Aligned Compensation Inc.

Aligned pay-for-performance post #5: The Value Team: Mining Exploration and Development $200mm to $2b   This is our second mining sector report, where we highlight Metals and Mining exploration and development companies that have generated the highest shareholder value relative to CEO compensation. As these are non-revenue producing companies, our financial metrics have been pared down to include value creation, TSR and dilution. For this group of companies, the average CEO compensation $1,003,941. Interested in learning more? We have historical compensation and financial performance data for every public company in North America and we can create a customized report for your specific needs. You can access the full report on our website Reports — Aligned Compensation Inc. Enjoy!   American Lithium Corp. Canada Nickel Company Amerigo Resources (TSX: ARG) (OTCQX: ARREF) Colonial Coal International Corp (CAD) Desert Mountain Energy Corp Discovery Silver Corp. TSX:DSV, OTCQX:DSVSF Dolly Varden Silver Corp. Eloro Resources Ltd Entree Resources Ltd Frontier Lithium Gabriel Resources GoldMining Inc. (TSX: GOLD) (NYSE: GLDG) NextSource Materials Inc. NioCorp Developments Patriot Battery Metals Rupert Resources Talon Metals Corp. Tudor Gold Corp. Western Copper and Gold

Aligned pay-for-performance post #4: The Value Team: Mining Producers $200mm to $2b   This is our first sector report, where we highlight Metals and Mining producers that have generated the highest shareholder value (as measured by market returns and financial metrics) relative to CEO compensation. For this group of companies, the average CEO compensation $1,989,448. Interested in learning more? We have historical compensation and financial performance data for every public company in North America and we can create a customized report for your specific needs. You can access the full report on our website Reports — Aligned Compensation Inc. Enjoy! Alphamin Resources Corp (AFMJF) Altius Minerals Corporation Amerigo Resources (TSX: ARG) (OTCQX: ARREF) Argonaut Gold Inc. Aura Minerals Inc Endeavour Silver Corp GoGold Resources Inc. Lucara Diamond Mandalay Resources Corporation Wesdome Gold Mines 

Aligned pay-for-performance post #3: The Value Team: Canadian small cap $500mm to $2b   In our inaugural The Value Team report, we highlight companies that have generated the highest shareholder value (as measured by market returns and financial metrics) relative to CEO compensation. You can access the full report on our website Reports — Aligned Compensation Inc. Enjoy!   Advantage Energy LLC Alaris Equity Partners Altius Minerals Corporation Andlauer Healthcare Group Badger Infrastructure Solutions Cardinal Energy Ltd. Crew Energy Inc. Doman Building Materials Group Endeavour Silver Corp Ero Copper Corp Frontera Energy Corp. GoGold Resources Inc. Headwater Exploration Major Drilling MTY Food Group Pason Systems USA Corp. Pine Cliff Energy Ltd. Savaria

Aligned pay-for-performance post #2: Cameco Corporation (TSX:CCO; NYSE:CCJ)   Analyzing Cameco’s financial performance shows divergent outcomes when stock market performance is compared to historical financial performance. Investors have certainly rewarded Cameco, particularly in the past year, and clearly they are sending the message that the best is yet to come. It could also be that financial accounting has created some noise in CCO’s historical financials which should also be taken into account when analyzing pay-for-performance. Our Aligned Compensation Score of 32/100 is relatively consistent with our Aligned Performance Score of 39/100. In this case, CEO compensation is relatively consistent with performance.   This is a condensed report prepared by Aligned Compensation Inc. and is for discussion purposes only. https://lnkd.in/g6MtjAgA Please reach out if you are interested in a complete and custom pay-for-performance analysis on CCO or any other publicly listed company. Disclosure: we own CCO common shares in our personal investment portfolio.

Aligned pay-for-performance post #1: Fairfax Financial Holdings Limited (TSX:FFH) If there is one thing to conclude from our pay-for-performance analysis on FFH it’s that Prem Watsa is effectively gifting $10 million a year to shareholders through his compensation structure. Our Aligned Compensation Score of 6/100 compares very favourably to the Aligned Performance Score of 63/100, which is calculated by comparing the following metrics: value creation, TSR, revenue/share growth, BVPS growth, EPS growth, ROE and dilution. This is a condensed report prepared by Aligned Compensation Inc. and is for discussion purposes only. Reports — Aligned Compensation Inc. Please reach out if you are interested in a complete and custom pay-for-performance analysis on FFH or any other publicly listed company. Disclosure: we own FFH common shares in our personal investment portfolio.