Lincoln Crowne Weekly report on selected companies in the Australian listed Copper & Gold Sectors. Issued 11062013. General overview document.

1. 11 June 2013 WWW.LCC.ASIA
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 of 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.
WEEKLY
Global Economy Fundamentals
Precious Metals
Last Close Price
(in USD)
Energy and Commodities
Last Close Price
(in USD)
Gold Comex ($/oz) 1383 ▼ -18% ▼ -1% ▼ -1% Crude Oil ($/barrel) 96.0 ▲ 5.2% ▲ 4.3% ▲ 4%
Silver ($/oz) 21.7 ▼ -31% ▼ -2% ▼ -2% Natural Gas ($/gallon) 3.8 ▲ 15.2% ▼ -3.9% ▼ -4%
Copper LME ($/lb) 3.27 ▼ -10% ▼ -1% ▼ -1% Coal - Central Appalachian 61.0 ▼ -1.2% ▼ -1.3% ▼ -1%
Platinum ($/oz) 1503 ▼ -1% ▲ 3% ▲ 3% Corn ($/bushel) 5.6 ▼ -19.2% ▼ -1.5% ▼ -2%
Palladium ($/oz) 759 ▲ 9% ▲ 1% ▲ 1% Wheat ($/bushel) 7.0 ▼ -9.8% ▼ -1.3% ▼ -1%
Exchange Rates Last Close Price Global Index Last Close Price
AUD/USD 0.95 ▼ -9% ▼ -1% ▼ -1% ASX 200 4737.7 ▲ 2% ▼ -4% ▼ -4%
EUR/USD 1.32 ▲ 0% ▲ 2% ▲ 2% Dow Jones Industry Average 15248.1 ▲ 15% ▲ 1% ▲ 1%
GBP/USD 1.55 ▼ -4% ▲ 2% ▲ 2% NYSE 9355.4 ▲ 11% ▲ 1% ▲ 1%
RMB/USD 0.16 ▲ 2% ▲ 0% ▲ 0% FTSE 100 6412.0 ▲ 9% ▼ -3% ▼ -3%
INR/USD 0.0175 ▼ -4% ▼ -1% ▼ -1% Shang Hai Exchange 2210.9 ▼ -2% ▼ -4% ▼ -4%
YEN/USD 0.0103 ▼ -12% ▲ 4% ▲ 4% Nikkei 225 12877.5 ▲ 23% ▼ -7% ▼ -7%
CAD/USD 0.98 ▼ -2% ▲ 1% ▲ 1% CAC 40 3872.6 ▲ 7% ▼ -2% ▼ -2%
ZAR/USD 0.10 ▼ -16% ▲ 1% ▲ 1% German DAX 8254.7 ▲ 9% ▼ -1% ▼ -1%
CHF/USD 1.07 ▼ -2% ▲ 2% ▲ 2% Hang Seng Index 21575.3 ▼ -4% ▼ -4% ▼ -4%
4-Week Change
4-Week ChangeYTD Change
YTD Change Week Change
Week Change
4-Week Change Week Change
Week Change4-Week ChangeYTD Change
YTD Change
Gold, Copper and Index Price Performance
1300
1400
1500
1600
1700
Mar-13 Apr-13 May-13 Jun-13
USD Gold Price 3-Month Performance
(US$/oz)
2600
3000
3400
3800
4200
4600
Mar-13 Apr-13 May-13 Jun-13
S&P/ASX 300 Metals & Mining Index
3-Month Performance
4600
4800
5000
5200
5400
Mar-13 Apr-13 May-13 Jun-13
S&P/ASX 300 Index 3-Month Performance
3.00
3.20
3.40
3.60
3.80
0
100
200
300
400
Mar-13 Apr-13 May-13 Jun-13
LME Copper Daily Price and Volume
Volume ('000 lot) Price (US$/lb)
3.00
3.20
3.40
3.60
3.80
200
300
400
500
600
700
800
Mar-13 Apr-13 May-13 Jun-13
LME Copper Daily Price and Stocks
Stocks ('000 t) Price (US$/lb)
3.00
3.20
3.40
3.60
3.80
0
50
100
150
200
Mar-13 Apr-13 May-13 Jun-13
COMEX Copper Daily Price and Volume
Volume ('000 lot) Price (US$/lb)
3.50
3.70
3.90
4.10
4.30
4.50
0
20
40
60
80
100
Mar-13 Apr-13 May-13 Jun-13
SHFE Copper Daily Price and Volume
Volume ('000 lot) Price (US$/lb)
0
20
40
60
80
100
Mar-13 Apr-13 May-13 Jun-13
3.00
3.20
3.40
3.60
3.80
COMEX Copper Daily Price and Stocks
Stocks ('000 t) Price (US$/lb)
3.50
3.70
3.90
4.10
4.30
4.50
0
20
40
60
80
100
Mar-13 Apr-13 May-13 Jun-13
SHFE Copper Daily Price and Stocks
Stocks ('000 t) Price (US$/lb)
Source: Capital IQ, LME and LCC calculation
AustralianGold-CopperReview
 Chinese exports posted their lowest annual growth rate in almost a year in May at 1%. May exports to both the United
States and the European Union - China's top two markets - both fell from a year earlier for the third month running.
 Chinese imports fell 0.3% against expectations for a 6% rise as the volume of many commodity shipments fell from a
year earlier.
 Copper imports rose 21% in May from a nearly two-year low in April.
 A government factory survey of purchasing managers and a similar poll sponsored by HSBC, both issued earlier
this month, showed export orders falling in May, suggesting the outlook remained grim.

Market

2. 11 June 2013 WWW.LCC.ASIA
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 of 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.
WEEKLY
Australian Copper Watch List
Ticker Company Name
Open
Price
Close
Price
High
Price
Low
Price
Market
Cap
(A$m)
52 Week
Range
Cash
(A$m)
EV
(A$m)
EV/EBITDA
Ore
Reserve
(mt Cu)
EV/Ore
Reserve
(¢/lb)
Project
C1 Costs
($/lb)
C3 Costs
($/lb)
ABY Aditya Birla Minerals 0.40 0.41 0.42 0.39 ▲ 1.3% 128 100 29 0.6x 0.473 3 Nifty 2.32 N/A
AOH Altona Mining 0.18 0.18 0.20 0.17 ▲ 0.1% 95 23 95 N/M 0.061 70 Kylylahti 1.30 2.31
DML Discovery Metals 0.19 0.16 0.22 0.16 ▼ -13.8% 78 17 240 N/M 0.403 27 Boseto N/A N/A
HGO Hillgrove Resources 0.07 0.07 0.07 0.06 ▲ 10.2% 68 17 101 4.7x 0.125 37 Kanmantoo 3.15 4.42
IVA Ivanhoe Australia 0.10 0.18 0.19 0.10 ▲ 53.2% 127 38 89 N/M 0.088 46 Osborne 2.85 4.27
OZL OZ Minerals 4.06 4.17 4.50 3.90 ▲ 4.0% 1264 659 605 1.9x 0.748 37 Prominent Hill 1.85 3.23
PNA PanAust 2.39 2.44 2.57 2.32 ▲ 1.4% 1480 104 1535 5.1x 1.127 69 Phu Kham 1.28 1.98
SFR Sandfire Resources 6.21 6.40 6.58 6.12 ▲ 2.1% 996 110 1264 7.3x 0.466 123 DeGrussa N/A N/A
SRQ Straits Resources 0.01 0.01 0.01 0.01 ▼ -16.8% 12 57 63 4.9x 0.178 16 Tritton 2.37 2.38
TGS Tiger Resources 0.23 0.21 0.24 0.21 ▼ -11.0% 142 19 129 3.3x 0.445 13 Kipoi 1.07 N/A
Ticker Company Name
Open
Price
Close
Price
High
Price
Low
Price
Market
Cap
(A$m)
52 Week
Range
Cash
(A$m)
EV
(A$m)
MineralResource (mt
Cu)
EV/Mineral
Resource
(¢/lb)
Project
C1 Costs
($/lb)
Capex
(A$m)
AVB Avanco Resources 0.06 0.05 0.06 0.05 ▲ 0.0% 60 7 53 0.755 3 Antas/Pedra Blanca 1.10 50
FND Finders Resources 0.16 0.16 0.17 0.16 ▼ -3.0% 57 3 68 0.209 15 Wetar 1.07 167
HAV Havilah Resources 0.27 0.25 0.27 0.22 ▲ 2.4% 29 7 23 0.623 2 Kalkaroo N/A 80
HCH Hot Chili 0.48 0.48 0.48 0.45 ▲ 3.4% 143 25 117 0.920 6 Productora 1.35 600
ROL Robust Resources 0.24 0.23 0.25 0.23 ▼ -6.0% 20 23 -2 0.077 -1 Andash N/A 96
YTC YTC Resources 0.20 0.21 0.21 0.20 ▲ 2.5% 54 5 48 0.091 24 Nymagee N/A N/A
Weekly
Change
Weekly
Change
 OZ Minerals (ASX:OZL) has signed a binding deal to spend up to US$13 million to earn a controlling interest in Herencia
Resources (HER:LN) Guamanga iron oxide copper-gold project in Chile. The project is just 15 km from Anglo American’s
Mantoverde mine, which produces around 60,000 tpa of copper cathodes.
 Rex Minerals (ASX: RXM) has signed a series of agreements with Chinese engineering and construction company NFC
and its Australian-based subcontractor Arccon Mining Services to assist with the development of its Hillside copper project
in South Australia.
 The Indonesia’s Energy and Mineral Resources Ministry has ordered the suspension for up to three months of Freeport
McMoRan (NYSE:FCX) Grasberg mine, the world’s second largest copper mine, after the death of another worker.
 Mineral exploration expenditure, excluding petroleum, for the March quarter fell 4.5% qoq and 25% yoy, to A$773 million,
according to the Australian Bureau of Statistics.
 The disastrous A$6 billion writedown announced by Newcrest (ASX:NCM) highlights the troubles of the gold sector. At the
junior end, beyond additional mine closures, we can expect significant asset impairment, especially with the new ASX
listing rules associated with the implementation of the 2012 JORC Code from 1st Dec 2013.
 Evolution Mining (ASX:EVN) has received its first payment for silver concentrate sales from its new A$180 million Mt
Carlton gold-silver-copper mine in North Queensland. Concentrate from the silver-rich deposit is sold under a life-of-mine
off-take agreement with Shandong Humon Smelting Co.
Companies
AustralianGold-CopperReview
Source: Capital IQ, company report and LCC calculation

3. 11 June 2013 WWW.LCC.ASIA
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 of 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.
WEEKLY
Australian Gold Watch List
Ticker Company Name
Open
Price
Close
Price
High
Price
Low
Price
Market
Cap
(A$m)
52 Week
Range
Cash
(A$m)
EV
(A$m)
EV/EBITDA
Ore
Reserve
(moz)**
EV/Reserve
($/oz)
Capex (A$m)
C1 Costs
($/oz)
C3 Costs
($/oz)
ANG* AngloGold Ashanti 19.14 18.03 19.54 16.94 ▲ 3.9% 6925 653 9675 5.2x 75.6 128 1729 894 1147
ASR* Alacer Gold Corp 2.26 2.40 2.33 2.16 ▲ 2.0% 687 245 581 2.0x 5.0 117 170 932 N/A
BEZ* Besra Gold 0.07 0.07 0.08 0.07 ▼ -0.3% 27 4 72 2.8x 0.1 658 3 956 1357
CCU Cobar Consolidated Resources 0.13 0.12 0.13 0.13 ▲ 0.2% 40 10 48 N/M 0.4 111 57 N/A N/A
EVN Evolution Mining 0.80 0.86 0.86 0.74 ▲ 8.2% 609 49 644 2.4x 3.4 189 374 918 1427
EDV* Endeavour Mining Corp 0.90 0.90 0.96 0.89 ▼ -1.7% 371 82 566 4.0x 2.6 219 152 1092 N/A
FML Focus Minerals 0.01 0.01 0.01 0.01 ▲ 0.6% 110 208 -88 N/M 0.5 -172 57 1893 N/A
GDO Gold One International 0.18 0.17 0.18 0.17 ▲ 3.1% 235 37 421 9.3x 2.7 157 61 1047 1246
KCN Kingsgate Consolidated 1.60 1.81 1.90 1.55 ▲ 18.5% 275 42 406 2.8x 2.7 153 181 1051 N/A
KRM Kingsrose Mining 0.31 0.36 0.36 0.30 ▼ -9.3% 105 9 106 4.6x 0.0 NM 21 1029 N/A
LSA Lachlan Star 0.20 0.18 0.22 0.18 ▲ 15.6% 18 3 41 N/M 0.1 300 38 1239 N/A
MML Medusa Mining 2.46 2.36 2.69 2.33 ▲ 12.2% 446 9 437 7.1x 0.6 770 78 296 N/A
MOY Millennium Minerals 0.02 0.02 0.02 0.02 ▲ 0.4% 70 3 121 N/M 0.7 180 74 826 1139
NCM Newcrest Mining 14.40 12.35 15.37 14.30 ▲ 4.8% 9463 97 12715 7.0x 85.7 148 2530 799 1086
NGF Norton Gold Fields 0.17 0.15 0.17 0.15 ▼ -2.9% 129 56 118 1.6x 1.1 105 37 1013 1282
NST Northern Star Resources 0.78 0.84 0.82 0.71 ▲ 8.7% 356 51 317 5.5x 0.3 1235 70 646 867
OGC* OceanaGold Corporation 1.99 1.83 2.10 1.88 ▲ 5.7% 536 26 774 4.3x 2.9 266 277 687 N/A
PRU Perseus Mining 1.03 1.03 1.09 0.99 ▲ 1.5% 472 38 438 3.7x 3.6 122 68 1132 N/A
RED Red 5 0.62 0.62 0.62 0.60 -- 0.0% 84 15 92 N/M 0.7 126 35 1081 1481
RMS Ramelius Resources 0.17 0.16 0.18 0.16 ▼ -5.8% 54 43 15 0.4x 0.6 26 65 1076 N/A
RRL Regis Resources 3.95 3.83 4.20 3.76 ▲ 4.3% 1892 8 1884 11.5x 3.0 618 166 582 N/A
RSG Resolute Mining 0.75 0.76 0.81 0.73 ▲ 6.6% 505 16 444 1.7x 4.4 100 93 831 N/A
SAR Saracen Mineral Holdings 0.14 0.17 0.16 0.14 ▲ 7.0% 98 7 104 2.5x 1.1 95 109 991 N/A
SBM St Barbara 0.65 0.63 0.72 0.58 ▲ 8.2% 307 66 458 2.1x 5.7 81 123 837 1051
SLR Silver Lake Resources 0.79 0.85 0.89 0.76 ▲ 10.6% 320 21 311 5.1x 1.8 174 147 640 N/A
TAM Tanami Gold 0.08 0.07 0.08 0.07 ▼ -16.3% 39 1 79 37.6x 0.4 197 46 1944 N/A
TBR Tribune Resources 1.33 1.32 1.33 1.32 -- 0.0% 67 9 99 1.5x 0.2 433 26 N/A N/A
TGZ* Teranga Gold Corp 0.70 0.81 0.74 0.69 ▼ -0.6% 198 49 233 0.9x 1.4 163 70 535 N/A
TRY Troy Resources 1.69 1.96 1.97 1.65 ▲ 10.2% 179 41 137 1.5x 0.6 215 44 804 N/A
UML Unity Mining 0.08 0.08 0.08 0.07 ▲ 8.4% 54 36 19 2.0x 0.4 53 15 922 N/A
*: These are not primarily listed on ASX, prices, market cap and multiples are based on their primarily listed market quote.
**: Source: Goldnerds
Weekly
Change
 Robust Resources (ASX:ROL) will move ahead with its planned acquisition of Andash Mining Company in the Kyrgyz
Republic from Kentor Gold (ASX:KGL), following board approval and due diligence.
 Iron Mountain Mining (ASX:IRM) has launched an off-market takeover bid for junior explorer Red River Resources
(ASX:RVR), sending its shares higher. Based on back of the envelope calculations, the offer values Red River at about
A$1.8 million, a significant premium to its current market capitalisation of A$971,000.
 Elementos (ASX:ELT) will expand its portfolio to include tin assets after moving ahead with a planned merger of unlisted
company Rockwell Minerals. The merger will be effected through an off-market takeover bid for all the shares in Rockwell.
M&A
AustralianGold-CopperReview
Source: Capital IQ, company report and LCC calculation