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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: email@example.com E: firstname.lastname@example.org 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: email@example.com E: firstname.lastname@example.org E: email@example.com E: firstname.lastname@example.org 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: email@example.com E: firstname.lastname@example.org E: email@example.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: firstname.lastname@example.org E: email@example.com E: firstname.lastname@example.org E: email@example.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: firstname.lastname@example.org E: email@example.com E: firstname.lastname@example.org E: email@example.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: firstname.lastname@example.org E: email@example.com E: firstname.lastname@example.org 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: email@example.com E: firstname.lastname@example.org E: email@example.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: firstname.lastname@example.org E: email@example.com E: firstname.lastname@example.org E: email@example.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: firstname.lastname@example.org E: email@example.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: firstname.lastname@example.org E: email@example.com E: firstname.lastname@example.org E: email@example.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: firstname.lastname@example.org E: email@example.com E: firstname.lastname@example.org E: email@example.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: firstname.lastname@example.org E: email@example.com E: firstname.lastname@example.org E: email@example.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: firstname.lastname@example.org E: email@example.com E: firstname.lastname@example.org E: email@example.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: firstname.lastname@example.org E: email@example.com E: firstname.lastname@example.org E: email@example.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: firstname.lastname@example.org E: email@example.com E: firstname.lastname@example.org E: email@example.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: firstname.lastname@example.org E: email@example.com E: firstname.lastname@example.org 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 TORONTO LONDON BEIJING 100 King Street West 95 Queen Victoria Street 27th Floor, Tower 3 P.O. Box 150 London EC4V 4HG China Central Place Toronto, ON M5X 1H3 United Kingdom 77, Jianguo Road Beijing 100025 People’s Republic of China NEw yORk PARIS 3 Times Square 7, Place Vendome New York, NY 10036 75001 Paris SHANGHAI France Suite 3208, Haitong Securities Tower 689 Guangdong Road CHICAGO ZURICH Shanghai 200001 111 West Monroe Street Am Schanzengraben 29 People’s Republic of China Chicago, IL 60603 8002 Zurich Switzerland MUMBAI VANCOUVER 19th Floor, Express Towers 885 West Georgia Street Nariman Point Suite 1800 Mumbai 400 021, India Vancouver, BC V6C 3E8 MELBOURNE DENVER 120 Collins Street, Level 23 Dominion Plaza Melbourne, Australia 3000 Suite 2240, South Tower 600 17th Street Denver, CO 80202 MEXICO CITy Boulevard Manuel Avila Camacho No. 40 - Piso 18 Edificio Torre Esmeralda Lomas de Chapultepec 11000 Mexico, D.F. RIO DE JANEIRO Av. Rio Branco, 143 - 18 andar 20040-006 Rio de Janeiro - RJ, Brazil ABOUT BMO CAPITAL MARKETS BMO Capital Markets is a leading, full-service North American financial services provider offering corporate, institutional and government clients access to a complete range of products and services. These include equity and debt underwriting, corporate lending and project financing, merger and acquisitions advisory services, merchant banking, securitization, treasury management, market risk management, debt and equity research and institutional sales and trading. With over 2,300 professionals in offices in 26 locations around the world, including 14 in North America, BMO Capital Markets works proactively with clients to provide innovative and integrated financial solutions. BMO Capital Markets is a member of BMO Financial Group (NYSE, TSX: BMO), one of the largest diversified financial services providers in North America with US$404 billion total assets and 38,000 employees as at October 31, 2010. For more information, visit www.bmocm.com. bmocm.com BMO Capital Markets is a trade name used by BMO Financial Group for the wholesale banking businesses of Bank of Montreal, Harris N.A. and Bank of Montreal, Ireland PLC, and the institutional broker dealer businesses of BMO Capital Markets Corp., BMO Nesbitt Burns Trading Corp. and BMO Capital Markets GKST Inc. in the U.S., BMO Nesbitt Burns Inc. (Member-Canadian Investor Protection Fund) in Canada, Europe and Asia, BMO Nesbitt Burns Securities Limited (U.S. registered and member of FINRA), and BMO Nesbitt Burns Ltée/Ltd. (Member-Canadian Investor Protection Fund) in Canada, and BMO Capital Markets Limited in Europe and Australia. ® Registered trademark of Bank of Montreal in the United States, Canada and elsewhere.
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