Update on metals market and junior mining companies listed on the Australian Securities Exchange

1. Oz Metals
20th
Edition – 8th
Mar 2015
DISCLAIMER
This report is provided in good faith from sources believed to be accurate and reliable. Terra Studio Pty Ltd directors and employees do not accept liability
for the results of any action taken on the basis of the information provided or for any errors or omissions contained therein. Readers should seek
investment advice from their professional advisors before acting upon information contained herein.
Page 1 / 4
TerraStudio
X2 AND OTHERS ON THE HUNT FOR ASSETS
Base Metals & Precious Metals Fundamentals
Sources: COMEX, LME, RBA, SHFE
$50
$55
$60
$65
$70
$75
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
CIFPriceofChineseImports
Bauxite
US$/t
$A/t
$2.3
$2.6
$2.9
$3.2
$3.5
$3.8
$4.1
0
100
200
300
400
500
600
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
ThousandTonnes
Copper
SHFE COMEX LME
US$ A$
$1,100
$1,200
$1,300
$1,400
$1,500
$1,600
$1,700
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
Gold
A$
US$
$15.0
$17.5
$20.0
$22.5
$25.0
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
Silver
A$
US$
$6
$9
0
100
200
300
400
500
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
$/lb
ThousandTonnes
Nickel
LME US$ A$
$0.70
$0.80
$0.90
$1.00
$1.10
$1.20
$1.30
0
200
400
600
800
1,000
1,200
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
$/lb
ThousandTonnes
Zinc
SHFE LME US$ A$

2. Oz Metals
20th
Edition – 8th
Mar 2015
DISCLAIMER
This report is provided in good faith from sources believed to be accurate and reliable. Terra Studio Pty Ltd directors and employees do not accept liability
for the results of any action taken on the basis of the information provided or for any errors or omissions contained therein. Readers should seek
investment advice from their professional advisors before acting upon information contained herein.
Page 2 / 4
TerraStudio
Markets & Majors
Thomson Reuters - The U.S. Department of Justice and the
Commodity Futures Trading Commission are investigating
at least 10 major banks for a possible rigging of precious-
metals markets, the Wall Street Journal reported, citing
people close to the inquiries. Justice Department
prosecutors are scrutinizing the price-setting process for
gold, silver, platinum and palladium in London, while the
CFTC has opened a civil investigation, the newspaper said.
The banks under scrutiny are HSBC, Bank of Nova Scotia,
Barclays, Credit Suisse, Deutsche Bank, Goldman Sachs,
JP Morgan, Société Générale, Standard Bank and UBS.
Thomson Reuters - Newmont Mining Indonesian copper
export permit will not be renewed beyond March 19 unless it
strikes a deal with Freeport-McMoRan to invest in the
latter's planned smelter. Southeast Asia's largest economy
is in talks with miners about their plans to develop domestic
smelting and processing facilities. "For an export permit
extension for Newmont, we are still awaiting an agreement
between Freeport and Newmont," Coal and Minerals
Director General Sukhyar told a news conference. "It will
depend how serious Newmont's commitment to co-operate
with Freeport is and how much they will share the
investment," Sukhyar said. Early last year, Indonesia put in
place export restrictions aimed at forcing mining firms to
develop smelting and processing facilities so that Indonesia
could refine all of its raw ores and concentrates.
Sirius Resources has signed a three-year off-take
agreement with BHP Billiton Nickel West to supply around
half of its planned nickel sulfide concentrate production from
its Nova mine in Western Australia. The terms of the off-take
deal were not disclosed. Sirius said the plan is to deliver the
concentrate by truck to Nickel West's processing facilities at
Kambalda. The company said it is in discussions with other
parties for the remaining half of nickel concentrate
production from Nova, and expects to conclude a second
off-take contract by the middle of 2015. Meanwhile, Sirius
added it is also advancing talks with another party regarding
the sale of the project's copper sulfide concentrate.
Funding, Mergers & Acquisitions
SNL - After raising US$5.6 billion for mining fund X2
Resources, chief Mick Davis is on the hunt for mining
acquisitions. X2 has closed itself to new investors after
having raised cash from sovereign wealth funds, pension
funds and private equity firms such as TPG Capital. "We
continue to carefully review a number of opportunities in the
sector in detail," Davis said in a statement. "The long-term
nature of our strategy provides us with the flexibility to target
those opportunities where we see the greatest potential for
value creation." X2 has US$4 billion in committed capital,
which it can immediately deploy for deals. The remaining
US$1.6 billion is conditional upon certain undisclosed
requirements by the firm's investors. Potential targets
include assets held by Rio Tinto, BHP Billiton and Anglo
American, with X2 having met up with all three mining giants.
X2 is also eyeing assets owned by financially troubled mid-
tier miners and junior mining companies near production. It
is looking at copper, zinc and nickel, among others, in
regions such as Latin America, the U.S. and Africa.
Newcrest Mining has reduced its shareholding in fellow-
listed Evolution Mining to 14.9% from 32.3%. Newcrest
completed the partial sale of its ownership in Evolution
through an overnight sell-down at a sale price of 85
Australian cents per share. Newcrest will retain about 106.5
million shares of Evolution and will use the proceeds of the
sale — valued at about A$106 million — to repay debt.
Mining Journal - Nickel miner Panoramic Resources sees
more value in adding mine life to its cashflow-generating
nickel assets than stressing the company’s balance sheet
developing the two gold assets it has been running the ruler
over for the past few years. Hence they are now up for sale.
Mining Journal - Cassini Resources wants to join the ranks
of the companies that made their fortune on the back of
acquiring unloved assets owned by majors and turning them
around. Companies such as Independence, Panoramic and
Western Areas. Cassini managing director Richard Bevan is
adamant the West Musgrave project bought from BHP will
ultimately see Cassini joining the esteemed club.
Tanami Gold has received an unsolicited alternative
proposal from Northern Star Resources (NST) in relation to
the Central Tanami Project (CTP). TAM has advised that it
has entered into a binding conditional joint venture heads of
agreement (HoA) with NST pursuant to which, NST will
progressively acquire a 60% joint venture interest in the
CTP. The HoA is subject to a number of conditions,
including a termination of the Metals X head of Agreement.
NST will, at completion, acquire a 25% interest in the CTP
for A$20 million, comprising a A$11 million cash payment
and the issue of 4,290,228 NST fully paid ordinary shares.
Oro Verde is proceeding with the acquisition of the Topacio
gold project in Nicaragua, following the completion of due
diligence. In November 2014, Oro Verde entered into an
option, through subsidiary Minera San Cristóbal SA, to
acquire Topacio SA, the owner of the 93km2
Topacio project.
Bauxite Sector
Source: Bloomberg, SNL, Terra Studio
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
ABX Australian Bauxite 0.265 — 0% (13%) 34 5 29
BAU Bauxite Resources 0.086 ▼ (4%) (12%) 20 25 (5)
MLM Metallica Minerals 0.051 ▼ (15%) (7%) 9 1 8
MMI Metro Mining 0.037 ▼ (5%) 37% 11 8 3

3. Oz Metals
20th
Edition – 8th
Mar 2015
DISCLAIMER
This report is provided in good faith from sources believed to be accurate and reliable. Terra Studio Pty Ltd directors and employees do not accept liability
for the results of any action taken on the basis of the information provided or for any errors or omissions contained therein. Readers should seek
investment advice from their professional advisors before acting upon information contained herein.
Page 3 / 4
TerraStudio
Lithium-Tantalum Sector
Source: SNL, Terra Studio
Tin Sector
Source: SNL
Nickel Sector
Source: SNL
Copper Developers & Explorers
Source: SNL, Terra Studio
Copper Producers
Source: SNL
Gold Producers
Source: SNL
Gold Developers & Explorers
Source: SNL, Terra Studio
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AJM Altura Mining 0.030 — 0% (54%) 14 3 29
GXY Galaxy Resources 0.025 — 0% 0% 27 3 93
ORE Orocobre 2.57 ▲ 2% (8%) 379 26 380
PLS Pilbara Minerals Ltd. 0.043 ▲ 5% 2% 27 2 24
RDR Reed Resources 0.034 — 0% (11%) 17 7 NA
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
CSD Consolidated Tin Mines 0.046 ▼ (2%) 12% 13 0 14
ELT Elementos 0.006 ▼ (25%) (25%) 5 1 4
KAS Kasbah Resources 0.046 — 0% (15%) 21 4 15
MLX Metals X 1.25 ▲ 1% 59% 520 57 413
MOO Monto Minerals 0.001 ▼ (50%) (50%) 1 1 1
SRZ Stellar Resources 0.033 — 0% 14% 10 4 7
VMS Venture Minerals 0.033 ▲ 3% 6% 9 7 3
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
TEV/
EBITDA
IGO Independence Group 5.45 ▼ (4%) 23% 1,277 57 1,248 8.9x
MBN Mirabella Nickel 0.083 ▼ (2%) 186% 77 18 187 0.3x
MCR Mincor Resources 0.70 ▲ 4% 20% 132 26 113 NA
PAN Panoramic Resources 0.57 ▼ (5%) 36% 183 64 124 1.7x
WSA Western Areas 4.03 ▼ (5%) 7% 937 231 886 NA
AVQ Axiom Mining 0.012 — 0% (20%) 43 2 41 NM
CZI Cassini Resources 0.07 ▼ (9%) (42%) 8 8 0 NM
DKM Duketon Mining 0.15 ▼ (12%) (42%) 12 7 5 NA
LEG Legend Mining 0.008 ▲ 14% 14% 16 7 9 NM
MAT Matsa Resources 0.145 ▼ (6%) (15%) 21 3 18 NM
MLM Metallica Minerals 0.051 ▼ (15%) (7%) 9 1 8 NA
PIO Pioneer Resources 0.019 ▲ 12% 46% 12 1 11 NM
POS Poseidon Nickel 0.14 — 0% 13% 92 4 123 NM
SEG Segue Resources 0.006 — 0% 20% 12 1 11 NM
SGQ St George Mining 0.050 ▲ 22% (21%) 6 1 4 NA
SIR Sirius Resources 2.89 ▼ (10%) 13% 987 59 742 NM
TLM Talisman Mining 0.16 ▼ (6%) 3% 21 16 6 NA
WIN Winward Resources 0.23 ▲ 41% 41% 20 6 14 NM
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
ARE Argonaut Resources 0.010 — 0% (38%) 4 1 3
AVB Avanco Resources 0.078 ▲ 3% 3% 130 20 110
AVI Avalon Minerals 0.025 — 0% 25% 4 1 NA
AZS Azure Minerals 0.016 ▲ 7% (33%) 13 1 12
CDU CuDeco 1.41 — 0% (28%) 351 7 406
CVV Caravel Minerals 0.009 ▲ 13% 13% 7 1 NA
ENR Encounter Resources 0.11 ▼ (15%) (15%) 15 4 11
ERM Emmerson Resources 0.030 — 0% (3%) 11 3 9
FND Finders Resources 0.14 ▼ (7%) (10%) 89 48 41
GCR Golden Cross Resources 0.061 ▼ (6%) (13%) 6 1 5
GPR Geopacific Resources 0.039 ▼ (13%) (25%) 15 3 15
HAV Havilah Resources 0.200 ▼ (7%) 43% 31 6 25
HCH Hot Chili 0.13 ▼ (11%) (22%) 43 6 50
HMX Hammer Metals 0.072 ▼ (6%) (12%) 7 1 6
IAU Intrepid Mines 0.12 — 0% (11%) 44 74 (30)
KDR Kidman Resources 0.056 ▼ (14%) (16%) 7 3 4
KGL KGL Resources 0.15 — 0% (33%) 21 10 11
MEP Minotaur Exploration 0.12 ▼ (4%) (17%) 22 7 15
MNC Metminco 0.006 ▼ (8%) (31%) 11 3 7
MTH Mithril Resources 0.007 ▼ (13%) 0% 3 1 2
PEX Peel Mining 0.055 ▲ 6% (20%) 7 2 5
RDM Red Metal 0.05 ▼ (13%) (44%) 8 2 3
RER Regal Resources 0.047 ▲ 2% 2% 10 2 7
RTG RTG Mining 0.650 ▼ (6%) 12% 84 3 81
RXM Rex Minerals 0.100 ▲ 2% (9%) 22 14 8
SMD Syndicated Metals 0.024 ▼ (8%) (25%) 7 1 6
SRI Sipa Resources 0.061 ▲ 9% 65% 37 4 33
SUH Southern Hemisphere 0.022 ▼ (45%) (49%) 5 2 3
THX Thundelarra Resources 0.075 ▼ (1%) (32%) 24 7 17
XAM Xanadu Mines 0.090 ▲ 6% (10%) 33 4 34
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
TEV/
EBITDA
ABY Aditya Birla Minerals 0.18 ▼ (8%) (10%) 55 137 (49) NA
AOH Altona Mining 0.11 ▲ 5% (56%) 56 129 (73) NA
HGO Hillgrove Resources 0.39 ▲ 5% (14%) 57 9 67 1.4x
KBL KBL Mining 0.021 ▼ (5%) (30%) 10 7 33 NA
MWE Mawson West 0.040 ▲ 14% (20%) 9 48 37 NM
OZL OZ Minerals 3.71 ▼ (3%) 7% 1,126 219 907 2.6x
PNA PanAust 1.27 ▼ (3%) (11%) 758 74 980 NM
SFR Sandfire Resources 4.44 ▲ 1% (2%) 693 58 777 3.7x
SRQ Straits Resources 0.003 ▼ (25%) (40%) 4 13 160 NA
TGS Tiger Resources 0.063 ▼ (10%) (52%) 72 80 218 NA
985 CST Mining 0.046 ▲ 5% 5% 1,247 136 153 0.4x
1208 MMG 2.22 ▼ (4%) (8%) 11,743 137 24,673 4.0x
3993 China Molybdenum 5.09 ▼ (2%) 13% 67,766 1,883 71,804 NA
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
TEV/
EBITDA
AGD Austral Gold 0.12 — 0% (8%) 57 NA 125 9.3x
ALK Alkane Resources 0.37 ▼ (4%) 68% 153 16 134 NA
AMI Aurelia Metals 0.27 ▲ 4% 13% 105 22 206 NA
BDR Beadell Resources 0.28 ▼ (13%) 24% 224 13 328 5.1x
DRM Doray Minerals 0.48 ▼ (2%) 0% 113 16 112 3.5x
EVN Evolution Mining 0.87 ▲ 2% 34% 618 32 748 3.7x
IGO Independence Group 5.45 ▼ (4%) 23% 1,277 57 1,248 8.9x
KCN Kingsgate Consolidated 0.77 ▼ (3%) 17% 172 54 255 NA
KRM Kingsrose Mining 0.24 ▼ (17%) (6%) 86 7 92 NM
LSA Lachlan Star 0.024 — 0% 20% 4 2 22 NA
MIZ Minera Gold 0.002 — 0% (33%) 6 0 10 NA
MLX Metals X 1.25 ▲ 1% 59% 520 57 413 NA
MML Medusa Mining 0.99 ▲ 1% 52% 206 13 199 NA
MOY Millennium Minerals 0.037 ▼ (5%) 0% 8 2 46 NA
NCM Newcrest Mining 13.28 ▼ (8%) 22% 10,178 141 14,595 NA
NGF Norton Gold Fields 0.20 ▲ 5% 60% 186 19 314 4.8x
NST Northern Star Resources 2.20 ▼ (7%) 48% 1,303 82 1,275 6.3x
OGC OceanaGold Corp. 2.21 ▼ (8%) 9% 666 NA 751 2.5x
PGI PanTerra Gold 0.165 ▼ (3%) (8%) 14 3 76 NM
PRU Perseus Mining 0.35 ▼ (3%) 33% 182 37 148 2.6x
RMS Ramelius Resources 0.110 ▼ (8%) 116% 52 12 34 NA
RRL Regis Resources 1.40 ▼ (27%) (27%) 700 7 733 NM
RSG Resolute Mining 0.33 — 0% 25% 212 19 243 NA
SAR Saracen Mineral Holdings 0.44 ▲ 4% 71% 345 36 325 NA
SBM St Barbara 0.22 ▼ (2%) 105% 106 79 429 NA
SLR Silver Lake Resources 0.20 ▼ (5%) 0% 98 24 105 NA
TBR Tribune Resources 3.20 ▲ 6% 21% 160 11 175 10.1x
TRY Troy Resources 0.54 ▼ (4%) 16% 104 43 144 NA
UML Unity Mining 0.009 — 0% 29% 10 7 (2) NA
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AYC A1 Consolidated 0.033 ▲ 6% (18%) 9 0 9
ABU ABM Resources 0.23 — 0% (22%) 63 11 52
AWV Anova Metals 0.051 ▼ (6%) 89% 15 1 13
AZM Azumah Resources 0.028 — 0% 40% 11 4 9
BLK Blackham Resources 0.125 ▼ (11%) 145% 22 3 19
BOK Black Oak Minerals 0.38 ▼ (4%) 41% 17 11 31
BSR Bassari Resources 0.013 — 0% 8% 15 - 15
CHN Chalice Gold Mines 0.13 ▼ (4%) 24% 37 43 (6)
CHZ Chesser Resources 0.03 ▲ 3% (8%) 7 1 8
DCN Dacian Gold 0.49 ▲ 21% 75% 47 8 36
EXC Exterra Resources 0.012 ▲ 20% (8%) 2 1 2
EXG Excelsior Gold 0.100 — 0% 64% 46 2 46
FML Focus Minerals 0.008 ▼ (11%) 14% 73 81 73
GCY Gascoyne Resources 0.100 — 0% 41% 17 1 16
GMR Golden Rim Resources 0.009 — 0% 80% 12 1 13
GOR Gold Road Resources 0.34 ▼ (8%) 37% 199 21 178
GRY Gryphon Minerals 0.070 ▼ (7%) 9% 28 34 NA
IDC Indochine Mining 0.008 — 0% (33%) 11 0 12
KGD Kula Gold 0.060 ▼ (8%) 36% 16 3 15
MSR Manas Resources 0.020 ▲ 43% 43% 9 6 7
MUX Mungana Goldmines 0.12 ▲ 20% (4%) 29 5 34
MYG Mutiny Gold 0.046 — 0% 5% 32 3 29
OGX Orinoco Gold 0.074 ▲ 10% 25% 10 1 9
PNR Pacific Niugini 0.063 ▲ 3% 26% 25 1 24
PXG Phoenix Gold 0.100 ▼ (5%) 2% 42 6 36
RED Red 5 0.120 ▲ 4% 30% 91 38 53
RNI Resource & Investment 0.060 — 0% (20%) 30 5 45
RNS Renaissance Minerals 0.052 ▼ (5%) (20%) 21 4 17
SAU Southern Gold 0.012 ▼ (14%) 50% 5 1 4
SIH Sihayo Gold 0.011 ▲ 10% 38% 12 0 9
TAM Tanami Gold 0.028 ▲ 8% 100% 33 1 43
WAF West African Resources 0.082 ▼ (7%) (18%) 22 3 22
WPG WPG Resources 0.041 — 0% 8% 11 3 7

4. Oz Metals
20th
Edition – 8th
Mar 2015
DISCLAIMER
This report is provided in good faith from sources believed to be accurate and reliable. Terra Studio Pty Ltd directors and employees do not accept liability
for the results of any action taken on the basis of the information provided or for any errors or omissions contained therein. Readers should seek
investment advice from their professional advisors before acting upon information contained herein.
Page 4 / 4
TerraStudio
Zinc & Poly-metallic Sector
Source: SNL
For further information, please contact:
J-François Bertincourt
m +61 406 998 779
jf@terrastudio.biz
au.linkedin.com/in/jfbertincourt
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AQR Aeon Metals 0.086 ▲ 1% (14%) 26 5 33
DGR DGR Global 0.040 ▲ 5% 25% 16 0 17
HRR Heron Resources 0.14 — 0% 12% 51 28 26
IBG Ironbark Zinc 0.094 ▼ (10%) 18% 42 3 39
IPT Impact Minerals 0.018 — 0% (25%) 10 1 8
IVR Investigator Resources 0.014 ▼ (7%) (13%) 6 3 2
MRP MacPhersons Resources 0.125 ▼ (11%) 0% 39 5 35
PNX Phoenix Copper 0.019 ▲ 12% (37%) 7 3 4
RDM Red Metal 0.045 ▼ (13%) (44%) 8 8 (0)
RVR Red River Resources 0.14 ▼ (13%) 23% 24 4 20
RXL Rox Resources 0.025 ▼ (11%) (11%) 21 3 NA
TZN Terramin Australia 0.130 — 0% 18% 197 1 196
VXR Venturex Resources 0.005 ▼ (17%) 0% 8 1 7