Chapter 11 ) Allied Nevada Gold Corp., et al.,1

301 Pages·2015·5.47 MB·English

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IN THE UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
)
In re: ) Chapter 11
)
Allied Nevada Gold Corp., et al.,1 ) Case No. 15-10503 (MFW)
)
Debtors. ) Jointly Administered
)
) Related Docket Nos.: 819, 970, 995
NOTICE OF FILING OF EXHIBIT
PLEASE TAKE NOTICE OF THE FOLLOWING:
1. On August 10, 2015, Brian Tuttle (“Tuttle”) filed with the United States
Bankruptcy Court for the District of Delaware (the “Court”) a Motion to Appoint an Examiner
with Access to and Authority to Disclose Privileged Materials [Docket No. 819] (the “Motion”).
2. On September 2, 2015, Tuttle filed with the Court a brief in support of the Motion
[Docket No. 970] (the “Brief”). Attached as Exhibit “3” to the Brief are certain pages of a
December 2014 report prepared by Scotiabank GBM entitled Focus 2015 - Divergence and
Discrimination (the “Report”).
3. On September 11, 2015, a hearing (the “Hearing”) was held before the Court in
connection with the Motion. As set forth on the record at the Hearing, the parties, including the
above-captioned debtors and debtors in possession (the “Debtors”) and Tuttle, and the Court,

1 The Debtors in these cases, along with the last four digits of each Debtor’s federal tax identification number,
are: Allied Nevada Gold Corp. (7115); Allied Nevada Gold Holdings LLC (7115); Allied VGH Inc. (3601);
Allied VNC Inc. (3291); ANG Central LLC (7115); ANG Cortez LLC (7115); ANG Eureka LLC (7115); ANG
North LLC (7115); ANG Northeast LLC (7115); ANG Pony LLC (7115); Hasbrouck Production Company
LLC (3601); Hycroft Resources & Development, Inc. (1989); Victory Exploration Inc. (8144); and Victory
Gold Inc. (8139). The corporate headquarters for each of the above Debtors are located at, and the mailing
address for each of the above Debtors, except Hycroft Resources & Development, Inc., is 9790 Gateway Drive,
Suite 200, Reno, NV 89521. The mailing address for Hycroft Resources & Development, Inc. is P.O. Box
3030, Winnemucca, NV 89446.
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agreed that a copy of the entire Report could be entered into evidence in connection with the
Hearing; however, a hard copy of the Report was not immediately available for submission to the
Court at the Hearing. Consequently, the Court instructed the parties to submit a copy of the
Report subsequent to the conclusion of the Hearing.
4. Attached hereto as Exhibit A is a true and correct copy of the Report.
5. Notwithstanding the filing of the Report by this notice, on September 15, 2015,
the Court entered an order denying the Motion, consistent with the Court’s ruling at the Hearing.
See Docket No. 995.
Wilmington, Delaware BLANK ROME LLP
Date: September 17, 2015
By: /s/ Stanley B. Tarr
Stanley B. Tarr (No. 5535)
Michael D. DeBaecke (No. 3186)
Victoria A. Guilfoyle (No. 5183)
1201 N. Market Street, Suite 800
Wilmington, Delaware 19801
Telephone: [phone]
Facsimile: [phone]
-and-
AKIN GUMP STRAUSS HAUER & FELD LLP
Ira S. Dizengoff (admitted pro hac vice)
Philip C. Dublin (admitted pro hac vice)
Alexis Freeman (admitted pro hac vice)
One Bryant Park
New York, New York 10036
Telephone: [phone]
Facsimile: [phone]
Co-Counsel to the Debtors and Debtors in Possession

-2-

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EXHIBIT A
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Equity Research Industry Report December 2014
Focus 2015
Divergence and Discrimination
For Reg AC Certification and important disclosures see Appendix A of this report. Analysts
employed by non-U.S. affiliates are not registered/qualified as research analysts with FINRA in
the U.S.
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Focus 2015 December 2014
Contents
Director’s Comment
Divergence and Discrimination 5
Portfolio & Quantitative Strategy: Divergence and Discrimination
2014 Performance Recap 7
Small Cap Strategy
Think Small for 2015 21
Economic & Market Outlook
Major 2015 Themes Getting Minor Attention 31
Latin America Economic & Market Outlook
The Year Ahead in Latin America 37
Sector Comments
Banks, Americas
A Soft but Optimistic Year Ahead 41
Canadian Financial Services
Slowing, but Steady – Prefer Lifecos to Banks 47
Diversified Financials & Insurance
Sector Attributes Likely to Be Increasingly Sought Out by Investors 63
Diversified Industrials
Autos & Components 71
Energy Infrastructure
Taking the “Energy” out of Infrastructure 77
Forest Products & Diversified Industries
Build It... and They Will (Finally!) Leave 83
Global Fertilizers & Agriculture
The New Grain Price Reality 89
Gold & Precious Minerals
More of the Same 99
LatAm Airports
Rich Valuations, but Still an Attractive Story 121

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Focus 2015 December 2014
LatAm Cement
CX Is the Best Positioned for 2015 127
LatAm Construction & Infrastructure
Value Drivers for 2015 133
LatAm Consumer Products
A Brighter Outlook: Increasing Exposure Wisely 139
LatAm Metals & Mining
Southern Copper Poised to Reap the Benefits of a Tight Market 145
LatAm Telecom, Media & Technology
Calmer Seas Ahead in 2015 147
LatAm Utilities
Expansion Plans and Hydrology Should Rule 153
Media
Digital Takes the Lead 157
Metals & Mining
Growth Finally Arriving; Risk Profiles Declining 161
Oil & Gas
Canadian E&P – Themes for 2015 167
Canadian E&P – Top Ideas for 2015 172
International E&P – Themes for 2015 175
E&P – Sensitivities to Oil Prices 177
Oilfield Services 181
Real Estate & REITs
Solid Returns Expected in 2015 193
Retailing & Consumer Products
Keeping Up with Change and the Consumer in 2015 211
Software & Services
Strengthening Demand 223
Specialized Finance
Not Too Hot, Not Too Cold; 2015 May Be Just Right 229
Special Situations
Real Estate Still a Bright Spot in 2015 235

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Focus 2015 December 2014
Technology Hardware
Emerging Markets Expected to Keep LTE Spend Going 241
Telecommunications & Cable
Focus 2015 – United States and Canada 249
Transportation & Aerospace
Look for Trading Opportunities in 2015 259
Appendix 1 – China Outlook
Published by CNC Asset Management Ltd., exclusively distributed by Scotia Capital Inc.
New Norm, Inclining Plateau, and Two-Stage Realignment i

Publication date December 15, 2014.
Pricing as at November 28, 2014, unless otherwise stated.
Currencies in Canadian dollars unless otherwise stated.
Cover photo credit: Scotiabank GBM.

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Focus 2015 December 2014

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Focus 2015 December 2014
Director’s Comment

Divergence and Discrimination
It is my pleasure to introduce Focus 2015, Scotiabank GBM’s annual investment outlook for the coming
year. In this report, we highlight industry outlooks, themes, and stock recommendations outlining our
analysts’ highest conviction ideas for the year ahead. Keep updated on changes to our stock
recommendations by accessing our research portal, ScotiaView.
This report begins with our portfolio strategy outlook prepared by Vincent Delisle, while Hugo Ste-Marie
offers his perspective on implications for small cap strategy. Our Canadian, U.S., and global economic
outlook is summarized by Frances Donald, while Pablo Bréard offers his perspectives on Latin America.
Collectively, they outline reasons for near-term bullishness for stock markets and the economy in our
sudden low oil-price environment. Na Liu summarizes expected impacts of developments in China,
primarily on commodity markets (shown in Appendix 1). Our analysts present a brief overview of key
themes expected to drive performance in their respective sectors, as well as their top stock
recommendations for the year.
We caution readers that this report contains summary commentaries only. Investors are encouraged to
contact their Scotiabank salesperson or our analysts for a more complete review of our research views and
recommendations. Our published research is available on our website, ScotiaView.
Thank you for your interest in this publication. We wish you happy holidays in the weeks ahead and a
successful year of investing in 2015.

John Henderson, MBA, P.Eng. – [phone]
(Scotia Capital Inc. – Canada)
[email protected]

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