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Institutional Equity Research
Earnings Update
December 1, 2011
Precious Metals
Queenston Mining Inc.
Looking In The Right Direction
? Queenston (QMI-SP $8.00 PT) reported drill hole results from the 100%-owned Rand Property on Thursday morning. The headline results were impressive with hole KGR11-12 intersecting 8.4g/t over 22.6m including 14.6g/t over 1.1m and 44.5 g/t over 3.6m.
? The mineralization intersected is along strike of Kirkland Lake Gold's (KGI-SO) high-grade South Mine Complex (SMC) deposit. The described host geology of the intersected mineralization is comparable with the SMC and, like the SMC, is situated between two main geological breaks in the region.
? The mineralization intersected to date remains open to both the East and down-dip and will be the focus for future exploration. A number of holes to the West of KGR11-12 intersected grades from 6-12 g/t, but the company believes the western limit has been determined.
? A potential new discovery at the Rand property would add another component to QMI's multi-asset development goal in the Kirkland Lake Gold Camp and highlights our expectation that QMI will be successful in discovering gold mineralization beyond the currently defined resources.
Stock Price Performance
Source: Reuters
All figures in Canadian dollars, unless otherwise stated.
11-113197 © 2011
CIBC World Markets does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
Investors should consider this report as only a single factor in making their investment decision.
See "Important Disclosures" section at the end of this report for important required disclosures, including potential conflicts of interest.
See "Price Target Calculation" and "Key Risks to Price Target" sections at the end of this report, where applicable.
Jeff Killeen
1 (416) 956-6218
Jeff.Killeen@cibc.ca
Barry Cooper
1 (416) 956-6787
Barry.Cooper@cibc.ca
Stock Rating:
Sector Performer
Sector Weighting:
Overweight
12-18 mo. Price Target
$8.00
QMI-TSX (12/1/11)
$5.84
Key Indices:
TSX/SP - Canadian Gold
3-5-Yr. EPS Gr. Rate (E)
NM
52-week Range
$4.12-$8.07
Shares Outstanding
78.9M
Float
63.0M Shrs
Avg. Daily Trading Vol.
150,000
Market Capitalization
$460.8M
Dividend/Div Yield
Nil / Nil
Fiscal Year Ends
December
Book Value
$2.11 per Shr
2011 ROE (E)
NM
LT Debt
NA
Preferred
Nil
Common Equity
$166.5M
Convertible Available
No
Earnings per Share
Prev
Current
2011
(
.35E)
2012
(
.44E)
(
.38E)
2013
(
.25E)
(
.22E)
P/E
2011
NM
2012
NM
NM
2013
NM
NM
Cash Flow per Share
2011
(
.35E)
2012
(
.44E)
(
.38E)
2013
(
.25E)
(
.22E)
P/CF
2011
NM
2012
NM
NM
2013
NM
NM
Company Description
Looking In The Right Direction - December 01, 2011
2
Qeenston Mining Inc.Sector PerformerQMI-TSX12/1/11C$5.84Jeff Killeen (416-956-6218) jeff.killeen@cibc.ca12- To 18- Month Price Target: C$8.00Barry Cooper (416-956-6787) barry.cooper@cibc.caPrecious MetalsSector Weighting:OverweightAll figures in US$ million, unless otherwise stated. Gold price assumption in yr 2011@ $1625, and yr 2012 @ $2000Risk adjusted discount rates vary from 8% to 15% depending on the location of the asset and its technical challengesKey MultiplesEV/NAV*EV/NAV^2011 PE2012 PE2011 PCF2012 PCFQueenston0.3x0.5xNANEGNEGNEGNorth American Average0.9x1.3x21.3x09.8x13.4x07.4xLarge Cap Average (>$10B)1.4x2.5x18.3x11.3x12.1x08.5xMid Cap Average ($2B-$10B)1.1x1.5x24.5x13.7x14.5x09.7xSmall Cap Average (<$2B)0.7x0.9x20.4x06.3x13.2x04.9xLarge Cap Average > 1M oz1.1x1.4x26.3x15.9x14.8x10.8xIntermediate Producers 0.2-1 M oz1.7x1.7x17.3x09.3x10.8x06.8xSmall Producers < 0.2M oz0.9x1.2x21.8x09.7x14.0x07.3xP/NAV SensitivityP/NAVP/NAVP/NAVP/NAVP/NAVP/NAVProduction ProfileAvg. Gold Px - US$$1,300$1,400$1,600$1,300$1,400$1,600Queenston0.6x0.5x0.3x0.9x0.7x0.5xNorth American Average1.6x1.0x0.8x2.3x1.6x1.2xLarge Cap Average (>$10B)1.9x1.6x1.2x3.5x2.9x2.2xMid Cap Average ($2B-$10B)1.4x1.2x1.0x1.9x1.7x1.3xSmall Cap Average (<$2B)1.1x0.8x0.6x2.1x1.1x0.7xLarge Cap Average > 1M oz1.4x1.2x1.0x1.9x1.6x1.3xIntermediate Producers 0.2-1 M oz1.5x1.3x1.0x2.4x2.0x1.5xSmall Producers < 0.2M oz1.4x1.1x0.8x0.7x0.6x1.0xIncome Statement2010AF2011EF2012EF2013EGold Price Assumptions US$$1,227$1,650$2,000$2,200AssetProdutionCash Costs2PM & I & IUnderground (All Properties)0003,123Production (000s ounces)0000Open Pit (All Properties)000280Cash Costs US$/oz0000Total0
03,403Capital Expenditures0050100* Gold (000s oz)2P: Modeled Proven & Probable Reserves (000s oz)Revenues0000^ Net of by product credits (if applicable)M & I & I: Measured & Indicated & Inferred Resources (000s oz)ExpensesOperating Expenses0000OwnershipDiscount RateUS$ MillionsPer ShareD,D&A, Reclamation0000Current AssetsS,G&A6466Cash and Equiv.$90$1.09Exploration20252530Mining AssetsOther Expenses0000Upper Beaver (U/G)100.0%5.0%$353$4.27Total Expenses293136McBean-Anoki (U/G)100.0%5.0%$29
.35Upper Canada (O/P)100.0%5.0%$62
.76Income Before Tax-6-29-31-31Upper Canada (U/G)100.0%5.0%$24
.29Income Taxes-2000Net Income-4-29-31-31Other EXPL Assets$242$2.93Total Assets$800$9.69EPS -0.05-0.35-0.38-0.22LiabilitiesCFPS -0.05-0.35-0.38-0.22Other Liabilities$5
.06Reclamation$10
.12Shares Outstanding748383142Total Liabilities$15
.18Net Asset Value (CAD)$785$9.51EV Statistics - US$EV ($mln)EV/ProdEV/2P*EV/R&R^Asset LocationsQueenston$1,028NANA$30North American Average$10,995$528$264Large Cap Average (>$10B)$11,374$508$349Mid Cap Average ($2B-$10B)$9,348$479$241Small Cap Average (<$2B)$7,381$429$210Large Cap Average > 1M oz$11,662$495$291Intermediate Producers 0.2-1 M oz$9,088$507$315Small Producers < 0.2M oz$8,946$1,130$254* Proven & Probable Reserves^ Reserves and ResourcesProduction (2011E) Modeled Resource DetailNAV Breakdown - US$ Gold Price of:$1,500^ Using: $1500/oz @ Risk Adjusted Discount Rates* Cash Adjusted NAV Multiples Using: $1500/oz Gold Pricing And 5% Discount Rates5% DiscountRisk Adjusted DiscountInvestment ThesisQMI is conducting exploration on new and previously discovered deposits in the two historic mining camps of Kirkland Lake in Ontario and Cadillac in Quebec. The company has the largest land package in the Kirkland Lake Camp at over 230 square kilometers and has compliant resources on 8 separate deposits. They offer a blend of open pit and underground targets that are close to major infrastructure and mining support services. Over 3.4 million oz. of gold have been identified to NI 43-101 standards and an additional 0.9 million oz. of historic resources are within the Kirkland Lake project alone. Past production on the collective properties exceeds 3.5 million oz. at approximately 10.5 g/t. With an extensive exploration program underway that is both well financed and can operate uninterrupted year-round, we expect that QMI will be successful in adding approximately 700,000 oz. to their resource inventory within the next 12 months and provide continuous news flow over the coming months. QMI also has a 50/50 JV with Kirkland Lake Mining (KGI-SO) on several properties including SMC. Although less than 300k oz. in all categories, the overall grade at SMC exceeds 1.5 oz/t. and is open for expansion.KIRKLAND LAKECADILLAC0501001502002502015E2016E2017E2018E2019E2020EProduction 000s Ounces
$200$400$600$800$1,000$/oz Cash CostUndergroundOpen PitTotal Cash Costs
Looking In The Right Direction - December 01, 2011
3
Rand; An SMC Relative?
The results reported from the Rand property have a number of comparable features to the South Mine Complex. The mineralization intersected is situated between the Kirkland Lake Main Break to the North and the Larder Lake Break to the South, similar to the SMC (see Exhibit 1.). The main host rock for intersected mineralization at Rand is described as various types of Temiskaming Group sediments and volcanics that are intruded by porphyry syenite dykes of various thicknesses, which is also similar to the SMC.
The zone hosts broad zones of albitite alteration with silica in the form quartz veining. Other metallic mineralization is also present as molybdenum, chalcopyrite and galena. The alteration and mineralized features are not a direct comparison to the SMC, but do show some similarities; however, sufficient drilling has not yet been completed to understand what controlling structures may be influencing mineralization at the Rand property. The SMC is thought to be controlled by a set of linking structures between the two main breaks. These are described as a number of flat lying faults and similar structures. Structural controls at the Rand property have yet to be defined due to the limited drilling completed to date but understanding such structures will be an integral component for future exploration at the property.
Exhibit 1. Plan View Of The Rand Property Relative To The SMC Deposit
Source: Company reports.
The Rand property does host old mine workings that were developed between 1922 and 1947 but they did not extend below the 350m level from surface. All mineralization intersected by QMI to date is predominantly below 400m from surface and was likely not recognized by previous operations (see Exhibit 2.).
Looking In The Right Direction - December 01, 2011
4
Exhibit 2. Longitudinal Section Of The Rand Property
Source: Company reports.
A substantial amount of drilling will be required to confirm the continuity of a deposit at the Rand property but if a new deposit is successfully defined, this property may move in the ranks of importance for QMI in the future. Potential resource expansion at Rand would also positively affect our valuation as it would increase the total amount of defined ounces in Queenston’s portfolio, as well as perhaps increase the attractiveness of QMI for acquisition.
By applying a rudimentary calculation for potential tonnes and grade based on the results released to date, we estimate that there could be approximately 750,000 tonnes at 8 g/t for 200,000oz. of gold in this new area. We recognize that there is a significant amount of work required to confirm such an assumption but also that there is potential for our estimate to be exceeded as the mineralization remains open in several directions.
QMI is currently trading at approximately $130/oz based on the resources defined to date. If we incorporate an addition of 200,000oz. from the Rand property into our valuation at $130/oz. it would increase our NAV by approximately
.30/share; however, due to the very preliminary nature of the results, we have not incorporated this addition into our valuation.
Exhibit 3 displays how Queenston relates to a select group of gold companies that have similarities due to geographic location, potential extraction method, average resource size, grade and/or stage of development. We note that Queenston is currently trading at approximately 0.6x P/NAV relative to the group average at nearly 0.7x based on a gold price of $1,500/oz. and a 5% discount rate. If we incorporate all companies in our gold universe, the average P/NAV ratio increases to approximately 0.9x.
Looking In The Right Direction - December 01, 2011
5
Exhibit 3. P/NAV Multiples For A Select Group Of Gold Companies
00.10.20.30.40.50.60.70.80.9Belo SunCanaco*OrezoneGold Canyon*BanroTrelawneyKeeganRomarcoQueenston**DetourAverageMinefindersTerangaPretivmRainy RiverCGA MiningLake ShoreGabrielP/NAV Multiple (US$ 1,500/oz)
Source: CIBC World Markets Inc.
* Valuation is based on our assumed resource and not on a compliant resource estimate
**Valuation incorporates an addition of ounces to the current compliant resources
We expect that there were market expectations associated with the Rand property drilling. The recent results may have not met market expectations, which resulted in a nearly 2% decrease in the share price on the day results were released. We believe the market is underestimating the potential upside of these results. It is likely that QMI will need to continue to produce quality results from this property before the market will recognize any positive impact on the stock.
2012 Exploration Update
QMI is planning to spend approximately $25 million on exploration for 2012 with the bulk of the money being focused on continued resource definition at the Upper Beaver, Upper Canada and Bidgood properties via diamond drilling. The amount of drilling at each of properties for 2012 has yet to be determined but will likely be a similar amount to the 2011 program where 180,000m of drilling was planned for all properties. The large majority of those meters drilled will be at the three focus properties noted above.
Over the coming weeks, QMI will be holding local consultation meetings in Kirkland Lake and plans to obtain an Advanced Exploration permit for the Upper Beaver project, which would allow development of an exploration shaft. The company also plans to conduct at least 10,000m of drilling on other regional targets beyond the focus targets including the Rand, Victoria Creek and AK properties.
Looking In The Right Direction - December 01, 2011
6
Price Target Calculation
We calculate our 12- to 18-month price target of $8.00 based on a 0.8x multiple to our 5% discounted NAV calculated at a US$1,500/oz. gold price. We have incorporated assumptions for the total number of ounces and the overall grade that will be defined at several of Queenston’s deposits within the next 12 to 18 months.
Key Risks To Price Target
We highlight a number of factors that could affect our projected price target.
Resource Expansion: There is a significant risk that our estimates for the number of ounces and grade incorporated into future resource estimates at Upper Beaver, Upper Canada and Bidgood may not be realized. Our valuation is based on expansion of the resource estimate and the amount of ounces extracted through open-pit and underground mining. If either of these assumptions vary from what may be realized in the future, our NAV may be negatively affected.
Gold Price Movements: We have demonstrated that our valuation is significantly influenced by the gold price. Although we expect the Kirkland Lake area projects could generate positive cash flow even at gold prices below US$1,200/oz., our NAV estimate could be substantially reduced with a reduction in the price of gold.
Capital Requirements: We have established capital expenditure estimates for a number of projects based on the evaluation of similar-size projects in a similar geographic area and incorporating an estimate for inflation over several years. We believe that our estimate accurately reflects the actual requirements that will be incorporated into development of the Kirkland Lake area projects; however, the early stage of the projects could lead to unforeseen costs that negatively affect our valuation.
Financing: Queenston has sufficient funding to continue exploration for the next two years based on our exploration spending assumptions. If the development of an exploration shaft at Upper Beaver is delayed, current finances would allow exploration to continue beyond two years. We also expect that Queenston will be able to sufficiently finance development of the project to production by means of a share issue and securing debt. As we expect Queenston will need to secure debt to develop the project, there is no guarantee that financing will be available through debt in the future. We also cannot guarantee that there will be sufficient demand to warrant a substantial issue of shares in the next two to three years. We have assumed that equity financing will be available within a specific price range.
Currency: Variations in the currencies incorporated into our valuation, the Canadian and U.S. dollars, have a strong influence on our NAV estimate and potential revenues. We have assumed an exchange rate of 1:1 for the US$/C$. Variation in foreign exchange from our estimates could negatively affect our valuation.
Looking In The Right Direction - December 01, 2011
7
Our EPS estimates are shown below:
1 Qtr. 2 Qtr. 3 Qtr. 4 Qtr. Yearly 2011 Current
-- -- -- -- (
.35E) 2012 Prior
-- -- -- -- (
.44E) 2012 Current
-- -- -- -- (
.38E) 2013 Prior
-- -- -- -- (
.25E) 2013 Current
-- -- -- -- (
.22E)
Our CFPS estimates are shown below: 1 Qtr. 2 Qtr. 3 Qtr. 4 Qtr. Yearly 2011 Current -- -- -- -- (
.35E) 2012 Prior -- -- -- -- (
.44E) 2012 Current -- -- -- -- (
.38E) 2013 Prior -- -- -- -- (
.25E) 2013 Current -- -- -- -- (
.22E)
Looking In The Right Direction - December 01, 2011
8
IMPORTANT DISCLOSURES:
Analyst Certification: Each CIBC World Markets research analyst named on the front page of this research report, or at the beginning of any subsection hereof, hereby certifies that (i) the recommendations and opinions expressed herein accurately reflect such research analyst's personal views about the company and securities that are the subject of this report and all other companies and securities mentioned in this report that are covered by such research analyst and (ii) no part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report.
Potential Conflicts of Interest: Equity research analysts employed by CIBC World Markets are compensated from revenues generated by various CIBC World Markets businesses, including the CIBC World Markets Investment Banking Department. Research analysts do not receive compensation based upon revenues from specific investment banking transactions. CIBC World Markets generally prohibits any research analyst and any member of his or her household from executing trades in the securities of a company that such research analyst covers. Additionally, CIBC World Markets generally prohibits any research analyst from serving as an officer, director or advisory board member of a company that such analyst covers.
In addition to 1% ownership positions in covered companies that are required to be specifically disclosed in this report, CIBC World Markets may have a long position of less than 1% or a short position or deal as principal in the securities discussed herein, related securities or in options, futures or other derivative instruments based thereon.
Recipients of this report are advised that any or all of the foregoing arrangements, as well as more specific disclosures set forth below, may at times give rise to potential conflicts of interest.
Important Disclosure Footnotes for Queenston Mining Inc. (QMI)
2g
CIBC World Markets Inc. expects to receive or intends to seek compensation for investment banking services from Queenston Mining Inc. in the next 3 months.
Looking In The Right Direction - December 01, 2011
9
Important Disclosure Footnotes for Companies Mentioned in this Report that Are Covered by CIBC World Markets Inc.:
Stock Prices as of 12/02/2011:
Banro Corporation (2a, 2e, 2g) (BAA-TSX, $3.95, Sector Outperformer)
Belo Sun Mining Corp. (2g) (BSX-V, $1.25, Sector Outperformer)
Canaco Resources Inc. (2g, 7) (CAN-V, $1.48, Sector Outperformer)
CGA Mining Limited (2g, 7) (CGA-TSX, $2.39, Sector Outperformer)
Detour Gold Corporation (2a, 2c, 2e, 2g) (DGC-TSX, $30.11, Sector Outperformer)
Gabriel Resources Ltd. (2g) (GBU-TSX, $7.46, Sector Performer)
Gold Canyon Resources Inc. (2a, 2e, 2g) (GCU-V, $2.37, Sector Performer)
Keegan Resources Inc. (2a, 2c, 2e, 2g) (KGN-TSX, $4.39, Sector Outperformer)
Kirkland Lake Gold Inc. (2g) (KGI-TSX, $17.90, Sector Outperformer)
Lake Shore Gold Corp. (2a, 2e, 2g) (LSG-TSX, $1.39, Sector Underperformer)
Minefinders Corporation Ltd. (2a, 2c, 2e, 2g) (MFL-TSX, $12.16, Sector Underperformer)
Orezone Gold Corporation (2a, 2c, 2e, 2g) (ORE-TSX, $3.16, Sector Outperformer)
Pretivm Resources Inc. (2a, 2c, 2e, 2g) (PVG-TSX, $12.33, Sector Outperformer)
Queenston Mining Inc. (2g) (QMI-TSX, $5.84, Sector Performer)
Rainy River Resources Ltd. (2g) (RR-TSX, $7.65, Sector Performer)
Romarco Minerals Inc. (2g) (R-TSX,
.92, Sector Performer)
Teranga Gold Corp. (2a, 2c, 2e, 2g) (TGZ-TSX, $2.17, Sector Performer)
Trelawney Mining and Exploration Inc. (2a, 2c, 2g) (TRR-V, $3.52, Sector Performer)
Important disclosure footnotes that correspond to the footnotes in this table may be found in the "Key to Important Disclosure Footnotes" section of this report.
Looking In The Right Direction - December 01, 2011
10
Key to Important Disclosure Footnotes:
1
CIBC World Markets Corp. makes a market in the securities of this company.
2a
This company is a client for which a CIBC World Markets company has performed investment banking services in the past 12 months.
2b
CIBC World Markets Corp. has managed or co-managed a public offering of securities for this company in the past 12 months.
2c
CIBC World Markets Inc. has managed or co-managed a public offering of securities for this company in the past 12 months.
2d
CIBC World Markets Corp. has received compensation for investment banking services from this company in the past 12 months.
2e
CIBC World Markets Inc. has received compensation for investment banking services from this company in the past 12 months.
2f
CIBC World Markets Corp. expects to receive or intends to seek compensation for investment banking services from this company in the next 3 months.
2g
CIBC World Markets Inc. expects to receive or intends to seek compensation for investment banking services from this company in the next 3 months.
3a
This company is a client for which a CIBC World Markets company has performed non-investment banking, securities-related services in the past 12 months.
3b
CIBC World Markets Corp. has received compensation for non-investment banking, securities-related services from this company in the past 12 months.
3c
CIBC World Markets Inc. has received compensation for non-investment banking, securities-related services from this company in the past 12 months.
4a
This company is a client for which a CIBC World Markets company has performed non-investment banking, non-securities-related services in the past 12 months.
4b
CIBC World Markets Corp. has received compensation for non-investment banking, non-securities-related services from this company in the past 12 months.
4c
CIBC World Markets Inc. has received compensation for non-investment banking, non-securities-related services from this company in the past 12 months.
5a
The CIBC World Markets Corp. analyst(s) who covers this company also has a long position in its common equity securities.
5b
A member of the household of a CIBC World Markets Corp. research analyst who covers this company has a long position in the common equity securities of this company.
6a
The CIBC World Markets Inc. fundamental analyst(s) who covers this company also has a long position in its common equity securities.
6b
A member of the household of a CIBC World Markets Inc. fundamental research analyst who covers this company has a long position in the common equity securities of this company.
7
CIBC World Markets Corp., CIBC World Markets Inc., and their affiliates, in the aggregate, beneficially own 1% or more of a class of equity securities issued by this company.
8
An executive of CIBC World Markets Inc. or any analyst involved in the preparation of this research report has provided services to this company for remuneration in the past 12 months.
9
A senior executive member or director of Canadian Imperial Bank of Commerce ("CIBC"), the parent company to CIBC World Markets Inc. and CIBC World Markets Corp., or a member of his/her household is an officer, director or advisory board member of this company or one of its subsidiaries.
10
Canadian Imperial Bank of Commerce ("CIBC"), the parent company to CIBC World Markets Inc. and CIBC World Markets Corp., has a significant credit relationship with this company.
11
The equity securities of this company are restricted voting shares.
12
The equity securities of this company are subordinate voting shares.
13
The equity securities of this company are non-voting shares.
14
The equity securities of this company are limited voting shares.
Looking In The Right Direction - December 01, 2011
11
CIBC World Markets Inc. Price Chart No rating history data found for Queenston Mining Inc.
Looking In The Right Direction - December 01, 2011
12
CIBC World Markets Inc. Stock Rating System
Abbreviation
Rating
Description Stock Ratings
SO
Sector Outperformer
Stock is expected to outperform the sector during the next 12-18 months.
SP
Sector Performer
Stock is expected to perform in line with the sector during the next 12-18 months.
SU
Sector Underperformer
Stock is expected to underperform the sector during the next 12-18 months.
NR
Not Rated
CIBC World Markets does not maintain an investment recommendation on the stock.
R
Restricted
CIBC World Markets is restricted*** from rating the stock. Sector Weightings**
O
Overweight
Sector is expected to outperform the broader market averages.
M
Market Weight
Sector is expected to equal the performance of the broader market averages.
U
Underweight
Sector is expected to underperform the broader market averages.
NA
None
Sector rating is not applicable.
**Broader market averages refer to the S&P 500 in the U.S. and the S&P/TSX Composite in Canada. "Speculative" indicates that an investment in this security involves a high amount of risk due to volatility and/or liquidity issues. ***Restricted due to a potential conflict of interest.
Ratings Distribution*: CIBC World Markets Inc. Coverage Universe
(as of 02 Dec 2011)
Count
Percent
Inv. Banking Relationships
Count
Percent
Sector Outperformer (Buy)
163
46.3%
Sector Outperformer (Buy)
163
100.0%
Sector Performer (Hold/Neutral)
152
43.2%
Sector Performer (Hold/Neutral)
145
95.4%
Sector Underperformer (Sell)
27
7.7%
Sector Underperformer (Sell)
24
88.9%
Restricted
9
2.6%
Restricted
9
100.0%
Ratings Distribution: Precious Metals Coverage Universe
(as of 02 Dec 2011)
Count
Percent
Inv. Banking Relationships
Count
Percent
Sector Outperformer (Buy)
23
42.6%
Sector Outperformer (Buy)
23
100.0%
Sector Performer (Hold/Neutral)
25
46.3%
Sector Performer (Hold/Neutral)
25
100.0%
Sector Underperformer (Sell)
6
11.1%
Sector Underperformer (Sell)
6
100.0%
Restricted
0
0.0%
Restricted
0
0.0%
Precious Metals Sector includes the following tickers: ABX, AEM, AGI, ANV, ARZ, AUQ, AUY, BAA, BSX, CAN, CDE, CG, CGA, CRJ, DGC, EDR, EGO, FNV, FR, FVI, GBU, GCU, GG, GSS, HL, IAG, KGC, KGI, KGN, LSG, MFL, NEM, NGD, NSU, ORE, OSK, PAAS, PLG, PRU, PVG, QMI, R, RGLD, RIC, RMX, RR, SGR, SLW, SMF, SSRI, SVM, TGZ, THO, TRR.
*Although the investment recommendations within the three-tiered, relative stock rating system utilized by CIBC World Markets Inc. do not correlate to buy, hold and sell recommendations, for the purposes of complying with NYSE and NASD rules, CIBC World Markets Inc. has assigned buy ratings to securities rated Sector Outperformer, hold ratings to securities rated Sector Performer, and sell ratings to securities rated Sector Underperformer without taking into consideration the analyst's sector weighting.
Important disclosures required by IIROC Rule 3400, including potential conflicts of interest information, our system for rating investment opportunities and our dissemination policy can be obtained by visiting CIBC World Markets on the web at
https://researchcentral.cibcwm.com under 'Quick Links' or by writing to CIBC World Markets Inc., Brookfield Place, 161 Bay Street, 4th Floor, Toronto, Ontario M5J 2S8, Attention: Research Disclosures Request.
Looking In The Right Direction - December 01, 2011
13
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