DUCP>>> INDUSTRY OVERVIEW

Following a sustained, multi-year rise, the price of gold has endured an abrupt decline recently and is in bear
market territory as inflation fears and other factors have spawned a virtual selling panic. Still, long-term
themes remain favorable and clearly the price of the yellow metal is likely closer to the bottom rather than
the top, which bodes very well for investors initiating positions in this investment class via equities.
Importantly, Australia remains one of the most important players and sources of gold in the space.

At the end of the day, worldwide demand due to political unrest, high sovereign debt levels, low interest rates,
monetary easing, and decreasing currency values will drive price increases which in turn should drive gold
prices higher. In the U.S., the Federal Reserve’s continued commitment to quantitative easing and increasing
money supply reaffirms one of these driving factors. Thus, ARX is poised to capitalize on the continued gold
boom, in our view.