Some of the risk factors that pertain to the projected 6-12 month stock price target for mining companies in our universe
are as follows: Mining companies are subject to a range of risks, including, but not limited to: environmental risk, political
risk, operational risk, financial risk, hedging risk, commodity price fluctuation risk, and currency risk. Any difference
between our metal price forecasts and realized metal prices will likely have an impact on our earnings and valuation
estimates for the mining companies in our research coverage universe. The operation of mines, and mills is complex and is
exposed to a number of risks, most of which are beyond the company’s control. These include: environmental compliance
issues; personal accidents; metallurgical/other processing problems; unexpected rock formations; ground or slope failures;
flooding or fires; earthquakes; rock bursts; equipment failures; consultant errors and, interruption due to inclement,
weather conditions, road closures, and/or local protests. Other risks include, but are not limited to: uncertainties
surrounding reclamation costs; aging equipment and facilities which could lead to increased costs; strikes; and,
transportation disruptions.