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ANTOFAGASTA PLC (ANFGF $18.80, RATING RAISED TO OVERWEIGHT FROM NEUTRAL, Price Target Remains at $24/share) INVESTMENT RATING RAISED AND RESTORED DUE TO RECENT COPPER INVENTORY DECLINES AND TIGHTENING; FIRST QUARTER PRODUCTION RESULTS INCORPORATED INTO MODELS 5/7/2012

COPPER INDUSTRY – – EVIDENCE OF MARKET TIGHTENING AMID “SHORT SQUEEZE;” WE RESTORE ANTOFAGASTA PLC TO OVERWEIGHT; ADVOCATE OPPOSITE OF TRADITIONAL “SELL IN MAY AND GO AWAY” 5/7/2012

TAHOE RESOURCES (TAHO $18.364, rated Overweight, Price Target $29) UPDATED PRELIMINARY ECONOMIC EVALUATION MEETS EXPECTATIONS 5/7/2012

INTERNATIONAL PAPER (IP $32.13, rated Overweight with price target of $50 up from $44) SALE OF TEMPLE INLAND’S BUILDING PRODUCTS BUSINESS AND 3 CONTAINERBOARD MILLS WITH 0.97 M TONNES CAPACITY ESTIMATED FOR THIRD QUARTER 2012; GOOD Q1 VOLUME 2.462 MM …

INTERNATIONAL PAPER (IP $32.13, rated Overweight with price target of $50 up from $44) SALE OF TEMPLE INLAND’S BUILDING PRODUCTS BUSINESS AND 3 CONTAINERBOARD MILLS WITH 0.97 M TONNES CAPACITY ESTIMATED FOR THIRD QUARTER 2012; GOOD Q1 VOLUME 2.462 MM TONS 5/6/2012 Read more »

ALLEGHENY TECHNOLOGIES (ATI $43.80 down from $72.23 at April 28, 2011, rated Overweight with price target $80) 3 OF 5 MAJOR FACTORS CAUSING “THE WHEELS TO FALL OFF FOR 2012” MAY FAVORABLY REVERSE IN 2013; ESTIMATES CUT 5/3/2012

BHP BILLITON (BHP $73.97, rating OVERWEIGHT; Price Target lowered to $112 from $124) LOWER ESTIMATED OIL PRICES and ESTIMATED IDLING OF ALUMINUM SMELTING OPERATIONS CONTRIBUTE TO LOWER EARNINGS ESTIMATES; INCREASED ESTIMATED PRODUCTION AT ANTAMINA SLIGHTLY OFFSETS 5/3/2012

XSTRATA (XSRAF $19.02, rated Overweight $32 target) AND GLENCORE (GLCNF $6.94, rated Neutral) VALUATIONS REFLECT MARKET CONFUSION 5/2/2012

KIRKLAND LAKE GOLD LARGE TRADING VOLUME NEAR CLOSE JUNE 17TH 6/18/2016

DIVIDEND RETURNS OF 2.2 % TO 6% FOR 20 OF 43 STOCKS UNDER OUR COVERAGE, WHERE 11 STOCKS OFFER 2.5X TO 5X DIVIDEND COVERAGE 6/4/2012

GLENCORE (GLNCF $5.29, PRICE TARGET REDUCED from $12 to $10/share postmerger) EARNINGS SENSITIVITY ANALYSIS TO A 10% CHANGE IN COMMODITY PRICES HOLDING ALL ELSE CONSTANT; GENERAL DECREASE IN THE MAJORITY OF 2012-2014 NON-FERROUS METALS PRICE ESTIMATES 6/6/2012