Company

Symbol

P/E*

Price

10/10/03

2.26.03

52-wk high/ low

+/- 5 yrs

+/- 10 yrs.

Market Cap/ #Shares

Sales/ Income

B=billion

M=million

Book Value

Debt/ Equity Ratio

Insider Trading

AngloGold Ltd.**

AU

24.80*

36.90

17.70

41.57

23.00

+30%

+75%

8.221 B

222.8 M

1.96 B

329 M

7.28

.34

None filed.

Harmony gold Mining Co. Ltd.**

HMY

28.20*

13.55

14.50

18.47

10.14

+175%

+80%

2.505 B

184.9 M

1.21 B

86 M

6.01

.23

None filed.

Goldcorp**

GG (NYSE)

G:Toronto

Stock Exchange

40.40

14.56

11.25

15.10

9.37

+475%

+450%

2.66 B

182.7 M

193 M

68.50 M

2.36

.00

No filed transactions

Barrick Gold Corp.**

ABX

44.70

18.77

16.00

21.14

13.89

-10%

-10%

10.14 B

540 M

1.93 B

229 M

6.35

.22

None filed.

Newmont Mining Corporation**

NEM

48.50

39.25

27.50

42.50

22.57

+50%

0%

14.29 B

364.1 M

2.98 B

334.20 M

15.93

.22

No filed transactions.

Agnico-Eagle Mines, Ltd.**

AEM

NA

12.61

13.49

16.47

9.72

+155%

0%

1.058 B

83.9 M

112 M

-8.1 M

4.73

.36

None filed.

Kinross Gold

KGC

NA

7.53

7.00

8.29

4.62

-25%

-60%

2.373 B

315.1 M

407.8 M

-34.20 M

5.47

.02

None filed.

Company

Description

News and Comments

Agnico-Eagle Mines, Ltd.

Gold, copper, zinc and silver mines in Quebec, Nevada, Ortario & Newfoundland. Head offices in: Toronto, Ontario.

Production: 235,000 ounces/yr. Gold reserves = "probably" 4 million ounces. Cash operating cost per ounce = $125. 3Q 2003 results will be released on 10.29.2003, after normal trading hours. Call 416.640.4127. Policy of "no forward gold sales" means company has full exposure to higher gold prices. Negative earnings make the P/E well above the industry. Highest debt/equity ratio in this report card.

AngloGold Ltd.

#3 gold mining company with mines in South Africa, Asia & Colorado. Home offices are in Johannesburg, SA.

P/E is well below industry average. P/E to growth ratio suggests the stock may be undervalued (per Money Central). Merger with Ashanti Foldfields announced on 8.4.2003. Many mergers and acquisition deals over the past two years. Russell Edey appointed Chairman on 5.1.03, with Bobby Godsell remaining as CEO. One of Ed Bugos 3 VALUE picks in cash gold hits $475 or above. One red flag: South Africa is a country known for labor concerns. 2^nd highest debt/equity ratio featured in this report card.

Barrick Gold Corp.

#2 gold mining company with mines in Nevada, Tanzania & Peru. Home offices in Toronto, Ontario. Canada.

P/E is well above industry average. 3Q earnings call on Monday, 10.27.2003 at 800.298.3006. In partnership with World Vision Canada, Barrick is developing an initiative to support child-centered, sustainable community development in northern Peru, where malnutrition and low literacy, as well as low crop productivity among subsistence farmers abounds. In 2002, Barrick produced 5.7 million ounces of gold at a cost of $177 per ounce. Production costs average $125 an ounce for the four new projects that Barrick is developing in Peru, Australia, Argentina and Chile. Gregory Wilkins took over as CEO on 2.12.2003.

Goldcorp

Gold mining company with mines in Ontario, Canada and South Dakota, USA. Home offices in Toronto, Ontario. Canada.

P/E is well above industry average, and the P/E to growth ratio suggests the stock may be overvalued (per Money Central). Discovered more gold last month at Red Lake, adding to growth potential. Production: 525,930 ounces/yr. Reserves: 4.6+ million ounces. Lowest operating costs of any gold company, at $65 per ounce. One of the few unhedged, debt-free gold companies. 3Q results will be released on Tuesday, 10.21.03. Results will be available at www.goldcorp.com on 10.22.03. Recent investments include BioteQ Environmental Technologies, Planet Exploration Inc. and Madison Enterprises Corp. Chairman and CEO Rob McEwen is a Wall Street veteran, and won 5 awards last year for his innovative management style and success in locating new reserves.

Harmony gold Mining Co. Ltd.

South Africa’s 3^rd largest gold mining company.

P/E is well below industry average. Reserves: 49 million ounces. One red flag: South Africa is a country known for labor concerns. 8M new common shares were issued at $15.50 in January to fund growth activities of company. Began integrating "value added" mining, management and operational practices in Dec. 2002. Sells the 10-tola bar on the Internet. Many acquisitions over the last three years.

Kinross Gold

Head offices in Toronto, Ontario. Exploration, acquisition, development and operation of gold-bearing properties in the Americas, Russia, Greece, Australia and Africa.

Negative earnings make the P/E well above the industry. Kinross is planning to acquire Crown resources (OTCBB-CRCE) and its 100% owned gold deposit at Buckhorn Mountain in Washington stat, subject to due diligence, regulatory approval and shareholder vote. The acquisition is expected to close yearend, and is worth about US$100 million. Development of the mine is expected to cost Kinross $100 million. Environmental snags could delay plans…Kinross expects to produce 1.7 million ounces of gold this year. One of Ed Bugos 3 VALUE picks in cash gold hits $475 or above.

Newmont Mining Corporation**

World’s #3 mining company, with mines in Canada, Bolivia, Australia, Peru, Mexico, Uzbekistan and Indonesia. Home offices are in Denver, Colorado.

P/E is well above industry average, and the P/E to growth ratio suggests the stock may be overvalued (per Money Central). Lots of institutional holdings activity on 10/7/03 (sell-off) and on 10/8/03 (repurchases). Production: 8 million ounces/yr. Reserve= 86 million ounces. Company policy was to reduce hedging from 9M ounces in 2002 to 5.23M in 2003. A whole lot of asset selling went on from July to September, with Newmont selling off mines in Ghana, Tuscarora Property, Kinross Gold and Mesquite Gold mine.