of mining   office.
wide operating and consulting experience       diligence on projects and companies for        sector clients.
in base metals, precious metals, platinum      Investment and Corporate Banking. Chris                                                     With more than 20 years of trading
group metals, iron ore, uranium, thermal       is a Professional Geoscientist and Qualified   Tom has 26 years of experience in the min-   experience in both precious and base
and coking coals, diamonds, potash and         Person for commodities such as gold, silver,   ing industry. His expertise includes mine    metals, Gary joined BMO Capital Markets
other industrial minerals. Len consulted for   PGMs, base metals, REEs, tin, tungsten,        engineering and production in under-         from a leading investment bank in New
Canadian, European, American and Aus-          molybdenum and uranium. Chris is skilled       ground and open pit operations, geotechni-   York, where he established the firm’s
tralian banks, as well as for senior North     in block model resource estimation tech-       cal and mine design, new mine commis-        precious metals option trading business.
American mining and oil companies, junior      niques and the geo-statistical treatment of    sioning, operational supervision, mineral
mining and exploration companies, law          geological data.                               processing and mining contractor services.   During his earlier career at an investment
firms, accounting firms, utilities and crown                                                  Prior to joining BMO, Tom was involved       bank, Gary served as the Head of Precious
corporations.                                  Chris has worked in mining and explora-        with asset valuation and due diligence for   Metals Option Trading in London, Global
                                               tion for more than 25 years on grassroots      projects in North America, South America,    Head of Precious and Base Metals Option
Presently, Len’s consulting services are       and brownfields projects in such places as     Eastern Europe, and Africa.                  Trading in New York, and Asia Pacific Head
exclusive to BMO Capital Markets.              the high Arctic, Mexico and Saudi Arabia.                                                   of Foreign Exchange and Commodity
                                                                                              Tom is a P.Eng with a Bachelor of Science    Option Trading in Singapore.
                                               Chris holds a PhD in structural geology        with Honors in Mine Engineering from
                                               from the University of New Brunswick,          Queen’s University and an MBA from the
                                               Canada.                                        Richard Ivey School of Business.
     Equity Sales Team




T: +1 416 359 5270                            T: +1 416 359 4027                            T: +33 (1) 4450 4381                            T: +1 212 885 4049
E: mike.miller@bmo.com                        E: jamsheed.mehta@bmo.com                     E: matthieu.debost@bmo.com                      E: alan.tannenbaum@bmo.com

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 served as CEO of Odyne Cor-
dian and U.S. equity research and portfolio   1992. He was appointed Head of Global         sales in Europe for a major European bank,      poration, a publicly traded company that
management capacities. He was appointed       Equity Sales in 2009 and is responsible       and worked for 18 years at that bank’s office   produced hybrid electric drive systems for
Director of Research in 2000, Co-Head of      for BMO’s institutional equity sales and      and predecessor firm Bunting Warburg in         heavy duty buses and trucks.
Equity Products in 2006, and Head of Equity   new issue efforts. Prior to joining the       Toronto. He joined BMO Capital Markets
Products in 2008. He is responsible for the   institutional equity group in 1995,           in 2009.                                        He spent most of his career on Wall Street at
BMO Capital Markets institutional equity      Jamsheed worked in equity capital                                                             Lehman Brothers Inc., including four years
research, sales and trading businesses in     markets.                                      Matthieu holds a Master of Business & Tax       as Head of U.S. Institutional Sales, and two
Canada, the U.S. and globally.                                                              Laws from the University of Paris-Dau-          years as Head of European Equity Capital
                                              Jamsheed holds a Bachelor of Commerce         phine. Matthieu is a citizen of France, the     Markets in London. Alan joined Lehman
Mike holds a Bachelor of Commerce from        from the University of Toronto and is a CFA   U.S. and Canada.                                Brothers in 1993 in Institutional Sales
the University of Toronto and a Master of     Charterholder.                                                                                and moved into Equity Capital Markets in
Economics from the University of Western                                                                                                    1996. Prior to joining Lehman Brothers,
Ontario. He is also a CFA Charterholder.                                                                                                    he worked at HSBC James Capel in Equity
                                                                                                                                            Sales.
He has been a member of the Board of
Directors of the Toronto Society of Finan-                                                                                                  Alan holds a Bachelors Degree with High
cial Analysts and the Investment Industry                                                                                                   Honors from the University of Michigan.
Association of Canada, as well as both pri-
vate equity and pension advisory boards.
      Equity Sales Team




T: +44 20 7246 5444                            T: +1 416 359 4132                             T: +1 212 702 1250                           T: +1 416 359 7062
E: alex.araujo@bmo.com                         E: doug.flegg@bmo.com                          E: chris.kwan@bmo.com                        E: heathera.taylor@bmo.com

ALEX ARAUJO                                    DOUG FLEGG                                     CHRIS KWAN                                   HEATHER TAyLOR
Managing Director,                             Managing Director,                             Managing Director,                           Global Mining Sales, Toronto
Equity Sales, London                           Global Mining Sales, Toronto                   Global Mining Sales, New York

Alex heads the Equity Sales team in            Doug is a Mining Specialist on the insti-      Chris is a Mining Specialist on the insti-   Heather is an Associate in the BMO Capital
London. Previously, he was Executive           tutional sales desk in Toronto. He is re-      tutional sales desk in New York. He has      Markets’ Global Mining Equity Sales group.
Director of Institutional Equity Sales for a   sponsible for covering institutional mining    worked in institutional sales and equity     She covers investors in the US and Canada
major European bank in London, worked          investors and providing support to BMO’s       research for the past 15 years and has a     out of the Toronto office. Heather has over
in Institutional Equity Sales for Bunting      sales and trading desks on mining-related      wealth of experience from his previous       5 years of experience in Capital Markets,
Warburg in Toronto, and was a Financial        issues. He has over 23 years of investment     roles as a Global Mining Specialist and      both on buy and sell sides. Most recently,
Economist for Burns Fry, a predecessor to      experience on both the buy and sell-sides of   Research Analyst at two other Canadian       she worked in the Global Metals & Mining
Nesbitt Burns, in the Toronto Research         the street. Doug has also worked in the min-   financial institutions. He joined BMO        research group at BMO. During her tenure
department. He joined BMO Capital Mar-         ing industry as an Exploration Geologist.      Capital Markets in 2009.                     in research she helped launch coverage
kets in 2009.                                                                                                                              on over 25 various precious metals and
                                               Doug holds an MBA and a Bachelor of            Chris holds a Bachelor of Commerce with      minerals stocks and played a significant
Alex holds a Bachelor of Commerce and a        Science (Honours Geology) from Queen’s         Honours from McGill University and a         part in creating the largest silver coverage
Masters in Economics from the University       University. He is a CFA Charterholder.         Master’s in Economics from the University    worldwide.
of Toronto. He is a CFA Charterholder and                                                     of Toronto. He is a CFA Charterholder.
a member of the UK Society of Investment                                                                                                   Heather holds a Bachelor of Social Science
Professionals.                                                                                                                             from the University of Western Ontario.
     Equity Research Team




T: +1 416 359 5424                             T: +1 416 359 4052                             T: +1 416 359 4034                            T: +44 20 7246 5433
E: paul.campbell@bmo.com                       E: david.haughton@bmo.com                      E: tony.robson@bmo.com                        E: david.radclyffe@bmo.com

PAUL CAMPBELL                                  DAVID HAUGHTON                                 TONy ROBSON                                   DAVID RADCLyFFE
Executive Managing Director,                   SENIOR PRECIOUS METALS                         DIVERSIFIED MINERS                            SENIOR BASE METALS
Co-Head of Equity Research, Toronto            Co-Head, Mining Research, Toronto              Co-Head, Mining Research, Toronto             Research Analyst, London

Paul’s extensive experience in institutional   David joined BMO Capital Markets in 2007       Tony joined BMO Capital Markets in 2007       David joined BMO Capital Markets in 2008
equities includes work as both a Research      as Co-Head of Mining Research. He has          as Co-Head of Mining Research. He has         to cover senior global metals companies.
Analyst and Portfolio Manager. Paul has        worked for 14 years researching global min-    25 years of prior experience in financial     He has 11 years of finance experience as
covered a variety of sectors for BMO Capital   ing companies as a Senior Equity Analyst       markets, covering all precious metal, base    a sell-side equities analyst covering base
Markets including real estate, conglomer-      for international stockbrokers, and has        metal and bulk commodity sectors. He          metals, bulk commodities, precious metals
ates and non-bank financial services –         a further seven years of experience as a       co-founded Global Mining Research, a bou-     and energy. Previously, David was Head
reaching the top ranking in the real estate    Financial Analyst in the resources sector.     tique firm providing research to financial    of Resources Research at Southern Cross
sector as measured by the Brendan Wood         David co-founded and built Global Mining       institutions, and is a former Senior Mining   Equities (Australia), and an Analyst at
International Survey. In 1998, Paul left BMO   Research into an internationally recognized    Analyst at BNP Paribas and Prudential         Global Mining Research and Aegis Equi-
to work for a Canadian investment counsel-     business, providing world-class mining         Securities.                                   ties Research. He worked in Australia and
lor as a Portfolio Manager of Canadian equi-   equity research for institutional investors.                                                 Papua New Guinea as a geologist for North
ties. He rejoined BMO in 2000 to assume        He has analyzed major Australian, North        Tony holds a Master of Mineral Economics      Limited, Newcrest Mining and Homestake
the role of Associate Director of Research     American, South African, U.K., European,       from Macquarie University, and a Master of    Gold.
and was appointed to his current position      Asian and Russian precious metals and          Science and Bachelor of Science (Honours),
in 2008.                                       mining companies.                              both in Geology, from the University of       David holds a Bachelor of Science in
                                                                                              Sydney, as well as a Graduate Diploma in      Geology from Macquarie University, an
Paul holds a Bachelor of Commerce (Hon-        David holds an MBA from the University         Applied Finance and Investment Analysis       Honours Degree in Economic Geology from
ours) from the University of Manitoba and      of Queensland and a Master of Applied          from the Securities Institute of Australia.   the University of Tasmania and a Graduate
an MBA from the University of Western          Science (Geology) from the Queensland          He is a Fellow of the Financial Services      Certificate in Finance from the University of
Ontario.                                       University of Technology.                      Institute of Australasia.                     Technology, Sydney.
      Equity Research Team




T: +1 416 359 7224                            T: +1 416 359 6189                            T: +1 303 436 1113                             T: +1 416 359 8387
E: andrew.kaip@bmo.com                        E: johnp.hayes@bmo.com                        E: meredith.bandy@bmo.com                      E: andrew.breichmanas@bmo.com

ANDREW KAIP                                   JOHN P. HAyES                                 MEREDITH BANDy                                 ANDREW BREICHMANAS
PRECIOUS METALS                               EXPLORATION & DEVELOPMENT                     COAL                                           PRECIOUS METALS
Research Analyst, Toronto                     Research Analyst, Toronto                     Research Analyst, Denver                       Research Analyst, Toronto

Andrew covers gold and silver stocks.         John covers select precious and base met-     Meredith’s research covers coal stocks.        Andrew focuses on senior and intermediate
Previously, Andrew worked as a Mining         als exploration companies and emerging        Meredith has 10 years of financial markets     gold producers. His previous experience in-
Analyst at Haywood Securities, most           producers. He joined BMO Capital Markets      experience as a metals & mining Equity         cludes roles with a technical consultancy in
recently covering gold and silver junior      as an Associate in 2003 and has more          Research Associate at Barclays (Lehman         the design, construction and commission-
exploration and mining companies. Prior to    than 17 years of geological work experi-      Brothers), an Investment Banking Analyst       ing of capital projects in the mining sector.
that, he served as a Project and Consulting   ence, including precious and base metals      at Legg Mason and a Research Assistant         He joined BMO Capital Markets in 2006.
Geologist for more than 10 years. He joined   exploration. In the 2010 Brendan Woods        at Sands Capital Management. She joined
BMO Capital Markets in 2009.                  International Survey, John achieved an all-   BMO Capital Markets in 2006.                   Andrew holds an MBA from the University
                                              star ranking in Precious Metals & Diamonds                                                   of Michigan, and an Honours Bachelor of
Andrew holds a Master of Science in           – Small/Mid Cap.                              Meredith holds an MBA from the Kenan-          Science in Mathematics and Engineering
Economic Geology from the University of                                                     Flagler Business School at the University of   from Queen’s University. He is a member
British Columbia, a Bachelor of Science in    John holds an Honours Bachelor of Sci-        North Carolina, and a Bachelor of Science      (P.Eng) of Professional Engineers Ontario.
Geology from Carleton University, and is a    ence in Geology and a Master of Science       in Business Administration from George-
Professional Geologist.                       in Geology from Memorial University of        town University. She is a CFA Charter-
                                              Newfoundland. He also holds an MBA            holder.
                                              from Dalhousie University. He is a member
                                              (P.Geo.) of the Professional Engineers
                                              and Geoscientists of Newfoundland and
                                              Labrador.
     Equity Research Team




T: +44 20 7246 5430                             T: +1 416 359 5254                            T: +44 20 7246 5421
E: david.cotterell@bmo.com                      E: johannes.faul@bmo.com                      E: ed.sterck@bmo.com

DAVID COTTERELL                                 JOHANNES FAUL                                 ED STERCK
BASE METALS                                     BASE METALS                                   DIAMONDS, PLATINUM GROUP
Research Analyst, London                        Research Analyst, Toronto                     METALS & URANIUM
                                                                                              Research Analyst, London
David brings to the team six years of geolog-   Johannes rejoined the BMO Mining
ical experience, mainly as an underground       Research team in 2010, as an analyst in       Ed focuses on uranium, platinum group
Mine Geologist, with companies such as          base metals and bulk materials. Previously,   metal and diamond stocks. Prior to joining
Gympie Gold, Western Mining Corpora-            he spent two years as an energy and           BMO Capital Markets, Ed worked as a Min-
tion and Newmont. His finance experience        resources analyst at the Royal Bank of        ing Analyst at Hargreave Hale, specializing
includes positions with Aegis Equities Re-      Scotland and three years as a research        in uranium and diamonds. He also spent
search and Global Mining Research. David        associate at BMO Capital Markets and          over four years trading government bond
joined the Mining Equity Research team at       Global Mining Research. He also worked        futures on a proprietary basis. He joined
BMO Capital Markets in 2007.                    as a corporate finance consultant             BMO Capital Markets in 2007.
                                                at PricewaterhouseCoopers for three years.
David has a Bachelor of Applied Science                                                       Ed holds a Bachelor of Science (Honours.)
from the Queensland University of Tech-         Johannes has an MBA from the University       in Geology from the Royal School of Mines,
nology, a Bachelor of Science (Honours)         of Cologne and is a CFA Charterholder.        Imperial College.
in Geology from the University of Queen-
sland, and a Graduate Diploma in Applied
Finance from the Securities Institute of
Australia.
      Global Metals & Mining Group Contacts
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