Lincoln Crowne & Company Gold Copper Report for 14th October 2013.

1. WWW.LCC.ASIA
How Codelco is Going to Fund its Capex Program?
Global Economy Fundamentals
Last Close
Price
Precious Metals & Energy
Gold
Gold
Silver
Platinum
Palladium
Crude Oil
Gas H.Hub
Uranium
(A$/oz)
(US$/oz)
(US$/oz)
(US$/oz)
(US$/oz)
(US$/barrel)
1,343
1,272
21.3
1,367
709
102
3.73
35
(US$/m btu)
(US$/lb)
YTD
Change
▼
▼
▼
▼
▲
▲
▲
▼
Last Close
Price
Currencies & Indices
AUD/USD
RMB/USD
CAD/USD
ZAR/USD
ASX Ordinary Gold
TSX Global Gold
ASX 300 Metals & Mining
TSX Global Mining
0.947
0.163
0.963
0.101
2,350
163
3,164
70
-17%
-24%
-29%
-11%
1%
11%
11%
-19%
4-Week
Change
▼
▼
▼
▼
▲
▼
▼
▲
YTD
Change
▼
▲
▼
▼
▼
▼
▼
▼
-9%
2%
-4%
-15%
-52%
-46%
-13%
-27%
-5%
-3%
-2%
-5%
2%
-4%
-1%
2%
▼
▼
▼
▼
▲
▼
▲
—
▲
▼
▼
▲
▼
▼
▼
▼
2%
0%
0%
0%
-10%
-9%
-3%
-3%
-3.2%
-2.9%
-2.0%
-1.3%
1.0%
-1.4%
6.5%
0.0%
Copper
Copper
Cobalt
Molybdenum
Nickel
Lead
Zinc
Tin
Week
Change
▲
▼
▼
▲
▼
▼
▼
▼
Last Close
Price
Base Metals
Global Markets
0.3%
0.0%
-0.8%
0.8%
-6.5%
-3.9%
0.0%
-1.1%
(A$/lb)
(US$/lb)
(US$/lb)
(US$/lb)
(US$/lb)
(US$/lb)
(US$/lb)
(US$/lb)
US$/oz
5,231
15,237
1,703
2,228
23,218
14,405
6,487
2,974
YTD
Change
▲
▲
▲
▼
▲
▲
▲
▲
13%
16%
19%
-2%
2%
39%
10%
13%
-1%
1%
-4%
0%
1%
-3%
-4%
3%
▼
▼
▲
▲
▲
▲
▲
▲
4-Week
Change
▲
▼
▲
▼
▲
▲
▼
▲
0%
-1%
1%
0%
1%
0%
-1%
4%
-0.6%
-0.3%
1.9%
1.2%
1.3%
2.3%
2.3%
1.5%
Week
Change
▲
▲
▲
▲
▲
▲
▲
▲
0.4%
1.1%
0.8%
2.5%
0.3%
2.7%
0.5%
1.6%
LME Copper Price and Stocks
Price (US$/lb)
Stocks ('000 lot)
Price (A$/lb)
Price (US$/lb)
3.80
800
3.60
600
3.60
3.40
400
3.40
3.20
200
3.20
3.00
0
100
1300
0
1200
Jul
Aug
Sep
Jul
Oct
S&P/ASX All Ordinaries Gold Index
(XGO)
3500
Aug
Sep
Volume ('000 lot)
Price (US$/lb)
120
3.80
3.60
Jul
Aug
Sep
Oct
Oct
Price (US$/lb)
3.20
0
4.50
100
4.30
3.40
20
3.00
3.80
3.60
60
3.40
80
0
Jul
2012 Gold Production Costs
Aug
Sep
40
3.20
3.00
Jul
Oct
SHFE Copper Price and Volume
100
Total production costs
Cash costs
Sep
Stocks ('000 t)
80
40
2000
Aug
COMEX Copper Price and Stocks
100
80
2500
3.80
3.00
Jul
Oct
COMEX Copper Price and Volume
160
3000
$1,000
▼
▲
▼
—
▲
▼
▼
▲
Week
Change
200
1400
$1,200
-1%
-10%
8%
-19%
-20%
-11%
-8%
-1%
4-Week
Change
300
1500
$1,400
▼
▼
▲
▼
▼
▼
▼
▼
Last Close
Price
ASX 200
Dow Jones
S&P 500 Index
Shang Hai Index
Hang Seng Index
Nikkei 225
FTSE 100 Index
Euro STOXX 50 Index
Volume ('000 lot)
Price (A$/lb)
400
YTD
Change
3.41
3.23
12.47
9.53
6.23
0.94
0.85
10.58
LME Copper Price and Volume
A$/oz
1600
Week
Change
4-Week
Change
Gold Price
1700
Volume ('000 lot)
80
Price (US$/lb)
Aug
Sep
Oct
SHFE Copper Price and Stocks
4.50
Stocks ('000 t)
Price (US$/lb)
4.30
$800
60
4.10
60
4.10
$600
40
3.90
40
3.90
$200
20
3.70
20
3.70
$0
0
3.50
0
$400
Latin
North
America America
4,000
3,500
3,000
Tonnes
WEEKLY
Australian Copper Gold Report
14th October 2013
Australia
ROW
Consumption
Other
Australia
South
Africa
World
Mine Gold Production
2,500
Jul
30,000
25,000
Aug
Sep
Oct
Mine Copper Production
Australia (kt)
ROW (kt)
Refined Consumption (kt)
Closing stocks (weeks)
12
10
8
20,000
2,000
3.50
Jul
Aug
Sep
Oct
China Copper Imports
500
4.00
Tonnes ('000t)
Copper Price
400
3.80
300
3.60
15,000
6
10,000
4
200
3.40
5,000
2
100
3.20
0
0
0
1,500
1,000
500
0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Feb 12
Aug 12
Feb 13
Aug 13
3.00
Source: BREE, Capital IQ, COMEX, LME, SHFE, Thomson Reuters, LCC research. Note: the SHFE copper price is based on the LME 3-month price and includes CIF premium, tax and duty
IMPORTANT DISCLAIMER
This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from
sources believed to be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability o f any such
information and makes no warranty, guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation
to correct or update the information. No opinion or recommendation is made within this research. This report is not intended to be, nor
should it be relied on, as a substitute for professional advice. This report should not be relied upon as the sole basis for any investment
decision or planning, and LCC does not accept any responsibility on this basis for actions made
.
Page 1 / 4

2. WEEKLY
Australian Copper Gold Report
14th October 2013
WWW.LCC.ASIA
Markets & Majors

Chile raised its copper output forecast for 2013 and upped its global copper surplus expectations by around 40%, on soaring
global production and slower demand growth. The country, the world's largest producer of copper, will produce about 5.7 million
tonnes of copper in 2013, (+5% yoy) thanks to better output forecasts. State copper commission Cochilco also raised its copper
2013 surplus expectations to 294,000 tonnes, up from its previous forecast of 209,000, due to higher production in Chile, the US,
Zambia and Indonesia and to lower demand for the metals from countries such as India, Taiwan and South Korea. It expects the
market surplus to increase in 2014 to 327,000 tonnes as new copper mining projects come on stream, in Chile and abroad.
Cochilco kept its 2014 copper price forecast steady at US$3.15/lb.

Chile's government is reviewing the way it funds state-owned copper miner Codelco following requests from some members of
parliament. The world's top copper miner, which gives all of its profits back to the state, is struggling to finance an ambitious,
multi-year investment plan, previously estimated at about US$27 billion. The government has awarded Codelco US$1 billion for
2013, an amount, which the miner deemed insufficient. Codelco, which produces about 11% of the world's copper, has since
reduced its planned investment for this year to around US$4 billion from US$4.5 billion.

Freeport-McMoRan Copper & Gold (NYSE: FCX) the world's #1 publicly listed copper producer, expects to sell 4.5 billion pounds
of copper (2 million tonnes) in 2014 year, but maintained its 5% cut in expected copper sales this year.

Chilean miner Antofagasta (LON: ANTO) expects the cost of new projects to fall further following two years of declines, as
copper prices weaken into 2014, taking the steam out of rampant inflation that has hampered development. According to ANTO,
project costs had already dropped 10 to 15% in the last two years.

China’s gold imports through Hong Kong in August reached 110 tonnes (vs. 113 tonnes in July) as the country remains on track
to import over 1,000 tonnes of gold this year. A total of 723 tonnes has been imported via Hong Kong for the first eight months.

South Australian resource sector jobs are expected to more than triple by 2030 with the tripling of mining and infrastructure
projects, according to the Resources and Engineering Skills Alliance.
Emerging Copper Companies
Code
Company Name
Open Close Week Week
Price Price High Low
Weekly
Change
Market
52 Week Cash
EV
Cap
Project
Range (A$m) (A$m)
(A$m)
AVI
Avalon Minerals
0.01 0.01 0.01 0.01 ▲ 33.3%
10
1
9 Viscaria
AVB
Avanco Resources
0.08 0.08 0.10 0.08 ▲
2.5%
92
4
89 Antas North
AZS
Azure Minerals
0.04 0.04 0.05 0.04 ▼ -2.4%
25
2
23 Promontorio
BTR
Blackthorn Resources 0.27 0.26 0.30 0.25 ▼ -3.7%
43
26
17 Kitumba
CDU Cudeco
2.04 1.95 2.06 1.76 ▼ -4.7%
399
48 351 Rocklands
FND Finders Resources
0.20 0.20 0.20 0.20 —
0.0%
101
3 107 Wetar (95% )
HAV
Havilah Resources
0.26 0.26 0.26 0.25 ▲
2.0%
31
6
25 Kalkaroo
HCH Hot Chili
0.43 0.43 0.43 0.40 —
0.0%
144
23 121 Productora
HIG
Highlands Pacific
0.06 0.06 0.06 0.06 ▼ -6.7%
44
7
37 Frieda River (18.2% )
IRN
Indophil Resources
0.16 0.16 0.17 0.15 ▼ -3.1%
186
224 -37 Tampakan (37.5% )
MMC Marengo Mining
0.02 0.02 0.02 0.02 —
0.0%
26
7
40 Yandera
MNC Metminco
0.03 0.04 0.05 0.03 ▲ 33.3%
77
13
64 Los Calatos
RXM Rex Minerals
0.52 0.50 0.53 0.49 ▼ -3.8%
94
25
70 Hillside
VXR
Venturex Resources 0.01 0.01 0.01 0.01 —
0.0%
12
3
9 Pilbara
YTC YTC Resources
0.25 0.27 0.27 0.24 ▲ 10.2%
71
16
90 Nymagee (95% )
Source: Capital IQ, ASX announcements, LCC research. C1 costs and capex as estimated and announced by the respective companies.
Annual Mineral
C1
Production Resource
Costs
(t) (mt Cu) (US$/lb)
20,000
12,000
4,850
39,000
N/A
28,000
40,000
55,000
246,000
375,000
90,000
100,000
80,000
16,500
N/A
0.610
0.762
0.021
1.000
0.483
0.205
0.623
0.920
13.000
15.000
0.806
6.538
2.000
0.316
0.096
0.49
1.10
1.16
2.04
0.81
1.11
1.20
1.35
0.58
0.46
1.80
1.06
1.20
1.49
N/A
Capex
(US$m)
180
70
35
358
238
133
360
600
5,300
5,900
1,800
1,320
900
265
N/A
IMPORTANT DISCLAIMER
This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from
sources believed to be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability o f any such
information and makes no warranty, guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation
to correct or update the information. No opinion or recommendation is made within this research. This report is not intended to be, nor
should it be relied on, as a substitute for professional advice. This report should not be relied upon as the sole basis for any investment
decision or planning, and LCC does not accept any responsibility on this basis for actions made
.
Page 2 / 4

3. WEEKLY
Australian Copper Gold Report
14th October 2013
WWW.LCC.ASIA
Copper Producers
Ore
Quarterly
C1 Costs C3 Costs
Reserve (mt
Production (t)
(US$/lb) (US$/lb)
Cu)
ABY Aditya Birla Minerals 0.36 0.35 0.37 0.34 ▼ -4.2%
108
86
23
0.2x Nifty
9,873
0.473
2.84
N/A
AOH Altona Mining
0.15 0.14 0.15 0.13 ▼ -6.9%
72
26
68
4.8x Kylylahti
1,809
0.061
2.23
3.37
DML Discovery Metals
0.07 0.06 0.07 0.05 ▼ -20.5%
32
22 181
NM Boseto
5,034
0.191
3.45
N/A
HGO Hillgrove Resources 0.08 0.08 0.08 0.07 ▲ 2.6%
92
17 123
3.5x Kanmantoo
3,590
0.125
2.40
3.19
IVA
Inova Resources
0.21 0.21 0.22 0.21 — 0.0%
153
33 120
NM Osborne
5,451
0.069
2.57
3.70
OZL OZ Minerals
4.40 4.40 4.47 4.31 — 0.0%
1,333
433 901
7.1x Prominent Hill
17,379
0.748
1.95
3.56
PEM Perilya
0.32 0.32 0.33 0.32 — 0.0%
246
92 352
5.8x Cerro de Maimón
2,747
0.123
0.92
N/A
PNA PanAust
2.07 1.94 2.10 1.87 ▼ -6.5%
1,153
89 1,234
4.0x Phu Kham (90% )
15,483
1.127
1.45
2.12
SFR Sandfire Resources 6.34 6.30 6.45 6.00 ▼ -0.6%
981
77 1,189
6.0x DeGrussa
14,293
0.438
1.37
2.21
SRQ Straits Resources
0.02 0.02 0.02 0.01 — 0.0%
17
41
99
NM Tritton
6,271
0.178
2.55
3.87
TGS Tiger Resources
0.33 0.33 0.34 0.30 — 0.0%
223
13 210
3.9x Kipoi 1 (60% )
11,116
0.303
1.06
1.35
Source: Capital IQ, ASX announcements, LCC research. C1 and C3 costs as reported in last quarter, except for TGS, LCC estimate.
Code
Company Name
Open Close Week Week
Price Price High Low
Weekly
Market 52 Week Cash
EV
EV/
Project
Change Cap (A$m)
Range (A$m) (A$m) EBITDA
ASX-listed Company News

Avanco Resources (ASX: AVB) has reached a non-binding agreement on key commercial terms with regard to US$12m of nondilutive royalty based investment with BlackRock. On executing the proposed transaction, Avanco would secure the shortfall
funding required to potentially position Antas North as “fully financed into production” for ~12,000tpa of copper and ~7,000ozpa
of gold. Capital expenditure at Antas North is estimated at US$70m including contingency and working capital – key terms for a
US$58m senior debt facility have already been agreed with Banco Votorantim.

Beadell Resources (ASX: BDR) increased gold production to 55,094 ounces (+53% qoq) and increased recovery to 93% at the
100% owned Tucano CIL gold plant in Brazil thanks to the introduction of high grade ore from Duckhead. Head grade increased
by 36% to 1.91 g/t gold. During the quarter the CIL plant throughput capacity was solid at 4.0 mtpa (~14% over nameplate
capacity of 3.5 mtpa). Guidance for the half year gold production remains unchanged at 120,000 – 130,000 ounces for the six
months from 1 July 2013. C1 cash costs (which exclude the 2% royalty) are expected to be within the range of US$435 –
$485/oz with no allowance for any iron ore credits.

Saracen Mineral Holdings (ASX: SAR) produced 41,241 oz in the September quarter, +13% qoq. SAR recorded gold sales of
43,096 ounces for a revenue of A$66 million at an average gold price received of A$1,531/oz (average of spot and hedge prices).
Emerging Gold Producers
Code
Company Name
ABU
ALK
AZM
BAB
CVG
CAS
DRM
GCY
GRY
IGO
IDC
IAU
KGD
MSR
MLX
MDI
MYG
PAN
ABM Resources
Alkane Resources
Azumah Resources
Bullabulling Gold
Convergent Minerals
Crusader Resources
Doray Minerals
Gascoyne Resources
Gryphon Minerals
Independence Group
Indochine Mining
Intrepid Mines
Kula Gold
Manas Resources
Metals X
Middle Island Resources
Mutiny Gold
Panoramic Resources
Open
Price
Close
Price
Week
High
Week
Low
0.03
0.40
0.03
0.07
0.02
0.27
0.66
0.20
0.14
3.92
0.07
0.27
0.11
0.05
0.14
0.09
0.04
0.28
0.03
0.40
0.03
0.05
0.01
0.27
0.63
0.19
0.13
3.70
0.06
0.27
0.11
0.05
0.14
0.09
0.03
0.28
0.03
0.42
0.04
0.07
0.02
0.29
0.67
0.21
0.15
3.95
0.07
0.27
0.11
0.05
0.14
0.09
0.04
0.28
0.03
0.35
0.03
0.05
0.01
0.25
0.63
0.19
0.13
3.43
0.05
0.26
0.11
0.05
0.14
0.08
0.03
0.26
Weekly
Change
92
149
11
22
4
34
89
30
50
863
55
150
14
14
223
11
17
72
8
64
4
1
1
3
26
3
52
27
2
94
4
6
75
6
2
23
84
85
6
21
2
31
64
27
-2
856
53
56
10
8
149
6
15
49
Annual Reserves C1 Costs Capex
Production (oz)
(moz) (US$/oz) (US$m)
Old Pirate
100,000
Tomingley
55,000
Wa
100,000
Bullabulling
175,500
Blue Vein
40,000
Borborema
131,000
Andy Well
74,000
Glenburgh
73,000
Banfora
151,000
Tropicana (30% )
470,000
Mt Kare
130,000
Tumpangpitu
143,000
Woodlark
90,000
Shambesai
55,000
CGMP
95,000
Samira Hill
N/A
Deflector
80,000
Gidgee
87,000
Mt Henry (70% )
116,000
PIR
Papillon Resources
1.04
1.02
1.08
1.02 ▼
-1.9%
345
62 283 Fekola
306,000
PVM
PMI Gold
0.32
0.30
0.32
0.30 ▼
-6.3%
122
113
9 Obotan
221,500
PXG
Phoenix Gold
0.16
0.16
0.17
0.15 ▼
-3.1%
37
16
21 Castle Hill
100,000
ROL
Robust Resources
0.35
0.35
0.38
0.33 —
0.0%
36
19
17 Andash (80% )
70,000
SIH
Sihayo Gold
0.04
0.04
0.04
0.04 —
0.0%
30
3
27 Pungkut
46,000
SUM
Sumatra Copper & Gold
0.12
0.12
0.12
0.12 ▲
4.3%
50
19
31 Tembang
30,000
Source: Capital IQ, LCC research. C1 costs and capex as estimated and announced by the respective companies. Assumption: A$/US$ exchange rate of 0.95
▼
—
—
▼
▼
▼
▼
▼
▼
▼
▼
▲
—
—
—
—
▼
▼
-3.4%
0.0%
0.0%
-20.0%
-13.3%
-1.9%
-4.5%
-2.6%
-10.7%
-5.6%
-12.7%
1.9%
0.0%
0.0%
0.0%
0.0%
-15.8%
-1.8%
Market Cap 52 Week Cash
EV
Project Name
(A$m) Range (A$m) (A$m)
0.3
0.2
0.7
2.4
0.2
1.6
0.3
0.3
1.1
3.9
1.1
1.5
0.8
0.3
1.2
0.3
0.4
0.6
0.9
3.0
2.4
0.7
0.4
0.3
0.4
383
931
700
843
770
558
592
865
774
589
800
376
730
387
930
N/A
606
827
884
580
626
798
27
635
487
27
102
160
387
15
169
53
57
208
793
218
204
160
41
111
1
59
121
185
292
297
124
96
60
40
IMPORTANT DISCLAIMER
This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from
sources believed to be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability o f any such
information and makes no warranty, guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation
to correct or update the information. No opinion or recommendation is made within this research. This report is not intended to be, nor
should it be relied on, as a substitute for professional advice. This report should not be relied upon as the sole basis for any investment
decision or planning, and LCC does not accept any responsibility on this basis for actions made
.
Page 3 / 4

4. WEEKLY
Australian Copper Gold Report
14th October 2013
WWW.LCC.ASIA
Mergers & Acquisitions

Oceana Gold Corporation (ASX: OGC) and Pacific Rim Mining Corp. (TSX: PMU) have entered into a definitive agreement
pursuant to which OGC will acquire all the shares of PMU for C$10.2 million. PMU key asset is the El Dorado high grade goldsilver resource with significant exploration upside, in El Salvador. El Dorado has a resource of 1.7 moz AuEq grading 10.4 g/t
AuEq. The acquisition transaction multiple amounts to US$6/oz.

Capital Mining (ASX: CMY) has signed an agreement with Indochine Mining (ASX: IDC) to acquire up to 85% of IDC gold assets
in Cambodia. IDC has agreed to sell an initial 55% interest subject to a number of conditions including the completion of A$3
million capital raising by CMY. IDC has agreed to grant CMY the right to earn up to a further 30% interest as follows:  an
additional 15% following sole funding a total of A$6 million on exploration expenditure within 3 years of settlement and  a
further 15% following sole funding of a further A$4 million, for a total expenditure of A$10 million, within 3 years of settlement.
IDC has a clawback right should CMY fund less than A$3 million of exploration expenditure within 2 years of settlement. The
consideration to acquire the initial 55% is A$20,000 and the issue of CMY shares to IDC representing 40% of CMY’s shares on
issue immediately after settlement.

Coppermoly (ASX: COY) has amended the terms of the Re-Acquisition Agreement with Barrick in relation to the Simuku, Nakru
and Talelumas projects in West New Britain. The first payment has been reduced from A$1.011 million to A$680,000. This has
been paid to Barrick, restoring Coppermoly to 51% ownership. The second payment has increased from A$1 million to A$1.331
million, scheduled in August 2012 to increase the ownership by 21% to 72%. Full ownership could be restored for an additional
A$3m before August 2018, with the release of a feasibility study on any one or more of the exploration licences.
Gold Producers
Code
Company Name
Open
Price
Close
Price
Week
High
Week
Low
Weekly
Change
Market
Cap
(A$m)
52 Week
Range
Cash Debt
(A$m) (A$m)
EV
EV/
(A$m) EBITDA
BDR
Beadell Resources
0.86
0.85
0.86
0.81 ▼ -1.2%
668
28 141
781 70.2x
BEZ
Besra Gold*
0.05
0.05
0.05
0.05 — 0.0%
17
4
43
56
7.6x
CTO
Citigold Corporation
0.05
0.05
0.05
0.05 ▼ -6.1%
62
1
0
62
NM
CRK
Crocodile Gold Corp*
0.08
0.11
0.11
0.07 ▲ 31.3%
43
29
45
58
0.6x
DRA
Dragon Mining
0.24
0.22
0.24
0.22 ▼ -8.5%
19
7
0
12 60.0x
EVN
Evolution Mining
0.82
0.76
0.83
0.71 ▼ -7.3%
539
14 133
658
3.3x
EDV
Endeavour Mining Corp*
0.61
0.54
0.65
0.54 ▼ -11.5%
223
82 211
352
5.6x
FML
Focus Minerals
0.01
0.01
0.01
0.01 ▼ -8.3%
101
114
11
-3
NM
GDO
Gold One International
0.23
0.21
0.23
0.21 ▼ -10.9%
291
8 226
509
6.6x
KCN
Kingsgate Consolidated
1.62
1.51
1.62
1.50 ▼ -6.5%
230
42 200
388
3.6x
KRM
Kingsrose Mining
0.41
0.39
0.41
0.39 ▼ -6.1%
129
1
6
134
NM
LSA
Lachlan Star
0.16
0.16
0.16
0.16 — 0.0%
18
3
26
41
NM
MML
Medusa Mining
2.22
2.02
2.25
1.99 ▼ -9.0%
382
8
15
388
5.4x
MLX
Metals X
0.14
0.14
0.14
0.14 — 0.0%
223
75
0
149 17.7x
MOY
Millennium Minerals
0.29
0.29
0.30
0.27 ▼ -1.7%
62
5
54
112
3.2x
NCM
Newcrest Mining
11.15 10.50 11.19 10.45 ▼ -5.8%
8,039
69 4,210 12,180
4.6x
NGF
Norton Gold Fields
0.14
0.13
0.15
0.13 ▼ -7.1%
121
56 115
180
7.4x
NST
Northern Star Resources
0.84
0.82
0.85
0.80 ▼ -3.0%
346
61
12
297
4.2x
OGC
OceanaGold Corporation*
1.46
1.32
1.52
1.28 ▼ -9.6%
388
18 247
616
3.4x
PNA
PanAust
2.07
1.94
2.10
1.87 ▼ -6.5%
1,153
89 171 1,234
4.0x
PGI
PanTerra Gold
0.07
0.06
0.07
0.06 ▼ -13.7%
48
4
0
44
NM
PRU
Perseus Mining
0.52
0.48
0.53
0.48 ▼ -7.7%
220
35
0
185
2.6x
RDR
Reed Resources
0.02
0.02
0.03
0.02 ▼ -8.7%
11
19
0
-8
NM
RED
Red 5
- suspended
8
23
16
NM
RMS
Ramelius Resources
0.15
0.13
0.16
0.13 ▼ -13.3%
47
37
4
13
0.7x
RRL
Regis Resources
4.05
3.60
4.07
3.56 ▼ -11.1%
1,792
81
0 1,711
7.1x
RSG
Resolute Mining
0.61
0.56
0.62
0.55 ▼ -8.3%
356
156
91
291
2.0x
SAR
Saracen Mineral Holdings
0.21
0.22
0.23
0.20 ▲ 2.4%
128
13
22
137
2.3x
SBM
St Barbara
0.55
0.46
0.55
0.45 ▼ -15.6%
225
129 328
424
NM
SLR
Silver Lake Resources
0.74
0.67
0.74
0.65 ▼ -8.8%
291
19
33
305
NM
TBR
Tribune Resources
2.26
2.40
2.48
2.26 ▲ 6.2%
121
9
14
126
1.9x
TGZ
Teranga Gold Corp*
0.65
0.61
0.67
0.60 ▼ -6.2%
180
54
82
208
0.9x
TRY
Troy Resources
1.44
1.36
1.45
1.32 ▼ -5.6%
227
41
0
186
3.2x
UML
Unity Mining
0.07
0.06
0.07
0.06 ▼ -10.1%
44
28
0
16
2.2x
Source: Capital IQ, LCC research. Assumption: A$/US$ exchange rate of 0.95.
Note: * These stocks are not primarily listed on the ASX. Prices, market cap and multiples are based on their primarily listed market quote.
Ore
Quarterly C1 Costs C3 Costs
Reserve
Production (oz) (US$/oz) (US$/oz)
(moz)
1.9
0.1
0.3
1.0
0.1
3.1
2.5
0.5
2.7
1.9
N/A
0.4
0.6
2.7
0.7
87.3
1.1
0.3
3.6
1.1
0.6
4.0
0.8
0.7
0.6
3.0
4.4
1.1
5.7
1.7
0.2
1.7
0.4
0.4
36,179
18,500
773
48,261
17,223
112,559
73,700
25,172
68,208
61,793
1,395
16,160
15,642
41,622
16,441
642,032
41,464
25,421
68,353
28,712
6,661
47,565
12,918
3,169
18,988
72,134
102,685
37,259
107,363
55,600
19,133
49,661
27,808
13,212
679
793
559
1,101
928
724
854
1,804
1,071
824
6,445
1,137
355
1,268
685
713
978
722
682
603
991
1,181
1,642
727
1,459
635
799
783
910
681
401
642
813
881
N/A
1,330
N/A
N/A
N/A
1,298
975
1,863
1,244
1,272
N/A
N/A
N/A
N/A
844
988
1,246
1,043
1,000
757
N/A
1,405
1,700
1,096
N/A
N/A
963
1,148
N/A
1,036
N/A
1,063
N/A
N/A
IMPORTANT DISCLAIMER
This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from
sources believed to be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability o f any such
information and makes no warranty, guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation
to correct or update the information. No opinion or recommendation is made within this research. This report is not intended to be, nor
should it be relied on, as a substitute for professional advice. This report should not be relied upon as the sole basis for any investment
decision or planning, and LCC does not accept any responsibility on this basis for actions made
.
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