Gold Panel

Research evidence excerpt

Gold Panel

le to select stocks in Asia/Australia/NZ

12-month target – Expected share price *equivalent fully paid ordinary weighted average number of

in 12 months Note: expected return is reflective of a Medium Volatility shares

Valuation – The company's estimated stock and should be assumed to adjust proportionately

All Reported numbers for Australian/NZ listed stocks are fair value share price based on the disclosed with volatility risk

modelled under IFRS (International Financial Reporting valuation methodology

Standards). Note: Quant recommendations may differ

from Fundamental Analyst recommendations

Recommendation proportions for quarter ending 31 Mar 2026

AU/NZ Asia USA

Outperform 66.90% 69.32% 67.14% (for global coverage by Macquarie, 1.93% of stocks followed are investment banking clients)

Neutral 27.18% 17.21% 32.86% (for global coverage by Macquarie, 0.40% of stocks followed are investment banking clients)

Underperform 5.92% 13.47% 0.00% (for global coverage by Macquarie, 0.00% of stocks followed are investment banking clients)

Company-Specific Disclosures

Company Name Disclosure

Zijin Mining (2899 HK) Macquarie Capital Limited makes a market in the securities of Zijin Mining Group Co., Ltd.

Outperform

12-month target:HK$49.00 - EV/EBITDA

Valuation: HKD 49.00 - EV/EBITDA

Price:HK$34.42

Chifeng Jilong Gold Macquarie Capital Securities (Singapore) Pte. Limited makes a market in the securities of Chifeng Jilong Gold Mining Co Ltd.

Mining (600988 CH) Macquarie Capital Limited makes a market in the securities of Chifeng Jilong Gold Mining Co Ltd.

12-month target:CNY46.00 - EV/EBITDA

Valuation: CNY 46.00 - EV/EBITDA

Price:CNY36.66

Zijin Mining (601899 CH) Macquarie Capital Limited makes a market in the securities of Zijin Mining Group Co., Ltd.