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

1. Oz Metals
23nd
Edition – 29th
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
ATACAMA RAINS GET Cu OUT OF POTHOLE
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
$2.0
$2.3
$2.6
$2.9
$3.2
$3.5
$3.8
$4.1
0
100
200
300
400
500
600
700
Jan-14 Apr-14 Jul-14 Oct-14 Jan-15
ThousandTonnes
Copper
SHFE COMEX LME
US$ 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
$7
$8
$9
$10
$11
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
23nd
Edition – 29th
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
mining.com - Chile is responsible for a third of the world's
mined output of copper with many of the largest mines
located in the Atacama Desert. Before the unusual weather
this week, a drought was reducing production as a result of
water restrictions imposed by the authorities. In April 2014 a
major earthquake also temporarily halted output at a
number of large mines. State-owned giant Codelco
confirmed it had restarted mining operations at its
Chuquicamata, Ministro Hales, Radomiro Tomic, Gabriela
Mistral, and Salvador mines after a three-day hiatus due to
the state of access roads, power problems and safety
concerns following the downpours. Codelco was forecast to
produce 1.6 million tonnes of copper this year – already
down 5% from 2014 – and the affected mines represented
some 60% of the Santiago-based company's production
capacity. Other mines suspended after the rains included
Antofagasta's Michilla mine and Centinela copper complex
(its largest operation Los Pelambres wasn't affected), Anglo
American's Mantoverde and Mantos Blancos, Lundin
Mining's recently acquired Candelaria and Barrick Gold's
Zaldivar. BHP Billiton, operator of the world's largest copper
mine Escondida, said mining was not affected while Chile's
number two operation Collahuasi, owned by Anglo and
Glencore also operated throughout the period. Anglo's Los
Bronces also operated normally. Most analysts expect
copper to move into a surplus this year in excess of 200,000
tonnes after a largely balanced 2014, but the copper
industry has a long history of supply disruptions.
Thomson Reuters - Weak prices for gold will increase the
amount of the precious metal that is made into jewelry,
coins and other items by more than 4 percent in 2015, while
values are expected to struggle to move higher, CPM Group
said on Tuesday. The fabrication of gold, which involves
manufacturing the yellow metal into semi-finished or final
products, is forecast to rise to 96.9 million ounces in 2015,
New York-based CPM Group said in its "Gold Yearbook
2015." That is up from 93 million ounces in 2014, due to
softer prices and the base formation at a relatively low level,
said CPM, a commodities market research, consulting and
advisory firm. Total supply was pegged at 129.9 million
ounces in 2015, up 2.5 percent from 2014, marking the
second straight annual rise.
The London Metal Exchange (LME) has started talking to
the main bullion trading banks about reinstating end-of-day
gold and silver forward curves, which could be part of a
bigger structural change in the precious metals market. A
forward curve, which consists of a series of prices reflecting
tradable values for future dates, is a key indicator of market
sentiment and is widely used by banks as a reference point
for clients' forward positions at the end of each trading day.
The LME stopped providing forward curves late last year,
when increased regulatory scrutiny of the way banks
provide data to determine financial benchmarks made
bullion market makers less inclined to participate in price-
setting processes. Forward market makers include Barclays,
UBS and JP Morgan among others.
mining.com - Barrick Gold said it will continue operations at
its Lumwana copper mine in Zambia while the government
tweaks a new royalty regime announced last year. In
December, after the country increased mining royalties on
open pits from 6% to 20% starting January 1, Barrick said
the hikes left the company "no choice" but to phase out
operations at its open pit mine. Zambian President Edgar
Lungu on Wednesday ordered finance and mining ministers
to rejig the new royalties by April 8. The royalty rates on
underground operations were also hiked 6% to 8%. Major
job cuts at the mine, which employs about 4,000 people
directly, were planned to begin this month, following the
legally required notice period for putting the mine in care
and maintenance. Barrick recorded a $3.8 billion impairment
charge related to Lumwana, acquired when it bought
Equinox Minerals in 2011. In 2014 the mine produced 214
million pounds (97,000 tonnes) of copper at fully allocated
costs of $2.76 per pound. The mine had 3.3 billion pounds
of proven and probable copper in reserves as of 31 Dec
2014.
SNL - Rio Tinto is reportedly initiating consultation regarding
potential job cuts at its London headquarters as the mining
giant looks to lay off at least 1,500 employees across its
global operations.
Separately, Anglo Australian miner Rio Tinto plans to cut
jobs in mergers and acquisitions and business development,
three sources said, to cut costs as it battles a slump in
commodity prices. The plan signals diminished interest in
deal making at the world's second-largest mining company,
which rebuffed a takeover approach by rival Glencore last
summer. "M&A is just not on the cards for now. There is no
shareholder mandate for that,” a banking source said,
adding that Rio was planning to more than halve the number
of M&A roles.
Funding, Mergers & Acquisitions
Thomson Reuters - Just two weeks before Glencore can
make a new approach for Rio Tinto, the rival that rejected it
last summer, the Swiss firm once seen as a deal machine
seems unlikely to strike again or charm investors with any
other major move soon. The trading and mining company's
shares were hit by a slump in copper prices this year, and
its debt is high, diminishing its deal making ability and
focusing attention instead on the quality of assets that it
bought in previous spending sprees. Glencore's portfolio
includes some high costs and problematic assets. While Rio
Tinto and BHP have the largest, lowest cost iron ore assets

3. Oz Metals
23nd
Edition – 29th
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
in the world in Australia, Glencore relies for a big chunk of
earnings on operations in risky countries such as the
Democratic Republic of Congo. It's also struggling with
some oil and mining assets, having bought Chad-focused oil
business Caracal ahead of a collapse in oil prices and being
forced to post a US$8 billion write-down on mining assets
acquired in its re-cord breaking US$46 billion buy of Xstrata
in 2013 - the largest ever mining acquisition.
Bauxite Sector
Source: Bloomberg, SNL, Terra Studio
Lithium-Tantalum Sector
Source: SNL, Terra Studio
Tin Sector
Source: SNL
Nickel Sector
Source: SNL
Copper Producers
Source: SNL
Copper Developers & Explorers
Source: SNL, Terra Studio
Zinc & Poly-metallic Sector
Source: SNL
Gold Producers
Source: SNL
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
ABX Australian Bauxite 0.36 ▲ 33% 18% 46 5 41
BAU Bauxite Resources 0.075 ▼ (1%) (23%) 17 25 (7)
CAY Canyon Resources 0.046 — 0% (8%) 6 1 5
MLM Metallica Minerals 0.056 ▲ 2% 2% 9 1 8
MMI Metro Mining 0.060 ▲ 33% 122% 17 8 10
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AJM Altura Mining 0.024 ▲ 20% (63%) 11 3 11
GXY Galaxy Resources 0.025 — 0% 0% 27 3 93
ORE Orocobre 2.25 ▲ 2% (19%) 346 26 347
PLS Pilbara Minerals Ltd. 0.040 — 0% (5%) 25 2 21
RDR Reed Resources 0.034 ▼ (8%) (11%) 17 7 15
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
CSD Consolidated Tin Mines 0.049 ▼ (2%) 20% 14 0 13
ELT Elementos 0.007 — 0% (13%) 5 1 4
KAS Kasbah Resources 0.037 ▼ (8%) (31%) 17 4 11
MLX Metals X 1.23 ▲ 6% 56% 510 57 403
MOO Monto Minerals 0.001 — 0% (50%) 1 1 1
SRZ Stellar Resources 0.042 ▲ 8% 45% 13 4 10
VMS Venture Minerals 0.028 ▼ (7%) (10%) 8 7 4
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
TEV/
EBITDA
IGO Independence Group 5.65 ▲ 3% 28% 1,324 57 1,232 NA
MBN Mirabella Nickel 0.125 ▼ (14%) 331% 116 18 225 0.4x
MCR Mincor Resources 0.69 ▲ 1% 17% 129 26 111 NA
PAN Panoramic Resources 0.58 ▼ (2%) 38% 186 64 128 1.7x
WSA Western Areas 3.87 ▼ (1%) 3% 900 231 849 NA
AVQ Axiom Mining 0.012 ▲ 9% (20%) 43 2 41 NM
CZI Cassini Resources 0.08 ▼ (9%) (35%) 9 8 7 NA
DKM Duketon Mining 0.17 ▼ (8%) (37%) 13 7 6 NA
LEG Legend Mining 0.007 — 0% 0% 14 7 7 NM
MAT Matsa Resources 0.160 ▼ (18%) (6%) 23 3 23 NA
MLM Metallica Minerals 0.056 ▲ 2% 2% 9 1 8 NA
PIO Pioneer Resources 0.019 ▲ 6% 46% 13 1 11 NA
POS Poseidon Nickel 0.12 ▲ 4% 0% 82 4 99 NA
SEG Segue Resources 0.006 — 0% 10% 11 1 10 NA
SGQ St George Mining 0.059 ▼ (11%) (6%) 7 1 5 NA
SIR Sirius Resources 2.89 ▲ 1% 13% 987 59 742 NM
TLM Talisman Mining 0.18 ▲ 3% 13% 23 16 8 NA
WIN Winward Resources 0.41 ▲ 16% 153% 36 6 32 NA
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
TEV/
EBITDA
ABY Aditya Birla Minerals 0.19 ▼ (3%) (5%) 58 137 (46) NA
HGO Hillgrove Resources 0.36 ▲ 3% (20%) 53 9 63 1.3x
KBL KBL Mining 0.021 — 0% (30%) 10 7 33 NA
MWE Mawson West 0.050 — 0% 0% 20 48 48 NM
OZL OZ Minerals 3.87 ▲ 2% 11% 1,174 219 956 2.7x
PNA PanAust 1.23 ▲ 7% (13%) 748 74 970 NM
SFR Sandfire Resources 4.30 ▲ 2% (5%) 671 58 755 NA
SRQ Straits Resources 0.004 — 0% (20%) 5 13 162 NA
TGS Tiger Resources 0.055 — 0% (58%) 63 80 210 NA
985 CST Mining 0.047 ▼ (4%) 7% 1,274 136 180 0.4x
1208 MMG 2.44 ▲ 13% 2% 12,907 251 84,593 14.6x
3993 China Molybdenum 4.97 ▲ 0% 10% 68,944 9,326 70,500 18.4x
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AOH Altona Mining 0.099 ▲ 1% (59%) 53 129 (76)
ARE Argonaut Resources 0.010 — 0% (38%) 4 1 3
AVB Avanco Resources 0.070 ▲ 3% (8%) 116 20 97
AVI Avalon Minerals 0.030 — 0% 50% 5 1 4
AZS Azure Minerals 0.014 ▲ 4% (42%) 14 1 13
CDU CuDeco (suspended) 1.41 — 0% (28%) 351 7 406
CVV Caravel Minerals 0.008 — 0% 0% 6 1 5
ENR Encounter Resources 0.10 — 0% (23%) 13 4 11
ERM Emmerson Resources 0.027 ▲ 13% (13%) 10 2 7
FND Finders Resources 0.15 ▲ 7% (3%) 96 48 96
GCR Golden Cross Resources 0.057 ▲ 8% (19%) 5 2 5
GPR Geopacific Resources 0.038 — 0% (27%) 15 4 11
HAV Havilah Resources 0.25 ▲ 4% 79% 39 3 36
HCH Hot Chili 0.12 ▲ 4% (25%) 42 6 48
HMX Hammer Metals 0.080 ▼ (6%) (2%) 8 1 8
IAU Intrepid Mines 0.11 ▼ (9%) (22%) 39 74 (35)
KDR Kidman Resources 0.040 ▼ (18%) (40%) 5 3 4
KGL KGL Resources 0.16 ▲ 10% (29%) 23 7 9
MEP Minotaur Exploration 0.10 — 0% (31%) 18 5 12
MNC Metminco 0.005 — 0% (38%) 10 1 8
MTH Mithril Resources 0.006 ▲ 20% (14%) 3 2 1
PEX Peel Mining 0.067 ▲ 3% (3%) 9 3 7
RDM Red Metal 0.043 ▼ (9%) (47%) 8 2 3
RER Regal Resources 0.045 — 0% (2%) 10 2 7
RTG RTG Mining 0.550 ▼ (8%) (5%) 71 2 68
RXM Rex Minerals 0.087 ▲ 1% (21%) 19 3 12
SMD Syndicated Metals 0.020 — 0% (38%) 5 2 4
SRI Sipa Resources 0.075 ▲ 15% 103% 47 4 46
SUH Southern Hemisphere 0.010 ▼ (29%) (77%) 2 2 2
THX Thundelarra Resources 0.068 ▼ (1%) (38%) 22 7 14
XAM Xanadu Mines 0.090 — 0% (10%) 33 8 33
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AQR Aeon Metals 0.070 ▼ (13%) (30%) 21 5 33
DGR DGR Global 0.046 ▲ 28% 44% 19 0 21
HRR Heron Resources 0.14 ▲ 4% 8% 49 28 24
IBG Ironbark Zinc 0.091 ▲ 12% 14% 40 3 37
IPT Impact Minerals 0.012 ▼ (8%) (50%) 7 1 5
IVR Investigator Resources 0.011 ▼ (8%) (31%) 5 3 0
MRP MacPhersons Resources 0.130 ▲ 13% 4% 41 5 36
PNX Phoenix Copper 0.018 ▼ (10%) (40%) 6 3 4
RDM Red Metal 0.043 ▼ (9%) (47%) 8 8 (0)
RVR Red River Resources 0.15 ▲ 11% 36% 26 4 23
RXL Rox Resources 0.031 ▲ 29% 11% 26 3 23
TZN Terramin Australia 0.125 — 0% 14% 189 1 188
VXR Venturex Resources 0.004 — 0% (20%) 6 1 5
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 ▼ (8%) (8%) 57 NA 49 NA
ALK Alkane Resources 0.30 ▼ (12%) 36% 124 16 105 NA
AMI Aurelia Metals 0.28 ▲ 4% 15% 107 22 207 NA
BDR Beadell Resources 0.27 ▼ (2%) 18% 212 13 316 4.9x
BOK Black Oak Minerals 0.38 ▼ (5%) 41% 17 11 31 NA
DRM Doray Minerals 0.47 ▲ 2% (2%) 113 16 112 NA
EVN Evolution Mining 0.84 ▲ 11% 30% 601 32 730 3.6x
IGO Independence Group 5.65 ▲ 3% 28% 1,324 57 1,232 NA
KCN Kingsgate Consolidated 0.69 ▲ 6% 5% 154 54 238 NA
KRM Kingsrose Mining 0.24 ▼ (2%) (8%) 84 7 95 NA
LSA Lachlan Star 0.024 — 0% 20% 4 2 22 NA
MIZ Minera Gold 0.002 — 0% (33%) 6 0 11 NA
MLX Metals X 1.23 ▲ 6% 56% 510 57 403 NA
MML Medusa Mining 0.90 ▲ 10% 38% 187 13 180 NA
MOY Millennium Minerals 0.030 ▼ (6%) (19%) 7 2 45 NA
NCM Newcrest Mining 13.65 ▲ 5% 25% 10,463 141 14,880 NA
NGF Norton Gold Fields 0.20 — 0% 60% 186 19 314 4.8x
NST Northern Star Resources 2.32 ▼ (3%) 56% 1,374 82 1,346 NA
OGC OceanaGold Corp. 2.51 ▲ 0% 24% 762 NA 846 2.8x
PGI PanTerra Gold 0.135 ▼ (7%) (25%) 11 3 73 NM
PRU Perseus Mining 0.30 ▲ 9% 13% 155 37 121 2.1x
RMS Ramelius Resources 0.115 ▲ 10% 125% 54 12 37 NA
RRL Regis Resources 1.35 ▲ 8% (30%) 675 7 684 NA
RSG Resolute Mining 0.29 ▼ (2%) 9% 186 19 217 NA
SAR Saracen Mineral Holdings 0.43 ▲ 2% 67% 337 36 317 NA
SBM St Barbara 0.23 ▲ 7% 114% 111 79 434 NA
SLR Silver Lake Resources 0.20 ▲ 11% 0% 98 24 105 NA
TBR Tribune Resources 3.30 ▲ 2% 25% 165 11 180 10.4x
TRY Troy Resources 0.51 ▲ 10% 10% 99 43 139 NA
UML Unity Mining 0.008 — 0% 14% 9 7 (3) NA

4. Oz Metals
23nd
Edition – 29th
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
Gold Developers & Explorers
Source: SNL, Terra Studio
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)
AYC A1 Consolidated 0.040 ▲ 33% 0% 11 0 10
ABU ABM Resources 0.23 ▲ 2% (22%) 77 11 66
AWV Anova Metals 0.046 ▲ 7% 70% 13 1 12
AZM Azumah Resources 0.021 ▼ (5%) 5% 8 4 7
BLK Blackham Resources 0.145 ▲ 4% 184% 26 3 23
BSR Bassari Resources 0.012 ▲ 9% 0% 14 - 14
CHN Chalice Gold Mines 0.12 — 0% 10% 33 43 (10)
CHZ Chesser Resources 0.035 ▲ 3% (3%) 8 1 3
DCN Dacian Gold 0.49 ▲ 7% 75% 47 8 40
EXC Exterra Resources 0.013 — 0% 0% 2 1 2
EXG Excelsior Gold 0.093 ▼ (4%) 52% 43 2 43
FML Focus Minerals 0.007 ▲ 8% (7%) 59 81 59
GCY Gascoyne Resources 0.090 — 0% 27% 15 1 14
GMR Golden Rim Resources 0.009 ▲ 20% 80% 13 1 13
GOR Gold Road Resources 0.37 ▲ 7% 51% 220 21 199
GRY Gryphon Minerals 0.064 ▲ 16% 0% 26 34 2
IDC Indochine Mining 0.006 — 0% (50%) 8 0 10
KGD Kula Gold 0.042 — 0% (5%) 11 3 11
MSR Manas Resources 0.016 — 0% 14% 8 6 6
MUX Mungana Goldmines 0.120 ▲ 9% (4%) 29 5 34
OGX Orinoco Gold 0.080 ▲ 7% 36% 12 1 11
PNR Pacific Niugini 0.067 ▲ 3% 34% 26 1 25
PXG Phoenix Gold 0.088 ▼ (6%) (10%) 37 6 31
RED Red 5 0.110 ▼ (8%) 20% 84 38 66
RNI Resource & Investment 0.079 ▲ 32% 5% 40 5 56
RNS Renaissance Minerals 0.040 ▼ (9%) (38%) 16 4 12
SAU Southern Gold 0.012 — 0% 50% 6 1 6
SIH Sihayo Gold 0.011 — 0% 38% 12 0 7
TAM Tanami Gold 0.029 ▲ 16% 107% 34 1 44
WAF West African Resources 0.076 ▼ (5%) (24%) 21 3 20
WPG WPG Resources 0.034 ▼ (6%) (11%) 9 3 6