GROWING GOLD PRODUCTION

• Production increased from 68,016 oz in 2011 to 155,023 oz in 2012
• 2013 production expected to be 175,000 oz

GROWING CASH FLOW

• Cash flow from operation in Q4 2012: ~$39 million
• Expect free cash flow of ~ $200 million over next five years

EXPLORATION UPSIDE

• Extensive exploration and development pipeline
• Outstanding potential to discover additional resources

COMPELLING VALUATION

• Undervalued compared to peers at 0.3x P/NAV with a peer group median of 0.7x
• EV/oz of $25 compared to peer group median of $52