35.9% 12.8% 8.2% 6.1% 5.5% 31.6% $0.00 $1.00 $2.00 $3.00 $4.00 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Share Price (C$) Brigus Gold - Share Price Brigus Gold - Cormark Target Price Supporting Our Clients – Brigus Gold Case Study Sales & Trading Financing Leadership Research Coverage • Brigus Gold was formed in 2010 from the merger of Apollo Gold and Linear Gold • Cormark initiated research coverage on Brigus Gold in January 2011 with a ‘Buy’ rating and $3.00 target price • Cormark has participated in six financings for Brigus Gold since the company’s inception in June 2010, raising total gross proceeds of nearly $160 million • Cormark was the sole lead underwriter in both of Brigus Gold’s equity financings in 2012 to date • Cormark was also lead agent in each

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