Investing in Gold Mining Equities: Assessing Management, Minerals/Mines & Money

1. Investing in Gold Mining Equities: Assessing Management, Minerals/Mines & Money Society of Mining, Metallurgy, and Exploration: Current Trends in Mining Finance Doug Groh Tocqueville Asset Management New York, April 2013

2. This material may not be distributed, published, or reproduced, in whole or in part, without the prior approval of Tocqueville Asset Management L.P. The information presented in this material has been prepared by Tocqueville Asset Management L.P. and/or obtained from sources which it believes to be reliable, however it does not guarantee the accuracy, adequacy, or completeness of such information. Charts or quotes from other sources have been selected because, in our view, they provide an interesting, provocative or enlightening perspective on current events or the topic of discussion. Their reproduction in no way implies that we endorse any part of the material or investment recommendations that might be included.

3. Tocqueville Asset ManagementDurable Investment Approach Backed by Substantial Resources

4. Objective: Long term exposure to a rising gold price. Investment Process (I)Return and Risk Management • Since Gold Bull Markets suffer periodic setbacks, we seek to mitigate portfolio risk via the following disciplines: • Rigorous primary and secondary research • Gold sector activities are monitored on a daily basis • Emphasis on diversification from a relatively thin universe of companies • Balanced portfolio exposure: • 15-20% Smaller exploration-type companies • 25-35% Mid-sized development companies • 40-50% Larger operating companies • Tactical allocations to physical metals or cash if we believe gold mining shares are significantly over-valued • Investment Thesis: The early-stage mining companies at the beginning of the discovery and development stage, we believe, often offer the greatest value opportunities.

5. Investment Process (II)Intensive Research Focused on Management, Minerals/Mines & Money

6. High risk Low risk Life Cycle of a Gold Mining StockIntensive Research Required to Identify Sweet Spots Source: Tocqueville Asset Management, LP References to securities or investments should not be considered recommendations to buy or sell.  Past performance is not a guide to future performance.  Securities that are referenced may be held in portfolios managed by Tocqueville or owned by principals, employees, and associates of Tocqueville, and such references should not be deemed as an understanding of any future position, buying or selling, that may be taken by Tocqueville.

7. Gold Stocks Represent Historic ValuesXAU (PHLX Gold/Silver Sector Index) as a Ratio of Spot Gold ($/oz)

8. Past performance is not indicative of future results. Tocqueville Asset Management L.P. (the “Firm”) is a U.S. registered investment advisor which offers specialization in the management of family assets. The Firm claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. The Firm has been independently verified for the periods January 1, 2002 through June 30, 2006. The verification reports are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis, and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. For a list of composite descriptions, please call 212.698.0800. Policies for valuing portfolios, calculating performance, and preparing complaint presentations are available upon request. The Gold & Precious Metals Composite (the “Composite”) consists of only discretionary separately managed accounts in the Gold and Precious Metals Product which are at least $1 million in asset size at time of inclusion. Accounts meeting the Composite criteria are included in the Composite in the first full measurement period in which that account is under management. Currently the “Period” consists of the first full month. Prior to December 31, 2008 the “Period” was the first full quarter. The Composite returns are benchmarked against the total return of the PHLX Gold/Silver Sector Index (XAU). The inception date of the Composite was September 30, 1998. The Composite creation date was November 1, 2008. The Composite has not been independently audited. The Composite results are time-weighted rates of return net of commissions and transactions costs, and have been presented both gross and net of investment advisory fees. The Firm values all portfolios monthly and records all transactions on a trade date basis. Dividend income is recorded on a cash basis. Monthly Composite returns are calculated by weighting each account’s monthly return by its beginning market value as a percent of the total Composite beginning market value. Currently Net of fee composite returns reflect the deduction from gross performance of an investment management fee of 1.50% annually reduced at a rate of 0.125 basis points per month. From October 1, 2002 to December 31, 2008 Net of fee composite returns reflect the deduction from gross performance of an investment management fee of 1.50% annually reduced quarterly. Prior to October 1, 2002 Net of fee composite returns deduction from gross performance of an investment management fee of 1.00% annually reduced quarterly. Annual Composite returns are calculated by linking the monthly returns through compounded multiplication. For each account in the Composite, net of fee rates of return are calculated by taking the previous quarter’s monthly advisory fee as a percentage of the account’s month-end market value. For each Composite, monthly and annual returns, which are net of fees, are calculated in the same manner as described above. Performance on this Composite has been calculated using U.S. dollars. Past performance is no guarantee of future results. Performance results are total return, i.e. include the reinvestment of all income. Composite dispersion is a measure of variability, which is often used in the investment industry as an indicator of risk. The composite dispersion of annual account returns is calculated from the measurements of variance from the mean annual account return on an equal-weighted basis. Composite dispersion is not meaningful for populations of less than five accounts. As of December 31, 2012, the three-year annualized standard deviation (using monthly returns) was 26.1% for the composite and 26.3% for the Philadelphia Gold & Silver Index w/ Income. The standard fees charged by the Firm applicable to the Composite are 1.50% on the first $10 million and 1.00% thereafter. There are no non-fee paying accounts in this Composite. The benchmark for the Composite is the XAU Index. This index is comprised of 30 companies engaged in the gold/silver mining sector. It is a market capitalization-weighted index calculated on a total return basis with dividends reinvested. You cannot invest in the index. The Gold Equity portfolio invests in gold, which involves additional risks, such as the possibility for substantial price fluctuations over a short period of time. The portfolio may also invest in foreign securities, which involve greater volatility and political, economic and currency risks and differences in accounting methods. The portfolio is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the portfolio is more exposed to individual stock volatility than a diversified portfolio. Performance Disclosure Statement

9. Doug Groh Co-Portfolio Manager Tocqueville Asset Management 40 West 57th Street, 19th Floor New York, NY 10019 (212) 698-0757 dgroh@tocqueville.com For more information, please contact: