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TABLE OF CONTENTS
THE FRENZY FOR GOLD ASSETS 2
“Gold/Copper Deposits in Vogue” 2

THE LATEST PURCHASES 3

WHAT TO LOOK FOR… 6

CONCLUSION 13

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THE FRENZY FOR GOLD ASSETS

“Gold/Copper Deposits in Vogue”
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Purchase Gold Copper AuEq Reserve - AuEq Resource - Purchase Price Purchase Price
Project Interest
Date Price Price price company share company share per AuEq per AuEq
Name (%)
($ mln) ($/oz) ($/lb) (mln oz) (mln oz) Reserve ($/oz) Resource ($/oz)

Sep-10 Far Southeast 340 60% 1,274 3.50 6.96 18.10 48.84 18.79
Sep-10 Xietongmen 418 100% 1,274 3.50 8.59 25.07 48.64 16.67
Jul-10 Mount Milligan 626 100% 1,208 3.02 11.34 14.89 55.23 42.04
Mar-10 Cerro Casale 474 25% 1,119 3.22 9.98 13.69 47.48 34.63
Jan-10 El Morro 513 70% 1,130 3.40 16.79 21.66 30.56 23.69
Average 46.15 27.16

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Average
Initial Au Cu Average Capex per Capex per
Mine LOM
Capital Operating Operating LOM Gold AuEq AuEq Startup
Project Name Commodities Location Owners (% interest) Life Copper Additional Information
Costs Costs Costs Production Reserve Resource Date
(yrs) Production
($ Mlns) ($/oz) ($/lb) (k oz) ($/oz) ($/oz)
(M lbs)
Producing Assets
Boddington Au, Cu Australia Newmont Mining Corp (100%) $500 $1.65 24 838 70 2009 - Q3 NEM expects 1.0mln oz avg prod'n over 1st 5 yrs at cash costs < $400/oz
Los Pelambres Cu, Mo, Au, Ag Chile AntofagAsta plc (60%), Pan Pacific Copper Co Ltd (16.25%) N/A $0.81 25 24 198 1999 - Q4 Company estimates 2010 cash costs at 0.81/lb Cu
Batu Hijau Cu, Au, Ag Indonesia Newmont (31.5%), Nusa Tenggara (24.5%), PT Pukuafu Indah (20%) $275 $0.80 11 789 572 1999 - Q4 2010E production and costs as per company guidance
Grasberg Cu, Au, Ag Indonesia Freeport-McMoRan (90.64%), Government of Indonesia (9.36%) N/A $0.14 25 1,789 1,225 1972 Operating figures are estimates for 2010
Sarcheshmeh Cu, Mo, Au, Ag, Re Iran National Iranian Copper Industries (100%) N/A N/A 35 15 448 1974 - Q2
Saindak Cu, Au, Ag Pakistan China Metallurgical Group Corp (100%) N/A N/A 11 N/A 41 2003 - Q3
Aitik Cu, Au, Ag, Mo Sweden Boliden AB (100%) N/A $0.86 19 43 101 1968
Bingham Canyon Cu, Au, Mo, Ag, Re United States Kennecott Exploration Inc (Rio Tinto plc) (100%) N/A N/A 10 532 512 1904 Production figures are 2010 H1 annualized
Feasibility Stage Projects
Agua Rica Cu, Au, Mo, Ag, Re Argentina Yamana Gold Inc (100%) $2,100 $400 $0.53 27 136 282 71 38 N/A Data from 2010 study
Cadia East Au, Cu Australia Newcrest Mining Ltd (100%) $1,840 $95 N/A 30 650 187 45 25 2012 - H2 Costs converted at A$/US$ 1.04; 2010 press release
Salobo Cu, Au, Ag, Mo Brazil Vale SA (100%) $1,808 N/A N/A 19 130 220 32 32 2011 - Q3 $1.8Bln capex excludes planned $1.025Bln expansion
Casino Cu, Au, Mo Canada Western Copper Corp (100%) $2,040 N/A ($0.02) 30 158 124 103 79 2013 2008 pre-feasibility
Galore Creek Cu, Au, Ag Canada NovaGold Resources Inc (50%), Teck Resources Ltd (50%) $5,060 N/A $0.38 22 165 262 N/A 123 2012 - Q2 $0.38 Cu/lb from 2006 FS. New PFS was underway as at April 2010
Kemess North Au, Cu Canada Northgate Minerals Corp (100%) $190 $180 N/A 12 252 113 N/A 14 N/A Permitting issue - no plans to move project forward at this point; 2004 feasibility
KSM Au, Cu, Ag, Mo Canada Seabridge Gold Inc (100%) $3,365 $144 N/A 37 634 158 68 40 2016 - Q1 2010 pre-feasibility study
Mount Milligan Au, Cu Canada Thompson Creek Metals (100%) $888 $51 $0.17 22 195 81 76 57 2013 - Q1 Capex at CAD$915M implies $1.03 USD/CAD for $888M; 2009 data
Prosperity Au, Cu, Ag Canada Taseko Mines Ltd (100%) $814 $330 $0.58 33 233 109 37 29 2012 Mine facing strong opposition due to Fish Lake; data from 2007 FS, 2010 capex
Red Chris Cu, Au Canada Imperial Metals Corp (100%) $223 N/A $0.27 25 75 110 28 7 N/A 18-24 months construction; 2004 Technical Report is currently being updated
Schaft Creek Cu, Mo, Au, Ag Canada Copper Fox Metals Inc (100%) $2,950 N/A N/A 23 199 211 146 96 N/A Op costs are 12.49/t milled; data from 2008; updated FS expected YE2010
Snowfield Au, Ag, Cu, Mo Canada Silver Standard Resources Inc (100%) $3,465 N/A N/A 23 607 58 N/A 78 N/A Op cost is $10/t milled converted at $CAD/$USD 1.02; capex from 2010 PFS
Cerro Casale Au, Cu, Ag Chile Barrick Gold Corp (75%), Kinross Gold Corp (25%) $4,200 $150 N/A 28 834 238 108 79 2015 Startup - 3 yrs construction following permits
El Morro Cu, Au Chile Goldcorp Inc (70%), New Gold Inc (30%) $2,520 N/A $0.76 14 310 335 114 88 2015 *Property being disputed by ABX; Expects construction to begin early 2011
Esperanza Cu, Au, Ag, Mo Chile AntofagAsta plc (70%), Marubeni Corp (30%) $2,500 N/A $0.75 16 215 420 109 66 2010 - Q4 Production is for first 10 yrs
Xietongmen Cu, Au, Ag China Continental Minerals (100%) is being acuired by Jinchuan (Sept. 2010) $600 N/A N/A 14 190 116 71 24 N/A Op cost $9.50/t milled; startup 30 mths following permitting; 2007 FS; 2010 capex
Skouries Au, Cu Greece European Goldfields Ltd (65%), Aktor SA (35%) $300 $275 N/A 22 220 95 35 15 2010 Data from 2007 feasibility study
Bozschekul Cu, Mo, Au, Ag Kazakhstan Kazakhmys plc (100%) $1,750 N/A N/A 40 N/A 220 53 53 2014 2009 pre-feasibility
Oyu Tolgoi Cu, Au Mongolia Ivanhoe Mines Ltd (66%), Government of Mongolia (34%) $4,600 N/A $0.62 27 330 992 N/A 17 2013 Reserve case ML = 27yrs, sensitivity case ML = 59 yrs; 2010 data
Reko Diq Cu, Au, Pb, Zn, Ag Pakistan AntofagAsta plc (37.5%), Barrick Gold Corp(37.5%) $3,300 $435 $1.05 56 265 413 N/A 18 2015 Estimates are for first 5 yrs of production
Cobre Panama Cu, Au, Mo, Ag Panama Inmet Mining Corp (80%), LS Nikko Copper Inc (20%) $4,320 N/A $0.90 30 90 562 76 33 2015 - Q3 2010 data
Frieda River Cu, Au Papua N.G. Xstrata Plc (81.82%), Highlands Pacific Ltd (18.18%) $2,574 N/A $0.81 26 295 420 N/A 41 2016 2008 scoping study
Golpu Cu, Au, Mo Papua N.G. Newcrest Mining Ltd (50%), Harmony Gold Mining Co Ltd (50%) $1,300 N/A N/A 13 73 141 219 31 2013 - Q1 Capex, mine life and production estimates sourced from 2007 PFS
Conga Au, Cu Peru Newmont Mining (51.35%), Cia De Minas Buenaventura SA (43.65%) $2,950 $350 N/A 20 590 160 145 113 2015 - Q1 2009 data, 2010 cost
Tampakan Cu, Au, Mo, As Philippines Xstrata Plc (62.5%), Indophil Resources NL(37.5%) $5,200 N/A $0.46 20 350 750 N/A 52 2016 2009 pre-feasibility
Earlier Stage Projects
Cloncurry Cu, Au, Co, Zn, Ag Australia Ivanhoe Australia Ltd (100%)
Caspiche Au, Cu, Ag Chile Exeter Resource Corp (100%) Development studies ongoing
Namosi Cu, Au, Ag, Mo Fiji Newcrest Mining Ltd (69.94%), Nittetsu Mining Co Ltd (20.24%)
Tujuh Bukit Au, Ag, Cu Indonesia Intrepid Mines Ltd (80%), PT Indo Multi Niaga (20%)
Cerro Colorado Cu, Ag, Au, Mo Panama Government of Panama (100%)
Far Southeast Au, Cu Philippines Gold Fields Ltd (60%), Lepanto Consolidated Mining Co(40%) Resources sourced from Lepanto website; GFI working on feasibility study
!"#$%&"''()*$('"+,-+*.*/-0(*1(2*$3)#,1!+/*****"&-"4()*556*7858

Silangan Cu, Au Philippines Philex Mining Corp (100%)

Pebble Cu, Au, Mo, Ag United States Northern Dynasty Minerals Ltd (50%), Anglo American plc (50%) Northern Dynasty working on feasibility study

AVERAGES
Producing Assets $388 $0.85 20 576 396
Feasibility Stage Projects $241 $0.56 25 300 271 85 50
Total $265 $0.64 24 362 301 85 50

Sources: Company financial and technical reports, company websites, Metals Economics Group, NBF estimates

-3193*:3;<+&"1(;
Note: Study includes only those properties containing greater than 5 Mln ounces of gold and 1 Mln tonnes of copper
Note: Price assumptions of $1300/oz Au and $3.50/lb Cu were used for value ratio and gold equivalent calculations
Note: Figures may differ from reported values due to internal calculation methodology and rounding
 *12$'+30+#')'#4')+15%+#')"6#.')
PROVEN AND PROBABLE RESERVES MEASURED AND INDICATED RESOURCES INFERRED RESOURCES TOTAL RESOURCE (2P + M&I + Inferred)

Au Au
Au Au Cu Cu Au Eq Au Au Cu Cu Au Eq Au Au Cu Cu Au Eq Au Total Au Cu Total Cu Au Eq
Tonnage Au Eq Value Tonnage Au Eq Tonnage Au Eq Tonnage Au Eq Value
Project Name Reserves Grade Reserves Grade Grade Resources Grade Resources Grade Grade Resources Grade Resources Grade Grade Resource Grade Resource Grade Grade
(Mln) (Mln oz) to Cu (Mln) (Mln oz) (Mln) (Mln oz) (Mln) (Mln oz) to Cu
(Mln oz) (g/t) (Mln t) (%) (g/t) (Mln oz) (g/t) (Mln t) (%) (g/t) (Mln oz) (g/t) (Mln t) (%) (g/t) (Mln oz) (g/t) (Mln t) (%) (g/t)
Value Value

Producing Assets
Boddington 966 21.13 0.68 1.06 0.11 27.44 0.88 3.35 365 5.10 0.44 0.33 0.09 7.05 0.60 293 5.49 0.58 0.29 0.10 7.23 0.77 1,624 31.72 0.61 1.68 0.10 41.72 0.80 3.17
Los Pelambres 1,503 1.45 0.03 9.62 0.64 58.53 1.21 0.03 409 0.39 0.03 2.62 0.64 15.93 1.21 4,253 5.47 0.04 20.41 0.48 126.64 0.93 6,165 7.31 0.04 32.65 0.53 201.10 1.01 0.04
Batu Hijau 1,073 8.62 0.25 4.29 0.40 34.09 0.99 0.34 331 2.66 0.25 1.06 0.32 8.96 0.84 155 0.30 0.06 0.34 0.22 2.32 0.47 1,559 11.59 0.23 5.69 0.37 45.38 0.91 0.34
Grasberg 2,590 71.61 0.86 25.90 1.00 225.34 2.71 0.47 2,622 44.20 0.52 15.45 0.59 135.88 1.61 240 2.16 0.28 0.67 0.28 6.15 0.80 5,452 117.97 0.67 42.02 0.77 367.37 2.10 0.47
Sarcheshmeh 1,200 10.42 0.27 8.40 0.70 60.28 1.56 0.21 1,200 10.42 0.27 8.40 0.70 60.28 1.56 0.21
Saindak 78 1.25 0.50 0.34 0.43 3.26 1.30 0.62 334 5.37 0.50 1.52 0.45 14.37 1.34 412 6.62 0.50 1.85 0.45 17.63 1.33 0.60

-3193*:3;<+&"1(;
Aitik 747 3.46 0.14 1.92 0.26 14.85 0.62 0.30 1,370 4.85 0.11 2.60 0.19 20.30 0.46 131 0.46 0.11 0.20 0.15 1.63 0.39 2,248 8.77 0.12 4.72 0.21 36.78 0.51 0.31
Bingham Canyon 524 4.21 0.25 2.46 0.47 18.83 1.12 0.29 173 1.22 0.22 0.95 0.55 6.87 1.24 474 2.59 0.17 2.09 0.44 14.97 0.98 1,171 8.03 0.21 5.50 0.47 40.67 1.08 0.25
Feasibility Stage Projects
Agua Rica 799 5.96 0.23 3.96 0.50 29.47 1.15 0.25 312 1.71 0.17 1.31 0.42 9.49 0.95 651 2.51 0.12 2.21 0.34 15.65 0.75 1,762 10.18 0.18 7.49 0.42 54.61 0.96 0.23
Cadia East 1,073 20.70 0.60 3.43 0.32 41.08 1.19 1.02 1,173 11.07 0.29 3.08 0.26 29.35 0.78 102 1.15 0.35 0.18 0.18 2.24 0.68 2,348 32.92 0.44 6.70 0.29 72.67 0.96 0.83
Salobo 929 13.73 0.46 7.15 0.77 56.17 1.88 0.32 929 13.73 0.46 7.15 0.77 56.17 1.88 0.32
Casino 991 8.03 0.25 1.99 0.20 19.81 0.62 0.68 132 0.60 0.14 0.32 0.24 2.48 0.59 233 1.33 0.18 0.37 0.16 3.54 0.47 1,356 9.95 0.23 2.68 0.20 25.84 0.59 0.63
Galore Creek 786 7.33 0.29 4.09 0.52 31.58 1.25 358 2.07 0.18 1.29 0.36 9.71 0.84 1,143 9.40 0.26 5.37 0.47 41.29 1.12 0.29
Kemess North 719 6.94 0.30 1.08 0.15 13.34 0.58 719 6.94 0.30 1.08 0.15 13.34 0.58 1.08
KSM 1,603 30.40 0.59 3.21 0.20 49.43 0.96 1.60 535 8.35 0.49 1.31 0.25 16.15 0.94 757 10.47 0.43 1.21 0.16 17.66 0.73 2,894 49.22 0.53 5.73 0.20 83.23 0.89 1.45
Mount Milligan 482 6.02 0.39 0.96 0.20 11.74 0.76 1.05 224 1.48 0.21 0.32 0.14 3.38 0.47 21 0.14 0.21 0.03 0.15 0.32 0.49 727 7.63 0.33 1.32 0.18 15.45 0.66 0.98
Prosperity 831 11.06 0.41 1.88 0.23 22.21 0.83 0.99 179 2.30 0.40 0.54 0.30 5.48 0.95 1,010 13.36 0.41 2.41 0.24 27.69 0.85 0.93
Red Chris 276 2.36 0.27 0.96 0.35 8.08 0.91 0.41 313 5.53 0.55 1.69 0.54 15.55 1.55 238 3.82 0.50 1.09 0.46 10.31 1.35 826 11.71 0.44 3.74 0.45 33.93 1.28 0.53
Schaft Creek 821 5.57 0.21 2.46 0.30 20.14 0.76 0.38 572 2.49 0.14 1.03 0.18 8.60 0.47 187 0.54 0.09 0.26 0.14 2.09 0.35 1,580 8.60 0.17 3.74 0.24 30.83 0.61 0.39
Snowfield 1,095 22.05 0.63 1.31 0.12 29.85 0.85 847 10.90 0.40 0.59 0.07 14.42 0.53 1,943 32.95 0.53 1.91 0.10 44.27 0.71 2.91
Cerro Casale 1,213 23.01 0.59 2.67 0.22 38.85 1.00 1.45 217 2.73 0.39 0.23 0.11 4.10 0.59 444 5.28 0.37 0.84 0.19 10.29 0.72 1,874 31.01 0.51 3.74 0.20 53.23 0.88 1.40
El Morro 450 6.66 0.46 2.61 0.58 22.16 1.53 0.43 108 2.14 0.62 0.46 0.43 4.87 1.40 62 0.36 0.18 0.21 0.34 1.62 0.81 621 9.16 0.46 3.28 0.53 28.64 1.44 0.47
Esperanza 583 4.18 0.22 3.15 0.54 22.88 1.22 0.22 216 0.63 0.09 0.87 0.40 5.76 0.83 405 0.91 0.07 1.42 0.35 9.32 0.72 1,204 5.72 0.15 5.43 0.45 37.96 0.98 0.18
Xietongmen 182 3.63 0.62 0.82 0.45 8.49 1.45 0.75 427 2.93 0.21 1.37 0.32 11.06 0.81 265 0.60 0.07 0.77 0.29 5.15 0.61 874 7.16 0.25 2.96 0.34 24.71 0.88 0.41
Skouries 146 3.89 0.83 0.79 0.54 8.58 1.82 0.83 191 5.04 0.82 1.05 0.55 11.28 1.84 337 8.93 0.82 1.84 0.55 19.86 1.83 0.82
Bozschekul 1,169 7.89 0.21 4.21 0.36 32.87 0.87 0.32 1,169 7.89 0.21 4.21 0.36 32.87 0.87 0.32
Oyu Tolgoi 1,387 20.97 0.47 18.45 1.33 130.49 2.93 2,367 25.11 0.33 18.46 0.78 134.71 1.77 3,755 46.08 0.38 36.92 0.98 265.20 2.20 0.21
Reko Diq 2,983 25.51 0.27 14.20 0.48 109.78 1.14 2,885 15.86 0.17 10.16 0.35 76.14 0.82 5,868 41.37 0.22 24.35 0.42 185.92 0.99 0.29
Cobre Panama 2,143 4.82 0.07 8.79 0.41 56.97 0.83 0.09 1,128 2.18 0.06 4.06 0.36 26.28 0.72 3,194 4.11 0.04 7.67 0.24 49.61 0.48 6,465 11.11 0.05 20.51 0.32 132.86 0.64 0.09
Frieda River 509 6.27 0.38 3.87 0.76 29.22 1.79 915 8.03 0.27 4.36 0.48 33.91 1.15 1,424 14.31 0.31 8.23 0.58 63.13 1.38 0.29
Golpu 70 1.37 0.61 0.77 1.10 5.94 2.64 0.30 64 4.12 2.00 4.12 2.00 491 10.07 0.64 3.62 0.74 31.58 2.00 625 15.56 0.77 4.39 0.70 41.64 2.07 0.60
Conga 560 11.73 0.65 1.46 0.26 20.38 1.13 1.36 102 1.47 0.45 0.18 0.18 2.56 0.78 140 1.69 0.38 0.24 0.17 3.10 0.69 802 14.89 0.58 1.88 0.23 26.04 1.01 1.34
Tampakan 1,670 12.46 0.23 10.44 0.63 74.41 1.39 700 4.50 0.20 3.50 0.50 25.28 1.12 2,370 16.96 0.22 13.94 0.59 99.68 1.31 0.20
Earlier Stage Projects
Cloncurry 222 2.17 0.30 1.37 0.62 10.31 1.44 389 3.66 0.29 1.98 0.51 15.39 1.23 611 5.83 0.30 3.35 0.55 25.71 1.31 0.29
Caspiche 1,316 21.16 0.50 2.37 0.18 35.22 0.83 458 5.15 0.35 0.64 0.14 8.96 0.61 1,774 26.31 0.46 3.01 0.17 44.17 0.77 1.47
Namosi 506 2.61 0.16 2.38 0.47 16.73 1.03 795 3.07 0.12 3.10 0.39 21.48 0.84 1,302 5.67 0.14 5.48 0.42 38.21 0.91 0.17
Tujuh Bukit 595 10.06 0.53 2.00 0.34 21.93 1.15 595 10.06 0.53 2.00 0.34 21.93 1.15 0.85
Cerro Colorado 1,886 5.82 0.10 11.96 0.63 76.79 1.27 1,886 5.82 0.10 11.96 0.63 76.79 1.27 0.08
Far Southeast 120 5.79 1.50 0.96 0.80 11.49 2.98 1.02 180 9.84 1.70 1.44 0.80 18.39 3.18 300 15.63 1.62 2.40 0.80 29.87 3.10 1.10
!"#$%&"''()*$('"+,-+*.*/-0(*1(2*$3)#,1!+/*****"&-"4()*556*7858

Silangan 191 5.34 0.87 1.60 0.84 14.87 2.42 33 0.66 0.63 0.25 0.75 2.12 2.01 224 6.00 0.83 1.85 0.83 16.98 2.36 0.55
Pebble 5,941 66.85 0.35 25.01 0.42 215.31 1.13 4,835 40.42 0.26 11.60 0.24 109.29 0.70 10,776 107.27 0.31 36.62 0.34 324.60 0.94 0.49

AVERAGES

Producing Assets 15.27 0.37 6.75 0.50 55.33 1.30 0.70 9.74 0.26 3.83 0.40 32.50 0.99 3.12 0.25 3.65 0.30 24.76 0.81 25.30 0.33 12.81 0.45 101.37 1.16 0.67
Feasibility Stage Projects 9.50 0.43 2.85 0.42 26.40 1.20 0.69 6.79 0.42 3.24 0.39 25.18 1.11 5.47 0.26 2.92 0.32 22.83 0.85 17.47 0.37 7.24 0.40 60.44 1.10 0.69
Earlier Stage Projects 19.63 0.44 6.55 0.51 58.49 1.37 9.84 0.50 4.12 0.47 34.29 1.37 22.82 0.53 8.33 0.51 72.28 1.48 0.63
Total 11.07 0.45 3.93 0.46 34.42 1.29 0.71 9.20 0.39 3.85 0.41 31.37 1.13 6.00 0.31 3.34 0.35 25.84 0.96 20.04 0.39 8.54 0.43 70.74 1.19 0.67

Sources: Company financial and technical reports, company websites, Metals Economics Group, NBF estimates

Note: Study includes only those properties containing greater than 5 Mln ounces of gold and 1 Mln tonnes of copper
Note: Price assumptions of $1300/oz Au and $3.50/lb Cu were used for value ratio and gold equivalent calculations
Note: Figures may differ from reported values due to internal calculation methodology and rounding

>
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 !"#$%&"''()*$('"+,-+*.*/-0(*1(2*$3)#,1!+/*****"&-"4()*556*7858

21$3& +%.%+5%& 67$8& 9:;

Grasberg
KSM
Cerro Casale
Boddington
Cadia East
Salobo
Conga
Prosperity
Sarcheshmeh
Batu Hijau
Casino
Bozschekul
El Morro
Mount Milligan
Agua Rica
Far Southeast
Schaft Creek
Cobre Panama
Bingham Canyon
Esperanza
Skouries
Xietongmen
Aitik
Red Chris
Los Pelambres
Golpu
Saindak

0 10 20 30 40 50 60 70 80

Gold Reserves (Mln oz)

!"#$%&'()"*+,-.($&+"$/01(234

21$3& %<*/5"$%8!& +%.%+5%.& 67$8& 9:;

Grasberg
Sarcheshmeh
Los Pelambres
Cobre Panama
Salobo
KSM
Cadia East
Cerro Casale
Batu Hijau
Bozschekul
Agua Rica
Boddington
Esperanza
Prosperity
El Morro
Conga
Schaft Creek
Casino
Bingham Canyon
Aitik
Mount Milligan
Far Southeast
Skouries
Xietongmen
Red Chris
Golpu
Saindak

0 50 100 150 200 250

AuEq Reserves (Mln oz)

!"#$%&'()"*+,-.($&+"$/01(234

-3193*:3;<+&"1(; ?
 !"#$%&"''()*$('"+,-+*.*/-0(*1(2*$3)#,1!+/*****"&-"4()*556*7858

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Far Southeast
Grasberg
Skouries
Boddington
Conga
Xietongmen
Golpu
Cadia East
Cerro Casale
KSM
Saindak
El Morro
Salobo
The average reserve gold
AVERAGE
grade is 0.45 g/t
Prosperity
Mount Milligan
Sarcheshmeh
Red Chris
Casino
Bingham Canyon
Batu Hijau
Agua Rica
Esperanza
Schaft Creek
Bozschekul
Aitik
Cobre Panama
Los Pelambres

0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60

Au Grade (g/t)
!"#$%&'()"*+,-.($&+"$/01(234

+%.%+5%& 21$3& %<*/5"$%8!& 2+"3%& 6=4>;

Far Southeast
Grasberg
Golpu
Salobo
Skouries
Sarcheshmeh
El Morro
Xietongmen
Saindak The average reserve
AVERAGE gold equivalent grade is
Esperanza 1.29 g/t
Los Pelambres
Cadia East
Agua Rica
Conga
Bingham Canyon
Cerro Casale
Batu Hijau
KSM
Red Chris
Boddington
Bozschekul
Prosperity
Cobre Panama
Schaft Creek
Mount Milligan
Casino
Aitik

0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50

AuEq Grade (g/t)

!"#$%&'()"*+,-.($&+"$/01(234

@ -3193*:3;<+&"1(;
 !"#$%&"''()*$('"+,-+*.*/-0(*1(2*$3)#,1!+/*****"&-"4()*556*7858

21$3& +%.1*+,%.& 6"$$& ,"!%21+/%.;

Grasberg
Pebble
KSM
Oyu Tolgoi
Reko Diq
Snowfield
Cadia East
Boddington
Cerro Casale
Caspiche
Tampakan
Far Southeast
Golpu
Conga
Frieda River
Salobo
Prosperity
Red Chris
Batu Hijau
Cobre Panama
Sarcheshmeh
Agua Rica
Tujuh Bukit
Casino
Galore Creek
El Morro
Skouries
Aitik
Schaft Creek
Bingham
Bozschekul
Mount Milligan
Los Pelambres
Xietongmen
Kemess North
Saindak
Silangan
Cloncurry
Cerro Colorado
Esperanza
Namosi

0 20 40 60 80 100 120 140

Gold Resources (Mln oz)

!"#$%&'()"*+,-.($&+"$/01(234

21$3& %<*/5"$%8!& +%.1*+,%.& 6"$$& ,"!%21+/%.;

Grasberg
Pebble
Oyu Tolgoi
Los Pelambres
Reko Diq
Cobre Panama
Tampakan
KSM
Cerro Colorado
Cadia East
Frieda River
Sarcheshmeh
Salobo
Agua Rica
Cerro Casale
Batu Hijau
Snowfield
Caspiche
Boddington
Golpu
Galore Creek
Bingham
Namosi
Esperanza
Aitik
Red Chris
Bozschekul
Schaft Creek
Far Southeast
El Morro
Prosperity
Conga
Casino
Cloncurry
Xietongmen
Tujuh Bukit
Skouries
Saindak
Silangan
Mount Milligan
Kemess North

0 50 100 150 200 250 300 350 400

AuEq Resources (Mln oz)

!"#$%&'()"*+,-.($&+"$/01(234

-3193*:3;<+&"1(; A
 !"#$%&"''()*$('"+,-+*.*/-0(*1(2*$3)#,1!+/*****"&-"4()*556*7858

+%.1*+,%& 21$3& 2+"3%& 6=4>;

Far Southeast
Silangan
Skouries
Golpu
Grasberg
Boddington
Conga
KSM
Snowfield
Tujuh Bukit
Cerro Casale
Saindak
Caspiche
Salobo
El Morro
Red Chris
Cadia East
Prosperity The average resource
AVERAGE gold grade is 0.39 g/t
Oyu Tolgoi
Mount Milligan
Frieda River
Pebble
Kemess North
Cloncurry
Sarcheshmeh
Galore Creek
Xietongmen
Batu Hijau
Casino
Tampakan
Reko Diq
Bingham
Bozschekul
Agua Rica
Schaft Creek
Esperanza
Namosi
Aitik
Cerro Colorado
Cobre Panama
Los Pelambres

0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80

Au Grade (g/t)
!"#$%&'()"*+,-.($&+"$/01(234

+%.1*+,%& 21$3& %<*/5"$%8!& 2+"3%& 6=4>;

Far Southeast
Silangan
Oyu Tolgoi
Grasberg
Golpu
Salobo
Skouries
Sarcheshmeh
El Morro
Frieda River
Saindak
Cloncurry
Tampakan
Red Chris The average resource
Cerro
AVERAGE AuEq grade is 1.19 g/t
Tujuh Bukit
Galore Creek
Bingham
Los Pelambres
Conga
Reko Diq
Esperanza
Agua Rica
Cadia East
Pebble
Namosi
Batu Hijau
KSM
Cerro Casale
Xietongmen
Bozschekul
Prosperity
Boddington
Caspiche
Snowfield
Mount Milligan
Cobre Panama
Schaft Creek
Casino
Kemess North
Aitik

0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50

AuEq Grade (g/t)

!"#$%&'()"*+,-.($&+"$/01(234

58 -3193*:3;<+&"1(;
 !"#$%&"''()*$('"+,-+*.*/-0(*1(2*$3)#,1!+/*****"&-"4()*556*7858

!"#$%& %'& "(& )"*+,& #%& -(& )"*+,& $.& !,/,!),/& 012
Boddington
KSM
Cerro Casale
Conga
Mount Milligan
Far Southeast
Cadia East
Prosperity
Skouries
Xietongmen The average ratio of gold
AVERAGE
value to copper value in
reserves is 0.71x
Casino
Saindak
Grasberg
El Morro
Red Chris
Schaft Creek
Batu Hijau
Salobo
Bozschekul
Aitik
Golpu
Bingham Canyon
Agua Rica
Esperanza
Sarcheshmeh
Cobre Panama
Los Pelambres

0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00

!"#$%&#'$&()#*"&*+&,)+$-&".&/01223"4&5"6-&).-&/178236,&9"::$(
;"<(9$%&=">:).?&($:"(#+@&!AB

!"#$%& %'& "(& )"*+,& #%& -(& )"*+,& $.& #%#"*& !,/%+!-,& 012
Boddington
Snowfield
Caspiche
KSM
Cerro Casale
Conga
Far Southeast
Kemess North
Mount Milligan
Prosperity
Tujuh Bukit
Cadia East The average ratio of gold
Skouries value to copper value in
AVERAGE
Casino resources is 0.67x
Saindak
Golpu
Silangan
Red Chris
Pebble
Grasberg
El Morro
Xietongmen
Schaft Creek
Batu Hijau
Salobo
Bozschekul
Aitik
Galore Creek
Cloncurry
Frieda River
Reko Diq
Bingham
Agua Rica
Oyu Tolgoi
Sarcheshmeh
Tampakan
Esperanza
Namosi
Cobre Panama
Cerro
Los Pelambres

0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50

!"#$%&#'$&()#*"&*+&,)+$-&".&/01223"4&5"6-&).-&/178236,&9"::$(
;"<(9$%&=">:).?&($:"(#+@&!AB

-3193*:3;<+&"1(; 55
 !"#$%&"''()*$('"+,-+*.*/-0(*1(2*$3)#,1!+/*****"&-"4()*556*7858

,")/!"$& %?)%83/!*+%.& 4& "@%A& 9:& 10& +%.%+5%& 6B49:;

Golpu

Schaft Creek

Conga

El Morro

Esperanza

Cerro Casale

Casino The average Captial

AVERAGE
Expenditure per AuEq
Reserve is $85/oz
Cobre Panama

Mount Milligan

Agua Rica

Xietongmen

KSM

Bozschekul

Cadia East

Prosperity

Skouries

Salobo

Red Chris

0 50 100 150 200 250

US$/oz
!"#$%&'()"*+,-.($&+"$/01(234

,")/!"$& %?)%83/!*+%.& 4& "@%A& 9:& 10& +%.1*+,%& 6B49:;

Galore Creek
Conga
Schaft Creek
El Morro
Casino
Cerro Casale
Snowfield
Esperanza
Mount Milligan
Bozschekul
The average Capital
Tampakan
Expenditure per AuEq
AVERAGE
Resource is $50/oz
Frieda River
KSM
Agua Rica
Cobre Panama
Salobo
Golpu
Prosperity
Cadia East
Xietongmen
Reko Diq
Oyu Tolgoi
Skouries
Kemess North
Red Chris

0 20 40 60 80 100 120 140

US$/oz !"#$%&'()"*+,-.($&+"$/01(234

57 -3193*:3;<+&"1(;
 !"#$%&"''()*$('"+,-+*.*/-0(*1(2*$3)#,1!+/*****"&-"4()*556*7858

CONCLUSION
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4,55% #**/% (&% "++*++9

P#% +)&-(R% ()*% '&55&4,#3% .-&N*1(+% +("#/% &0(=

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! F)5'+ N"8'+ KW'0'2'+ <-13P% )"+% ;"/*% .0<5,1% +("(*;*#(+% ()"(% ,(% 4&05/% 5,L*% (&% +0-'"1*
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! ^,()% ()*% -*1*#(% "160,+,(,&#% &' % W*/% _"1L% <$% T"2(-,,G% 4*% <*5,*2*% U,#-&++% 4,55% 5,L*5$% +*55
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5> -3193*:3;<+&"1(;
 !"#$%&"''()*$('"+,-+*.*/-0(*1(2*$3)#,1!+/*****"&-"4()*556*7858

DISCLOSURES
!"#$%&'()%*(+,"#(-,./(0."%1

2!30)!4(5-678(!)-39:1(!"#$%&'$&$(%)**+(,*)*-$)&(,./$'0'(*1$(%&($,'$)*2&(,3*$(4$(%*$543*)&/*$6.,3*)'*$47$(%*$8&)(,562&)$&.&20'(9
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*A8*5(*-$(4$6.-*)8*)74)1$(%*$'*5(4)$43*)$(%*$.*A($CD$14.(%'9

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5@ -3193*:3;<+&"1(;
RESEARCH ANALYSTS
Ihor Danyliuk 416.869.7522
Director of Research

Caroline Jukes, 416.869.8039

Administrative Manager

ECONOMICS AND STRATEGY Oil and Gas METALS & MINING

Stéfane Marion, 514.879.3781 Grant Hofer 403.290.5436 Senior Golds
Chief Economist & Strategist Associate: Dale Lewko 403.290.5446 Tanya Jakusconek 416.869.6766
Yanick Desnoyers, 514.879.3140 Associate: Joanne van Ballegooie 416.869.6767
Assistant Chief Economist Dan Payne 403.290.5441 Associate: Christopher Martino 416.869.6517
Benoit Mayer-Godin 514-879-2378 Matthew Taylor 403.290.5625
Quantitative Strategist Junior Golds
Tara Hassan 416.869.7118
Paul-André Pinsonnault, 514.879.3795 Oil and Gas Intermediates/Trusts Associate: Brian Szeto 416. 869.6538
Senior Fixed Income Economist Menal Patel 403.290.5622
Marc Pinsonneault, 514.879.2589 Associate: Jeremy McCrea 403.290.5627 REAL ESTATE & HOSPITALITY
Senior Economist Associate: Gilbert Bong 403.290.5624
Jimmy Shan 416.869.8025
Marco Lettieri, 514.879.3195 FERTILIZERS Associate: Tanya Bouchard 416.869.7934
Economist
Hari Sambasivam 416.869.7801 Heather Kirk 514.390.7867
Matthieu Arseneau, 514.879.5149 Associate: Jing Feng 416.869.6515
Economist Associate: Marco Giurleo 514.390.7989
FINANCIAL SERVICES
DERIVATIVES & STRUCTURED PRODUCTS
Pat Chiefalo 416.869.7931 Banking & Insurance SPECIAL SITUATIONS
Associate: Daniel Straus 416.869.8020 Peter Routledge 416.869.7442 Hugues Bourgeois 514.879.2574
Associate: Grant Connor 416.869.6420 Associate: Frederic Tremblay 514.879.2494
TECHNICAL ANALYSIS
Dennis Mark 416.869.7427 Diversified Financials Trevor Johnson 416.869.8511
Shubha Rahman Khan 416.869.6425 Associate: Keegan McCormick 416.869.7809
BIOTECH & PHARMACEUTICALS Associate: Sunny Singh 416.869.8045
Hari Sambasivam 416.869.7801 TECHNOLOGY
Associate: Jing Feng 416.869.6515 INFRASTRUCTURE AND ENGINEERING
Clean Tech
Benoit Caron 514.879.5230 Rupert Merer 416.869.8008
ENERGY Associate: Andrew Moussa 514.879.2543 Associate: Jeremy Mersereau 416.869.6768
Energy Services
COMMUNICATIONS & MEDIA Comm Equipment, Broadband & Wireless
Brian Purdy 403.290.5448
Associate: Ian Thies 403.290.5628 Adam Shine 514.879.2302 Kris Thompson 416.869.8049
Associate: Peter Stusio 514.879.2564 Associate: Manik Verma 416.869.7495
Energy Infrastructure, Pipelines & Utilities
Software & IT Services
Patrick Kenny 403.290.5451 MERCHANDISING & CONSUMER PRODUCTS
Associate: Anthony Sze 403.290.5445 Kris Thompson 416.869.8049
Associate: Scott Russell 403.290.5102 James Durran 416.869.7930 Associate: Nikhil Thadani 416.869.7938
Associate: Robert McKee 416.869.7572
Oil and Gas Seniors/Intergrateds Associate: Hussein Sunderji 416.869.7116 TELECOMMUNICATIONS & CABLE
Peter Ogden 403.290.5629 Greg MacDonald 416.869.6775
Associate: Steve Murray 403.290.5621 Associate: Kevin Krishnaratne 416.869.6585

!"#"$%&'()*+,-&$.-/0#
Vanda Bright
Manager, Publishing Services 416.869.7141 Zuhair (Kash) Kashmeri Marie-Noël Korcaz
Chief Research Editor 416.869.7535 French Translation 514.879.2492
Publishing Associate:
Maria Cojan 514.879.5357

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interpretation of these particulars and are not to be construed as a solicitation or offer to buy or sell the securities mentioned herein. The Firm may act as financial advisor, fiscal agent or underwriter
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mentioned herein and may make purchases and/or sales of these securities from time to time in the open market or otherwise.
To U.S. residents: NBF Securities (USA) Corp., an affiliate of the Firm, accepts responsibility for the contents of this report, subject to any terms set out above. Any U.S. person wishing to effect
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This report may not be reproduced in whole or in part, or further distributed or published or referred to in any manner whatsoever nor may the information, opinions or conclusions contained in it be
referred to without in each case the prior express consent of National Bank Financial.
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