COMP <GO>

BTG vs RIO // RETURN ON INVESTED CAPITAL (ROIC)

B2Gold Corp Common shares (Canada) (NYSE) VS. Rio Tinto Plc (NYSE) • 15-METRIC TALLY: BTG 4 — RIO 2

■ METRIC PARITY

LAST: $4.60 (-7.82%) • MKT CAP: $6.59B

roic

9.90%

LAST: $81.89 (-1.63%) • MKT CAP: $104.57B

roic

9.90%

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (BTG VS. RIO) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	BTG	RIO	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	41.00%	41.00%	0.00	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC) ACTIVE	9.90%	9.90%	0.00	TIE	/roic <GO>
EV/EBITDA & P/E Valuation	21.0x	21.0x	0.00	TIE	/valuation <GO>
Free Cash Flow Yield	2.21%	2.21%	0.00	TIE	/fcf-yield <GO>
Operating Margin	13.90%	13.90%	0.00	TIE	/operating-margins <GO>
Net Profit Margin	10.90%	10.90%	0.00	TIE	/net-margins <GO>
Revenue Growth (YoY)	6.60%	1.10%	+5.50	BTG	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	3.74	3.74	0.00	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	8/9	7/9	+1.00	BTG	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	6.90%	7.00%	-0.10	BTG	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	37.0	25.2	+11.80	BTG	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	0.99	1.02	-0.03	RIO	/macro-sensitivity <GO>
Forward P/E Multiple	30.5x	30.5x	0.00	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$6.59B	$104.57B	-$97.97B	RIO	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	BTG REV	RIO REV	BTG GROSS %	RIO GROSS %	BTG FCF	RIO FCF
INSPECT INDIVIDUAL XBRL MODELS AT BTG FA <GO> AND RIO FA <GO>.

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

BTG // BETA 0.99

RIO // BETA 1.02