3 - G-Resources
3 - G-Resources
3 - G-Resources
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Value Proposition (cont’d)<br />
EV / 09E EBITDA<br />
x x<br />
20<br />
40<br />
15<br />
10<br />
5<br />
0<br />
15.5x<br />
Mid Cap Gold<br />
Companies<br />
EV/ 09E Production<br />
US$ / oz<br />
10,000<br />
8,000<br />
6,000<br />
4,000<br />
2,000<br />
0<br />
7,557<br />
Mid Cap Gold<br />
Companies<br />
12.6x<br />
Large Cap Gold<br />
Companies<br />
11.7x<br />
HKSE Listed Gold<br />
Companies<br />
Comparable's<br />
Average: 11.5x<br />
Notes<br />
1. HKSE Listed Gold Companies: Zijin Mining, Zhaojin Mining, Sino Gold, Real Gold, Lingbao Gold<br />
2. Large Cap Gold Companies: Barrick, Goldcorp, Newmont<br />
3. Mid Cap Gold Companies: Kinross, Newcrest, Agnico, Polyus, Yamana, Lihir, Eldorado<br />
4. Small Cap Gold Companies: Red Back Mining, Centerra, Gammon Gold, Alamos, Aurizon Mines, New Gold, Golden Star<br />
6.8x<br />
Small Cap Gold<br />
Companies<br />
29<br />
09E P/E<br />
30<br />
20<br />
10<br />
0<br />
32.7x<br />
Mid Cap Gold<br />
Companies<br />
Oxiana Share Price<br />
AUD<br />
4.0<br />
3.0<br />
2.0<br />
1.0<br />
0.0<br />
29.4x<br />
Large Cap Gold<br />
Companies<br />
21.8x<br />
HKSE Listed Gold<br />
(1)<br />
Companies<br />
Comparable's<br />
Average: 27.2x<br />
24.5x<br />
Small Cap Gold<br />
Companies<br />
(3) (2) (1) (4)<br />
(3) (2) (4)<br />
6,383<br />
Large Cap Gold<br />
Companies<br />
5,273<br />
HKSE Listed Gold<br />
Companies<br />
Comparable's<br />
Average: 5,385<br />
3,112<br />
Small Cap Gold<br />
Companies<br />
242%<br />
1-Jan-04 7-Oct-04 14-Jul-05 20-Apr-06 25-Jan-07 31-Dec-07<br />
Source Company Filings, Bloomberg, Factset as of 7 July 2009
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