Rational Investing

	Total Market Capitalization of All Firms	$573,170 mm
	Average Market Capitalization	$33,716 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.1
	Standard Deviation of MM Ratio	0.5
	Average Beta	1.1
	Average EV To Revenue	2.3
	Average EV To EBITDAM	12.9
	Average Price To Free Cash Flow	16.4

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
S32.AX	South32 Ltd	2.71	12,791	2.3	3.7	28.8	14	1.0	Jun 21
RUS.TO	Russel Metals inc	1.54	1,634	0.7	15.5	9.8	11	1.6	Sep 21
BOL.ST	Boliden AB	1.52	9,592	0.3	10.0	8.2	15	1.2	Sep 21
LIF.TO	Labrador Iron Ore Royalty Corp	1.48	1,797	6.3	7.1	10.4	41	1.3	Jun 21
SCCO	Southern Copper Corp.	1.44	45,372	5.2	14.0	10.0	27	1.1	Sep 21
NHY.OL	Norsk Hydro	1.43	13,858	0.4	11.9	11.8	16	1.4	Sep 21
010130.KS	KOREA ZINC INC ORD	1.00	8,095	0.0	13.5	9.5	36	0.5	Jun 21
GMKN.ME	GMK Noril`skiy nikel` OAO	0.97	47,387	3.0	99	40	24	0.7	Jun 21
FM.TO	First Quantum Minerals Limited	0.95	14,960	2.8	15.9	8.4	58	1.8	Jun 21
FCX	Freeport Mcmoran Copper & Gold	0.94	54,465	3.1	11.9	6.9	51	1.9	Sep 21
POLY.L	POLYMETAL INTERNATIONAL PLC	0.91	86	0.5	9.4	6.0	19	0.8	Jun 21
RIO.AX	Rio Tinto Limited	0.88	194,820	3.0	7.9	5.6	56	0.6	Jun 21
5713	SUMITOMO METAL MINING CO LTD	0.74	11,336	0.3	8.9	10.0	34	1.4	Sep 21
FMG.AX	Fortescue Metals Group Ltd	0.73	37,947	1.3	4.3	3.1	50	0.8	Jun 21
CCO.TO	Cameco Corporation	0.70	9,205	6.3	29.6	40	-10	0.8	Jun 21
RIO	Rio Tinto Plc	0.61	103,825	1.8	5.8	4.8	49	0.8	Jun 21
LUN.TO	Lundin Mining Corporation	0.40	6,003	2.0	9.7	5.9	56	1.6	Jun 21