DISCLAIMER

DUQUANT Analytics provides research notes and newsletters for market insights, analysis, informational, educational, and research purposes only. We adhere to the CFA Institute’s Code of Ethics and Standards of Professional Conduct which includes maintaining the highest standards of integrity, transparency and professionalism in all research activities. We strive to ensure that our investment analysis and actions remain unbiased and focused on delivering accurate information based on available knowledge at the time of release. We follow industry accepted methodologies for conducting due diligence and valuations, and conduct our analysis on a reasonable basis.

This content does not constitute a recommendation to buy or sell any securities. It is essential to understand the nature of our research, which is for educational and informative purposes. It is imperative to conduct your own due diligence and research prior to making any investment.

DUQUANT Analytics is not liable for any losses incurred from using our research. Information released is believed to be reliable, but not guaranteed for accuracy or completeness. It is also important to note that past performance is not reflective of future performance.

Personal Investments: Members of DUQUANT Analytics may hold positions in some of the assets or securities mentioned in our research notes and newsletters. This includes equities, bonds, commodities and other financial instruments. Despite any personal investments, our research is conducted with the highest level of integrity, independence and objectivity. We strive to ensure that our analysis remains unbiased by focusing on accurate and provable information as it is released or becomes public.

DUQUANT Analytics makes use of quarterly or semi-annual mining production statistics for the analysis of the mining companies under coverage. This production data is audited, thus reliable for analysis, and gives an indication of current extraction costs. This in combination with actual trade data on commodity spot prices is used to give an approximate indication of current operating margins. This data is analysed through various valuation techniques and models (DCF, NAV, Residual Income etc.) to determine a reasonable intrinsic value of the company while also factoring in future projected cashflows such as expansion costs, CAPEX and working capital. DUQUANT Analytics aims to only rely on reported figures and forward-looking statements published by mining companies themselves. It is impossible to predict where commodities spot prices will go, thus futures prices are relied upon in this regard.

DUQUANT Analytics is committed to providing high-quality research and insights to our readers. However, it is essential for investors to take responsibility for their own investment decisions and to understand the inherent risks involve, especially in mining which carries more risk than traditional assets. We encourage you to consult with a qualified financial advisor and to perform thorough research before making any investments.

Thank you for reading this disclosure note. We value your trust and strive to maintain the highest standards of integrity in all our research activities.