3 - G-Resources

Comparable Company Analysis
July 7, 2009 Mkt Value EV EV / EBITDA P / E P / CFPS EV / EV / EV / 09E
(US$Bn) (US$Bn) 2009E 2010E 2009E 2010E 2009E 2010E Reserves Resources Production
HKSE Listed Gold Companies
Zijin Mining 20.0 20.2 23.1 20.4 41.7 37.1 26.1 23.0 816 NM NA
Zhaojin Mining 2.3 2.3 12.3 11.9 22.3 21.2 13.3 14.5 431 170 NA
Sino Gold 1.2 1.2 10.3 7.6 21.8 14.4 13.2 9.4 237 91 5,273
Real Gold 0.5 0.5 6.2 4.6 11.9 8.5 9.8 7.3 185 79 NA
Lingbao Gold 0.3 0.5 6.6 5.9 11.6 10.8 2.8 2.2 NM 113 NA
Average 11.7 10.1 21.8 18.4 13.0 11.3 417 113 5,273
Large Cap Gold Companies
Barrick 28.6 32.1 9.9 8.7 18.6 16.5 11.4 9.8 231 185 4,332
Goldcorp 24.8 24.7 20.7 16.8 50.6 38.9 24.0 19.0 534 367 10,735
Newmont 18.9 21.8 7.3 6.1 19.0 14.9 9.5 7.9 257 185 4,082
Average 12.6 10.5 29.4 23.5 15.0 12.3 341 246 6,383
Mid Cap Gold Companies
Kinross 12.8 13.0 12.1 10.8 30.4 24.5 14.0 12.6 286 220 5,323
Newcrest 11.4 11.4 12.3 10.2 24.8 20.7 13.4 11.8 285 103 6,846
Agnico 8.0 8.2 31.0 11.1 75.2 23.4 36.5 13.4 454 294 13,655
Yamana 6.4 6.8 10.1 8.5 19.2 16.0 11.2 9.5 353 195 4,933
Polyus 7.1 6.4 12.2 9.5 25.1 17.6 18.3 13.0 87 45 NA
Lihir 5.4 5.4 10.5 9.4 19.8 16.9 12.1 11.3 225 82 5,013
Eldorado 3.3 3.2 20.1 15.1 34.6 24.3 24.8 17.7 418 134 9,575
Average 15.5 10.7 32.7 20.5 18.6 12.8 301 153 7,557
Small Cap Gold Companies
Red Back Mining 2.0 1.8 9.6 7.2 16.4 12.4 10.6 8.2 519 175 4,514
Centerra 1.0 0.9 3.5 2.6 9.4 6.5 5.0 4.0 161 67 1,258
Gammon Gold 0.9 0.9 6.5 5.1 13.5 10.1 8.3 5.7 283 98 4,486
Alamos 0.9 0.8 9.1 8.7 20.1 17.6 13.5 12.2 373 214 4,999
Aurizon Mines 0.6 0.5 7.4 6.6 20.1 16.6 9.2 8.4 553 188 3,455
New Gold 0.6 0.6 7.4 4.3 31.1 14.3 11.5 8.0 122 41 1,687
Golden Star 0.5 0.6 4.2 3.3 60.6 10.7 4.1 3.1 168 65 1,382
Average 6.8 5.4 24.5 12.6 8.9 7.1 311 121 3,112
Global Average 11.5 8.8 27.2 17.9 13.8 10.6 332 148 5,385
Source Company Filings, Bloomberg, Factset as of 7 July 2009
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