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APPENDIX Street Consensus Commodity Prices (Gold) Broker Name 2022 2023 2024 2025 2026 2027 LT (US$/oz) (US$/oz) (US$/oz) (US$/oz) (US$/oz) (US$/oz) (US$/oz) Bank of America $1,918 $2,049 $1,852 $1,818 $1,784 $1,750 $1,750 Barclays 1,713 1,588 1,500 1,500 1,500 1,500 1,500 Beacon 1,800 1,700 1,600 1,600 1,600 1,600 1,600 Bell Potter 1,905 1,900 1,925 n.a. n.a. n.a. n.a. Berenberg 1,800 1,700 1,650 1,550 n.a. n.a. n.a. BMO 1,896 1,750 1,675 1,600 1,600 1,400 1,400 Canaccord 1,830 1,848 1,886 1,927 1,927 1,927 1,927 Cantor 2,050 2,150 1,800 1,800 1,800 1,800 2,000 CIBC 1,863 1,750 1,650 1,650 1,650 1,650 1,650 Cormark 1,800 1,800 1,800 1,800 1,800 1,800 1,800 Credit Suisse 1,850 1,600 1,783 1,741 n.a. n.a. 1,400 Desjardins 1,820 1,820 1,700 1,700 1,700 1,700 1,700 Deutsche 1,688 1,659 1,698 1,713 n.a. n.a. 1,600 Echelon 1,810 1,765 n.a. n.a. n.a. n.a. n.a. Edison n.a. 1,749 1,681 1,617 1,554 1,524 1,524 Eight 1,837 1,850 1,900 1,900 1,800 n.a. 1,700 H.C. Wainwright 1,900 1,900 1,900 1,900 1,900 1,900 1,900 Haywood 1,850 1,900 1,900 1,900 1,900 1,900 1,900 HSBC 1,820 1,750 n.a. n.a. n.a. n.a. 1,600 Jefferies 2,000 1,800 1,750 1,700 n.a. n.a. 1,500 JP Morgan n.a. n.a. n.a. n.a. n.a. n.a. 1,600 Laurentian 1,803 1,750 1,750 1,750 1,750 1,750 1,750 M Partners 1,800 1,800 1,800 1,800 1,800 1,800 1,800 Broker Name 2022 2023 2024 2025 2026 2027 LT (US$/oz) (US$/oz) (US$/oz) (US$/oz) (US$/oz) (US$/oz) (US$/oz) Mackie Research 1,850 1,850 1,850 1,850 1,850 1,850 1,850 Macquarie 1,855 1,613 1,650 1,700 1,750 1,713 n.a. Morgan Stanley 1,888 1,675 1,538 1,400 1,400 1,400 1,172 National 1,830 1,830 1,710 1,590 1,475 1,475 1,475 Nomura 1,889 1,945 n.a. n.a. n.a. n.a. n.a. Paradigm 1,898 1,898 1,898 1,898 1,898 1,898 1,898 PI Financial n.a. n.a. n.a. n.a. n.a. n.a. 1,800 Raymond James 1,725 1,650 n.a. n.a. n.a. n.a. 1,600 RBC 1,696 1,650 1,600 1,550 1,500 n.a. 1,500 Scotia 1,820 1,700 1,500 1,500 1,500 1,500 1,500 SEB 1,857 1,861 1,861 1,861 1,861 1,861 1,861 Societe Generale 2,050 1,850 n.a. n.a. n.a. n.a. n.a. Stifel 1,820 1,750 1,750 1,750 1,750 1,750 1,750 TD 1,915 1,850 1,800 1,700 1,700 1,700 1,700 UBS 1,675 1,550 1,550 1,575 1,671 n.a. 1,500 High 2,050 2,150 1,925 1,927 1,927 1,927 2,000 Median $1,837 $1,783 $1,750 $1,707 $1,750 $1,750 $1,675 Average 1,843 1,785 1,739 1,711 1,708 1,702 1,663 Low 1,675 1,550 1,500 1,400 1,400 1,400 1,172 8 PROJECT ASTERIX