Gresham "Group 150" - August 2011

AUGUST 2011 Gresham Group 150 August 2011 Darren Martin Gresham Advisory Partners dmartin@gresham.com.au +61 8 9486 7077 +61 412 144 719 ASX RESOURCES - GROUP 150 We are pleased to present the August edition of ‘Group 150’, a ranking of the top 150 ASX listed resources companies (excluding oil and gas), by market capitalisation. This edition has been held up by the attendance (and paced recovery) at Diggers and Dealers and the new spectator sport of watching the global markets melt at record rates. Whilst sentiment at Diggers and Dealers was positive overall for resources, the political topic of sovereign risk linked to MRRT and carbon tax were central topics for discussion during the day and early parts of the evening. There appeared to be an increased proportion of “dealers” in attendance, which increased the level of competition in the late night boat races which will surely flow to Kalgoorlie economy. The most common question in the past four weeks relates to views on the direction of the market and in the current environment, it would be a brave investor to catch the falling knife and predict the bottom of the current plunge. That said, the performance of the ASX in the final session of trading yesterday did see a rebound of approximately 5% or $15 billion, but this is only relatively minor given the $100 billion lost in the past week. Ongoing global weakness is likely to see the signal from Wall Street to Bernanke that it wants QE3 gets louder. The overnight announcement in relation to interest rates seems to have provided a floor…but will this be enough? In this edition we have included the current forward curves for gold, silver, copper, nickel, oil and the AUD:USD exchange rate. Separately the consensus commodity price forecasts have been rolled forward 12 months. July was again a challenging month for resource stocks and was the fifth consecutive months the value of the Group 150 has fallen. The market value of the Group 150 at the end of July was $538.5 billion and the entry point into the Group 150 for July was $119.0 million versus $109.9 million for June. The ASX/S&P 200 Resources Index decreased 2.2% for the month, while both the ASX All Ordinaries and ASX/S&P 200 Index decreased 3.4% and 4.0% respectively. Gresham Advisory Partners Limited Gresham Advisory Partners is a leading Australian mergers and acquisitions/corporate advisoryEdition 17 business and one of Australia’s largest and highest ranking independent corporate advisors. 1

Group 150 Top 150 asX LisTed resource companies - JuLy By Market Capitalisation Mkt Cap (A$m) % Mkt Cap (A$m) % Jul Jun Company 31-Jul-11 30-Jun-11 Change Jul Jun Company 31-Jul-11 30-Jun-11 Change 1 1 BHP Billiton Ltd. (ASX:BHP) $220,502.2 $239,646.9 (8.0%) 51 49 Alkane Resources Limited (ASX:ALK) $536.7 $578.4 (7.2%) 2 2 Rio Tinto Ltd. (ASX:RIO) $153,603.4 $159,967.2 (4.0%) 52 57 Guildford Coal Limited (ASX:GUF) $530.2 $463.2 14.5% 3 3 Newcrest Mining Ltd. (ASX:NCM) $30,255.8 $28,848.2 4.9% 53 45 Kangaroo Resources Limited (ASX:KRL) $515.2 $635.4 (18.9%) 4 4 Fortescue Metals Group Ltd. (ASX:FMG) $19,646.2 $19,770.7 (0.6%) 54 60 Brockman Resources Limited (ASX:BRM) $501.0 $419.9 19.3% 5 5 Coal & Allied Industries Ltd. (ASX:CNA) $8,877.5 $9,134.7 (2.8%) 55 64 Ampella Mining Limited (ASX:AMX) $494.0 $383.1 28.9% 6 6 Iluka Resources Ltd. (ASX:ILU) $7,378.9 $6,971.8 5.8% 56 56 Aditya Birla Minerals Limited (ASX:ABY) $466.9 $477.9 (2.3%) 7 8 Alumina Ltd. (ASX:AWC) $5,319.6 $5,148.8 3.3% 57 58 OM Holdings Limited (ASX:OMH) $464.4 $461.9 0.5% 8 13 MacArthur Coal Ltd. (ASX:MCC) $4,697.5 $3,307.9 42.0% 58 66 Cockatoo Coal Limited (ASX:COK) $452.2 $376.0 20.3% 9 9 New Hope Corp. Ltd. (ASX:NHC) $4,458.3 $4,333.8 2.9% 59 62 Metminco Limited. (ASX:MNC) $438.8 $402.2 9.1% 10 10 OZ Minerals Limited (ASX:OZL) $4,414.1 $4,274.9 3.3% 60 61 Kagara Ltd (ASX:KZL) $437.9 $403.9 8.4% 11 12 Lynas Corporation Limited (ASX:LYC) $3,684.3 $3,393.0 8.6% 61 63 Gold One International Limited (ASX:GDO) $412.6 $396.3 4.1% 12 14 Atlas Iron Limited (ASX:AGO) $3,347.5 $3,080.9 8.7% 62 67 Ramelius Resources Ltd. (ASX:RMS) $401.3 $373.6 7.4% 13 15 Whitehaven Coal Limited (ASX:WHC) $3,253.6 $2,879.0 13.0% 63 68 Integra Mining Ltd. (ASX:IGR) $400.4 $370.3 8.1% 14 16 Aquila Resources Ltd. (ASX:AQA) $2,508.3 $2,684.2 (6.6%) 64 65 Bougainville Copper Ltd. (ASX:BOC) $393.0 $381.0 3.2% 15 17 PanAust Limited (ASX:PNA) $2,434.9 $2,238.1 8.8% 65 121 Indophil Resources NL (ASX:IRN) $388.2 $176.8 119.6% 16 22 Aston Resources Limited (ASX:AZT) $2,208.9 $1,791.7 23.3% 66 72 Kingsrose Mining Limited (ASX:KRM) $382.3 $351.4 8.8% 17 21 Paladin Energy, Ltd. (ASX:PDN) $2,036.3 $1,958.5 4.0% 67 73 Summit Resources Ltd. (ASX:SMM) $381.5 $348.8 9.4% 18 18 Aquarius Platinum Ltd. (ASX:AQP) $1,988.8 $2,209.8 (10.0%) 68 116 Sphere Minerals Limited (ASX:SPH) $381.3 $181.6 109.9% 19 20 Extract Resources Ltd. (ASX:EXT) $1,964.1 $1,985.5 (1.1%) 69 76 Perilya Ltd. (ASX:PEM) $375.6 $333.6 12.6% 20 19 Mount Gibson Iron Ltd. (ASX:MGX) $1,948.6 $1,991.9 (2.2%) 70 86 Cape Lambert Resources Limited (ASX:CFE) $369.6 $278.7 32.6% 21 23 Gloucester Coal Ltd. (ASX:GCL) $1,887.0 $1,409.2 33.9% 71 69 Panoramic Resources Ltd. (ASX:PAN) $368.6 $362.3 1.7% 22 34 Sundance Resources Ltd. (ASX:SDL) $1,508.1 $976.1 54.5% 72 70 Silver Lake Resources Limited (ASX:SLR) $363.1 $357.8 1.5% 23 24 Zimplats Holdings Ltd. (ASX:ZIM) $1,346.5 $1,345.5 0.1% 73 80 Troy Resources NL (ASX:TRY) $356.3 $306.2 16.4% 24 25 Medusa Mining Limited (ASX:MML) $1,323.3 $1,240.5 6.7% 74 71 Rex Minerals Limited. (ASX:RXM) $350.3 $354.9 (1.3%) 25 28 Perseus Mining Ltd. (ASX:PRU) $1,319.6 $1,115.1 18.3% 75 78 Hunnu Coal Limited (ASX:HUN) $339.6 $331.7 2.4% 26 29 Kingsgate Consolidated Limited (ASX:KCN) $1,201.8 $1,082.2 11.1% 76 75 Mineral Deposits Ltd. (ASX:MDL) $339.1 $345.2 (1.8%) 27 26 Independence Group NL (ASX:IGO) $1,187.0 $1,142.4 3.9% 77 77 Murchison Metals Limited (ASX:MMX) $338.9 $333.5 1.6% 28 30 Regis Resources Limited (ASX:RRL) $1,176.5 $1,071.5 9.8% 78 81 Tiger Resources Ltd. (ASX:TGS) $332.2 $301.1 10.3% 29 32 Sandfire Resources (ASX:SFR) $1,165.6 $1,053.2 10.7% 79 74 Metals X Limited (ASX:MLX) $326.7 $348.2 (6.2%) 30 33 Ivanhoe Australia Limited (ASX:IVA) $1,071.9 $1,004.9 6.7% 80 91 Adamus Resources Ltd. (ASX:ADU) $315.5 $254.6 23.9% 31 31 Western Areas NL (ASX:WSA) $1,055.0 $1,060.4 (0.5%) 81 82 Elemental Minerals Limited (ASX:ELM) $311.8 $288.6 8.0% 32 27 Coalspur Mines Limited (ASX:CPL) $959.5 $1,121.2 (14.4%) 82 79 Aspire Mining Limited (ASX:AKM) $299.7 $307.8 (2.6%) 33 38 Bandanna Energy Limited (ASX:BND) $935.8 $794.5 17.8% 83 99 Noble Mineral Resources Ltd. (ASX:NMG) $299.2 $231.5 29.2% 34 37 Mirabela Nickel Ltd. (ASX:MBN) $934.4 $860.2 8.6% 84 97 Equatorial Resources Limited (ASX:EQX) $295.8 $237.6 24.5% 35 41 Intrepid Mines Limited (ASX:IAU) $929.7 $739.5 25.7% 85 88 Saracen Mineral Holdings Limited (ASX:SAR) $295.4 $263.4 12.1% 36 39 Energy Resources of Australia Ltd. (ASX:ERA) $875.5 $782.0 12.0% 86 59 Gujarat NRE Coking Coal Limited (ASX:GNM) $292.3 $426.1 (31.4%) 37 35 CGA Mining Limited (ASX:CGX) $820.2 $946.5 (13.3%) 87 94 Conquest Mining Limited (ASX:CQT) $291.6 $242.0 20.5% 38 36 Minara Resources Ltd. (ASX:MRE) $783.5 $871.2 (10.1%) 88 93 Catalpa Resources Limited (ASX:CAH) $276.9 $242.2 14.3% 39 40 Gindalbie Metals Ltd. (ASX:GBG) $739.1 $781.2 (5.4%) 89 87 Arafura Resources Limited (ASX:ARU) $270.5 $268.6 0.7% 40 43 Bathurst Resources Ltd (ASX:BTU) $719.3 $684.5 5.1% 90 98 Tanami Gold NL (ASX:TAM) $266.2 $233.6 14.0% 41 42 Jupiter Mines Ltd. (ASX:JMS) $718.1 $694.3 3.4% 91 84 Moly Mines Ltd. (ASX:MOL) $265.6 $286.7 (7.4%) 42 50 White Energy Company Limited (ASX:WEC) $676.5 $576.9 17.3% 92 83 BC Iron Limited (ASX:BCI) $264.3 $287.9 (8.2%) 43 55 Discovery Metals Ltd. (ASX:DML) $636.0 $526.7 20.7% 93 89 Straits Resources Limited (ASX:SRQ) $256.6 $259.7 (1.2%) 44 51 Resolute Mining Ltd. (ASX:RSG) $629.0 $547.1 15.0% 94 100 Carabella Resources Limited (ASX:CLR) $255.3 $230.0 11.0% 45 47 Northern Iron Limited (ASX:NFE) $621.8 $594.9 4.5% 95 103 Flinders Mines Limited. (ASX:FMS) $254.9 $218.5 16.7% 46 46 Grange Resources Limited (ASX:GRR) $605.6 $605.4 0.0% 96 85 Greenland Minerals and Energy Ltd (ASX:GGG) $250.3 $285.0 (12.2%) 47 44 ST Barbara Ltd. (ASX:SBM) $595.9 $636.6 (6.4%) 97 102 FerrAus Ltd. (ASX:FRS) $249.6 $225.9 10.5% 48 52 Gryphon Minerals Ltd. (ASX:GRY) $560.9 $542.9 3.3% 98 110 WPG Resources Ltd (ASX:WPG) $246.5 $199.4 23.6% 49 54 Beadell Resources Ltd (ASX:BDR) $555.9 $529.2 5.0% 99 92 Cokal Limited (ASX:CKA) $239.2 $253.9 (5.8%) 50 53 CuDeco Ltd. (ASX:CDU) $537.4 $529.3 1.5% 100 106 Nucoal Resources NL (ASX:NCR) $236.1 $210.2 12.3%Includes ASX Resource companies excluding oil and gas 2

AUGUST 2011 Mkt Cap (A$m) % Mkt Cap (A$m) % Jul Jun Company 31-Jul-11 30-Jun-11 Change Jul Jun Company 31-Jul-11 30-Jun-11 Change 101 96 Focus Minerals Limited (ASX:FML) $234.0 $240.8 (2.9%) 126 132 YTC Resources Limited (ASX:YTC) $161.6 $140.3 15.2% 102 101 Exco Resources Ltd. (ASX:EXS) $231.8 $228.3 1.5% 127 118 African Energy Resources Limited (ASX:AFR) $161.6 $180.7 (10.6%) 103 104 Iron Ore Holdings Limited (ASX:IOH) $222.6 $215.9 3.1% 128 129 Azumah Resources Ltd (ASX:AZM) $157.7 $152.1 3.7% 104 95 Galaxy Resources (ASX:GXY) $219.9 $240.9 (8.7%) 129 142 Stanmore Coal Limited (ASX:SMR) $153.4 $126.9 20.8% 105 90 Marengo Mining Limited (ASX:MGO) $218.9 $258.7 (15.4%) 130 127 Peninsula Energy Limited (ASX:PEN) $151.2 $154.9 (2.4%) 106 114 Gold Road Resources Limited (ASX:GOR) $217.2 $185.9 16.8% 131 115 Sylvania Resources Ltd. (ASX:SLP) $146.1 $185.3 (21.1%) 107 108 South Boulder Mines Ltd. (ASX:STB) $216.9 $208.4 4.1% 132 141 Alcyone Resources Ltd (ASX:AYN) $144.8 $127.7 13.4% 108 105 Orocobre Limited (ASX:ORE) $214.4 $212.3 1.0% 133 134 Blackgold International Hold. Ltd (ASX:BGG) $144.0 $144.0 0.0% 109 109 Hillgrove Resources Ltd. (ASX:HGO) $206.4 $202.4 2.0% 134 133 Northern Star Resources Ltd. (ASX:NST) $140.4 $140.2 0.1% 110 124 Highlands Pacific Limited (ASX:HIG) $205.8 $164.7 25.0% 135 139 Indo Mines Limited (ASX:IDO) $137.9 $131.0 5.3% 111 125 Ausgold Limited (ASX:AUC) $201.4 $163.6 23.2% 136 161 Norton Gold Fields Limited (ASX:NGF) $137.1 $96.0 42.8% 112 112 Northern Energy Corporation Ltd (ASX:NEC) $196.0 $196.6 (0.3%) 137 143 Northern Minerals Limited (ASX:NTU) $135.4 $126.5 7.1% 113 130 Red 5 Ltd. (ASX:RED) $192.6 $147.6 30.4% 138 151 Crusader Resources Limited (ASX:CAS) $134.3 $106.7 25.9% 114 122 Deep Yellow Ltd. (ASX:DYL) $191.7 $169.1 13.3% 139 144 Finders Resources Limited (ASX:FND) $133.9 $119.9 11.7% 115 107 Atlantic Ltd (ASX:ATI) $187.0 $209.0 (10.5%) 140 126 Resource and Investment NL (ASX:RNI) $132.3 $161.0 (17.8%) 116 120 Kula Gold Limited (ASX:KGD) $180.2 $180.2 0.0% 141 136 Territory Resources Limited (ASX:TTY) $131.0 $132.6 (1.2%) 117 117 Mincor Resources NL (ASX:MCR) $178.8 $181.6 (1.5%) 142 135 Industrial Minerals Corporation Ltd. (ASX:IDM) $130.8 $136.1 (3.8%) 118 113 Astron Ltd. (ASX:ATR) $178.2 $191.9 (7.1%) 143 140 Robust Resources Limited (ASX:ROL) $129.1 $128.7 0.3% 119 111 Resource Generation Limited (ASX:RES) $176.1 $197.2 (10.7%) 144 149 IMX Resources Ltd. (ASX:IXR) $128.7 $110.3 16.7% 120 131 Cobar Consolidated Resources Ltd (ASX:CCU) $171.7 $142.9 20.1% 145 145 Continental Coal Limited (ASX:CCC) $126.8 $117.7 7.7% 121 119 NKWE Platinum Ltd. (ASX:NKP) $171.2 $180.6 (5.2%) 146 171 ABM Resources NL (ASX:ABU) $125.4 $92.1 36.1% 122 138 Altona Mining Limited (ASX:AOH) $171.2 $132.2 29.5% 147 177 Australasian Resources Ltd (ASX:ARH) $121.6 $84.1 44.7% 123 153 Metrocoal Ltd. (ASX:MTE) $169.7 $104.2 62.8% 148 158 Mungana Goldmines Ltd (ASX:MUX) $119.8 $100.1 19.7% 124 146 African Iron Limited (ASX:AKI) $165.4 $115.1 43.7% 149 128 Platinum Australia Limited (ASX:PLA) $119.7 $153.0 (21.8%) 125 123 Cerro Resources NL (ASX:CJO) $165.2 $165.2 0.0% 150 157 Centrex Metals Limited (ASX:CXM) $119.0 $100.2 18.8%Source: Capital IQnew enTranTs - JuLy eXiTs - JuLy123 Metrocoal Ltd. (ASX:MTE) Equinox Minerals Ltd. (ASX:EQN)136 Norton Gold Fields Limited (ASX:NGF) Riversdale Mining Ltd. (ASX:RIV)138 Crusader Resources Limited (ASX:CAS) Allied Gold Mining PLC (ASX:ALD)146 ABM Resources NL (ASX:ABU) Reed Resources Ltd. (ASX:RDR)147 Australasian Resources Ltd (ASX:ARH) Papillon Resources Limited (ASX:PIR)148 Mungana Goldmines Ltd (ASX:MUX) Tribune Resources Limited (ASX:TBR)150 Centrex Metals Limited (ASX:CXM) Rocklands Richfield Limited (ASX:RCI)Based on market capitalisation as at 31 July vs 30 JuneGroup 150 Leaders and LaGGers - markeT capiTaLisaTion performance - JuLy Leaders Laggers * Included material placement, acquisition and/or option conversion during month 3

Group 150Group 150 markeT capiTaLisaTion +15.3% 538.5 +49.6% Market Valuation (A$b) - Group 150asX indeX performance - JuLy Group 150 mkT cap - By commodiTymerGer & acquisiTions - announced in JuLy Percent Premium - Premium - Date Value Consideration Target Acquirer Sought 1 Day Prior 1 Month Prior Announced (A$m) Offered (%) (%) (%) 28-Jul-2011 ULY-TAU K LLP Red October Resources Limited (ASX:ROS) 39.9 51 - - Combinations 27-Jul-2011 Cable Sands (W.A.) Pty Ltd. Mineral Commodities Ltd. (ASX:MRC) 101.0 100 - - Cash 27-Jul-2011 Galina Iron Limited Waratah Resources Limited (ASX:WGO) 17.9 100 - - Combinations 15-Jul-2011 Sundance Resources Ltd. (ASX:SDL) Hanlong Mining Investment Pty Ltd. 1,164.3 81 25.0 42.9 Cash 11-Jul-2011 MacArthur Coal Ltd. (ASX:MCC) Peabody Energy Corp. ; ArcelorMittal 4,022.5 84 36.0 38.1 Cash 9-Jul-2011 Bannerman Resources Limited (ASX:BMN) Hanlong Mining Investment Pty Ltd. 153.2 100 59.0 107.5 Cash 5-Jul-2011 Copper Strike Ltd., Einasleigh Copper Project Kagara Ltd (ASX:KZL) 19.1 100 - - Cash; EquitySource: Capital IQAnnounced Australian Resources (excluding oil and gas) Mergers and Acquisitions >A$10m4

AUGUST 2011 forward curves (as aT 8 auGusT 2010) Gold, 100 oz - USD/troy oz Gold Forward Curve (USD/troy oz) Silver - USD/troy oz Silver Forward Curve (USD /troy oz) e Copper - USD/lb 4.05 4.01 4.00 3.99 4.00 3.97 3.97 3.96 3.96 3.95 3.95 3.93 Copper Forward Curve (USD /lb) 3.91 3.90 3.90 3.88 3.87 3.84 3.85 3.82 3.80 3.80 3.79 3.77 e 3.76 3.74 3.75 3.73 3.71 3.70 3.65 Aug-11 Feb-12 Aug-12 Feb-13 Aug-13 Feb-14 Aug-14 Feb-15 Aug-15 Feb-16Source: Bloomberg 5

Group 150 forward curves (as aT 8 auGusT 2010) Nickel - USD/tonne 21,400 21,240 21,260 21,214 21,192 21,200 21,129 21,060 20,996 21,000 20,885 Nickel Forward Curve (USD/tonne) 20,757 20,800 20,652 20,600 20,549 20,453 20,354 20,400 20,246 20,200 20,102 19,994 20,000 19,922 19,850 19,778 19,800 19,706 19,600 Aug-11 Feb-12 Aug-12 Feb-13 Aug-13 Feb-14 Aug-14 Feb-15 Aug-15 Feb-16 Aug-16 AUD : USD Forward Curve - AUD: USD WTI - USD/bbl WTI Forward Curve (USD / barrel) eSource: Bloomberg 6

AUGUST 2011Base meTaLs - secTor performance Share Price Performance - July 2011 Copper Nickel ZincShare Price Performance Share Price Performance - Since 31 December 2010Share Price Performance 52 Week Hi / Low / CurrentShare Price Performance 7

Group 150coaL - secTor performance Share Price Performance - July 2011Share Price Performance Share Price Performance - Since 31 December 2010Share Price Performance 52 Week Hi / Low / CurrentShare Price Performance8

AUGUST 2011diversified - secTor performance indusTriaL mineraLs - secTor performance Share Price Performance - July 2011Share Price Performance Share Price Performance Share Price Performance - Since 31 December 2010Share Price Performance Share Price Performance 52 Week Hi / Low / CurrentShare Price Performance Share Price Performance 9

Group 150GoLd - secTor performance Share Price Performance - July 2011Share Price Performance Share Price Performance - Since 31 December 2010Share Price Performance 52 Week Hi / Low / CurrentShare Price Performance10

AUGUST 2011iron ore - secTor performance Share Price Performance - July 2011Share Price Performance Share Price Performance - Since 31 December 2010Share Price Performance 52 Week Hi / Low / CurrentShare Price Performance 11

Group 150pLaTinum - secTor performance uranium - secTor performance Share Price Performance - July 2011Share Price Performance Share Price Performance Share Price Performance - Since 31 December 2010Share Price Performance Share Price Performance 52 Week Hi / Low / CurrentShare Price Performance Share Price Performance12

AUGUST 2011consensus commodiTy price forecasTs - JuLy Gold (US$/oz) Silver (US$/OZ) $2,500 $60 $2,000 $1,628 $50 $39.88 $1,463 $1,350 $32.65 $1,270 $40 $29.00 $27.74 $1,500 $1,113 $25.00 $30 $1,000 $20 $500 $10 $0 $0 Spot 2012 2013 2014 2015 Spot 2012 2013 2014 2015 Copper (US$/lb) Nickel (US$/lb) $6.00 $16.00 $4.46 $4.50 $11.34 $5.00 $3.97 $10.43 $3.71 $12.00 $9.90 $9.44 $4.00 $3.02 $8.39 $3.00 $8.00 $2.00 $4.00 $1.00 $0.00 $0.00 Spot 2012 2013 2014 2015 Spot 2012 2013 2014 2015 Zinc (US$/lb) Lead (US$/lb) $1.50 $1.20 $2.00 $1.13 $1.10 $1.09 $1.01 $1.50 $1.19 $1.20 $1.25 $1.00 $1.07 $1.00 $1.00 $0.50 $0.50 $0.00 $0.00 Spot 2012 2013 2014 2015 Spot 2012 2013 2014 2015 Tin (US$/lb) Uranium (US$/lb) $20.00 $100 $17.50 $14.06 $12.75 $65.00 $60.00 $64.00 $15.00 $11.00 $11.57 $75 $10.36 $51.75 $50.00 $12.50 $10.00 $50 $7.50 $5.00 $25 $2.50 $0.00 $0 Spot 2012 2013 2014 2015 Spot 2012 2013 2014 2015 AUD:USD NYMEX (US$/bbl) $1.25 $1.09 $1.05 $200 $1.00 $0.94 $0.95 $1.00 $150 $110.00 $115.00 $95.70 $103.00 $102.00 $0.75 $100 $0.50 $0.25 $50 $0.00 $0 Spot 2012 2013 2014 2015 Spot 2012 2013 2014 2015Source: Bloomberg Consensus Estimates - Median / High / Low 13

recenT resources TransacTions Group 150 Mergers and Acquisitions Mergers and Acquisitions 2010 2009 GRAM 2009 2009 2008 2008 2006 Advised BHP Advised BG Advised Guandong Advised Allied Gold Advised Kalahari Advised Gem Advised IAMGOLD Billiton on its Group on its $1bn Rising on its $216m on its $54m Minerals on its Diamonds on its Corporation on its $204m offer for takeover offer for cornerstone acquisition of $140m proposed $300m acquisition $265m acquisition United Minerals Pure Energy investment in Pan Australian merger with of Kimberley of Gallery Gold. Corporation. Resources Aust. Solomons Gold. Extract Resources. Diamonds. Limited. TakeoverDefence Takeover Defence 2010 2010 2010 2009 2009 2007 2007 Advised Polaris Advised Indophil Advised Advised Energy Advised Brandrill Advised Summit Advised Tethyan on Metals NL on on $545m Centaurus Metals on its $86m Limited on its Resources on its its $220m $178m takeover recommended Resources on its proportional takeover $45m takeover A$1.2bn takeover competing takeover offer by Mineral offer from Zijin $20m merger offer by China offer by Ausdrill by Paladin Energy. offer by Crosby and Resources with Glengarry Guangdong Nuclear Limited. Antogafasta/Barrick. Limited. Resources. Power Group. Strategic Advisory, JointJoint Ventures and Capital Markets Strategic Advisory, Ventures and Capital Markets 2010 2010 2009 2008 2009/08 2008 2008 Advised BHP Introduced Advised BHP Advised Advised Iluka on its Advised Advised Iluka Billiton on its Denham Capital to Billiton on the Bannerman $114m Murchison Metals Resources on its US$116bn iron Trans Tasman disposal of the Resources on its institutional on its joint venture $54m Narama coal ore production Resources resulting Yabulu Nickel financing with placement and with Mitsubishi. divestment to joint venture with in NZ iron sands refinery. Resource Capital $353m accelerated Xstrata. Rio Tinto. investment. Funds. right issue. Gresham Advisory Partners Limited A.B.N. 97 003 344 269 Level 17, 167 Macquarie Street, Level 10, 1 Collins Street, Level 3, 28 The Esplanade, Sydney NSW 2000 Melbourne VIC 3000 Perth WA 6000 Telephone: 61 2 9221 5133 Telephone: 61 3 9664 0300 Telephone: 61 8 9486 7077 Facsimile: 61 2 9221 6814 Facsimile: 61 3 9650 7722 Facsimile: 61 8 9486 7024 Website: www.gresham.com.auTerms and ConditionsInformation contained in this publicationThe opinions, advice, recommendations and other information contained in this publication, whether express or implied, are published or made by Gresham Advisory Partners Limited (ABN 88 093 611 413), Australian financial services license (247113), and by its officers and employees(collectively “Gresham Advisory Partners”) in good faith in relation to the facts known to it at the time of preparation.Gresham Advisory Partners has prepared this publication without consideration of the investment objectives, financial situation or particular needs of any individual investor, and you should not rely on the publication for the purpose of making a financial decision.To whom this information is providedThis publication is only made available to persons who are wholesale clients within the meaning of section 761G of the Corporations Act 2001. 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Gresham "Group 150" - August 2011

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