Lincoln crowne copper gold report 30092013

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Lincoln Crowne Copper Gold Report on the Australian market for the week ended 30th September 2013.

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Lincoln crowne copper gold report 30092013

  1. 1. 30th September 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 . Page 1 / 4 WEEKLYAustralianCopperGoldReport 2014 Copper Premiums to Increase by 50% Global Economy Fundamentals Source: 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 Precious Metals & Energy Last Close Price YTD Change 4-Week Change Week Change Base Metals Last Close Price YTD Change 4-Week Change Week Change Gold (A$/oz) 1,435 ▼ -11% ▼ -8% ▲ 1.2% Copper (A$/lb) 3.53 ▲ 2% ▼ -2% ▲ 0.4% Gold (US$/oz) 1,336 ▼ -20% ▼ -4% ▲ 0.3% Copper (US$/lb) 3.29 ▼ -8% ▲ 2% ▼ -0.6% Silver (US$/oz) 21.8 ▼ -28% ▼ -7% ▼ -0.6% Cobalt (US$/lb) 11.82 ▲ 2% ▼ -10% ▼ -8.6% Platinum (US$/oz) 1,416 ▼ -8% ▼ -7% ▼ -1.2% Molybdenum (US$/lb) 9.53 ▼ -19% ▼ -3% — 0.0% Palladium (US$/oz) 726 ▲ 3% ▲ 1% ▲ 0.7% Nickel (US$/lb) 6.30 ▼ -19% ▲ 1% ▼ -1.5% Crude Oil (US$/barrel) 102 ▲ 11% ▼ -3% ▼ -1.3% Lead (US$/lb) 0.94 ▼ -11% ▼ -6% ▲ 0.4% Gas H.Hub (US$/m btu) 3.50 ▲ 4% ▼ -5% ▼ -7.1% Zinc (US$/lb) 0.85 ▼ -8% ▼ -6% ▲ 1.2% Uranium (US$/lb) 35 ▼ -18% ▲ 4% ▲ 0.3% Tin (US$/lb) 10.64 ▼ 0% ▲ 10% ▲ 0.4% Currencies & Indices Last Close Price YTD Change 4-Week Change Week Change Global Markets Last Close Price YTD Change 4-Week Change Week Change AUD/USD 0.931 ▼ -11% ▲ 5% ▼ -0.9% ASX 200 5,307 ▲ 14% ▲ 3% ▲ 0.6% RMB/USD 0.163 ▲ 2% ▲ 0% ▲ 0.0% Dow Jones 15,258 ▲ 16% ▲ 3% ▼ -1.2% CAD/USD 0.970 ▼ -4% ▲ 2% ▼ -0.2% S&P 500 Index 1,692 ▲ 19% ▲ 4% ▼ -1.1% ZAR/USD 0.099 ▼ -16% ▲ 2% ▼ -2.2% Shang Hai Index 2,160 ▼ -5% ▲ 3% ▼ -1.5% ASX Ordinary Gold 2,587 ▼ -47% ▼ -12% ▼ -7.9% Hang Seng Index 23,207 ▲ 2% ▲ 7% ▼ -1.3% TSX Global Gold 176 ▼ -42% ▼ -12% ▼ -1.2% Nikkei 225 14,760 ▲ 42% ▲ 10% ▲ 0.1% ASX 300 Metals & Mining 3,271 ▼ -10% ▲ 2% ▼ -0.6% FTSE 100 Index 6,513 ▲ 10% ▲ 2% ▼ -1.3% TSX Global Mining 72 ▼ -25% ▲ 1% ▼ -1.0% Euro STOXX 50 Index 2,919 ▲ 11% ▲ 7% ▼ -0.3% 1200 1300 1400 1500 1600 1700 Jun Jul Aug Sep Gold Price Gold Price US$/oz 100-day moving average Gold Price A$/oz 3.00 3.20 3.40 3.60 3.80 0 100 200 300 400 Jun Jul Aug Sep LME Copper Price and Volume Volume ('000 lot) Price (US$/lb) Price (A$/lb) 3.00 3.20 3.40 3.60 3.80 0 20 40 60 80 100 Jun Jul Aug Sep COMEX Copper Price and Stocks Stocks ('000 t) Price (US$/lb) 3.50 3.70 3.90 4.10 4.30 4.50 0 20 40 60 80 100 Jun Jul Aug Sep SHFE Copper Price and Stocks Stocks ('000 t) Price (US$/lb) 3.50 3.70 3.90 4.10 4.30 4.50 0 20 40 60 80 100 Jun Jul Aug Sep SHFE Copper Price and Volume Volume ('000 lot) Price (US$/lb) 3.00 3.20 3.40 3.60 3.80 0 40 80 120 160 Jun Jul Aug Sep COMEX Copper Price and Volume Volume ('000 lot) Price (US$/lb) 1000 3000 5000 7000 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 S&P/ASX All Ordinaries Gold Index (XGO) 3.00 3.20 3.40 3.60 3.80 4.00 0 100 200 300 400 500 Feb 12 Aug 12 Feb 13 Aug 13 China Copper Imports Tonnes ('000t) Copper Price 3.00 3.20 3.40 3.60 3.80 0 200 400 600 800 Jun Jul Aug Sep LME Copper Price and Stocks Stocks ('000 lot) Price (US$/lb) Price (A$/lb) 0 200 400 600 800 1000 1200 1400 Q2 08 Q4 08 Q2 09 Q4 09 Q2 10 Q4 10 Q2 11 Q4 11 Q2 12 Q4 12 Q2 13 World Gold Demand and Supply Total Demand (tonnes) Total Supply (tonnes)
  2. 2. 30th September 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 . Page 2 / 4 WEEKLYAustralianCopperGoldReport Markets & Majors  Codelco (10% of global production or 1.7 million tpa copper) could raise premiums by as much as 50% from this year's US$98/t to reach US$130-150/t in 2014. The copper premium is the difference between the benchmark futures price and the cost for delivered copper. Japanese smelters recently shocked the market with a proposed 45% increase in charges to Chinese end users. The size of the premium is an indication of underlying demand for the metal and spot premiums in China, responsible for consuming some 40% of the metal, has tripled so far this year and recently reached decade highs of more than US$200/t.  The flash HSBC Purchasing Managers' Index (PMI) climbed to 51.2 in September from August's 50.1, hitting a high not seen since March, with 10 of 11 sub-indices rising. Exports staged a promising comeback in September, the PMI showed, with new export orders jumping 3.6 points to a 10-month peak of 50.8. It was the first time in six months that export orders were above 50 points, the level that indicates expansion.  Nearly 11% of Australian minerals sector professionals, including engineers and geoscientists, are unemployed, according to an employment survey of almost 3000 individuals by the Australasian Institute of Mining and Metallurgy. The figure is up from just 2% only 12 months ago, exposing the extreme damage of the mining sector downturn.  Two of the world's top copper producers, Anglo American and Southern Copper, are talking about teaming up to develop Anglo's US$3.3 billion Quellaveco mine in Peru. Rising costs that have hit the global mining industry led Anglo American to reach out to Southern Copper about a potential partnership. Quellaveco is expected to start producing 225,000 tpa of copper from 2016.  Newmont Mining boss Gary Goldberg is not opposed to copper becoming a larger part of the gold producer’s portfolio. The company should start a copper oxide leach operation at Phoenix in Nevada before the end of the year and looks at bioleaching sulphides at Yanacocha in Peru. Newmont expects to produce 70-80 million pounds of copper this year at cash costs of US$2.45-2.65/lb.  BHP Billiton has priced a four-tranche global bond to raise US$5 billion. The bond comprises US$500 million senior floating rate notes due 2016, paying interest at three-month US dollar LIBOR plus 25 basis points, $500 million 2.05% senior notes due 2018, $1.5 billion 3.85% senior notes due 2023 and $2.5 billion 5% senior notes due 2043.  Workers at the Indonesian unit of Freeport McMoRan Copper & Gold Inc. expect to reach an agreement over pay in less than two weeks, according to one union official, cutting the risk of further disruption at the world's second-biggest copper mine after a deadly accident two months ago. Emerging Copper Companies Source: Capital IQ, ASX announcements, LCC research. C1 costs and capex as estimated and announced by the respective companies. Code Company Name Open Price Close Price Week High Week Low Market Cap (A$m) 52 Week Range Cash (A$m) EV (A$m) Project Annual Production (t) Mineral Resource (mt Cu) C1 Costs (US$/lb) Capex (US$m) AVI Avalon Minerals 0.01 0.01 0.01 0.01 — 0.0% 5 1 4 Viscaria 20,000 0.610 0.49 180 AVB Avanco Resources 0.09 0.08 0.09 0.07 ▼ -3.5% 92 4 89 Antas North 12,000 0.762 1.10 50 AZS Azure Minerals 0.03 0.03 0.09 0.07 ▲ 3.3% 20 2 17 Promontorio 4,850 0.021 1.16 35 BTR Blackthorn Resources 0.26 0.30 0.35 0.24 ▲ 15.4% 49 26 24 Kitumba 39,000 1.000 2.04 358 CDU Cudeco 2.22 2.19 2.25 2.02 ▼ -1.4% 449 48 401 Rocklands N/A 0.483 0.81 225 FND Finders Resources 0.21 0.22 0.22 0.21 ▲ 7.3% 109 3 115 Wetar (95% ) 28,000 0.205 1.11 133 HAV Havilah Resources 0.28 0.24 0.28 0.24 ▼ -12.7% 29 6 23 Kalkaroo 40,000 0.623 1.20 360 HCH Hot Chili 0.44 0.41 0.44 0.40 ▼ -8.0% 135 23 112 Productora 55,000 0.920 1.35 600 HIG Highlands Pacific 0.07 0.07 0.07 0.07 ▼ -5.8% 51 7 44 Frieda River (18.2% ) 246,000 13.000 0.58 5,300 IRN Indophil Resources 0.19 0.18 0.19 0.17 ▼ -5.4% 211 224 -13 Tampakan (37.5% ) 375,000 15.000 0.46 5,900 MMC Marengo Mining 0.03 0.03 0.03 0.02 — 0.0% 28 7 42 Yandera 90,000 0.806 1.80 1,800 MNC Metminco 0.05 0.04 0.05 0.04 ▼ -2.2% 77 13 64 Los Calatos 100,000 6.538 1.06 1,320 RXM Rex Minerals 0.51 0.54 0.56 0.47 ▲ 4.9% 101 25 76 Hillside 80,000 2.000 1.20 900 VXR Venturex Resources 0.01 0.01 0.01 0.01 — 0.0% 14 3 11 Pilbara 16,500 0.316 1.41 251 YTC YTC Resources 0.26 0.25 0.27 0.24 ▼ -3.8% 66 16 85 Nymagee (95% ) N/A 0.096 N/A N/A Weekly Change
  3. 3. 30th September 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 . Page 3 / 4 WEEKLYAustralianCopperGoldReport Copper Producers Source: Capital IQ, ASX announcements, LCC research. C1 and C3 costs as reported in last quarter, except for TGS, LCC estimate. ASX-listed Company News  Sandfire Resources (ASX: SFR) has revised its repayment schedule for the remaining A$285m balance of the project finance facility. While there is no change to the maturity of the facility (December 2015), A$55m of repayments have been moved to the term of the facility.  Anglogold Ashanti and Independence Group (ASX: IGO) Tropicana mine in Western Australia poured its first gold last week. Emerging Gold Producers Source: Capital IQ, LCC research. C1 costs and capex as estimated and announced by the respective companies. Assumption: A$/US$ exchange rate of 0.90. Code Company Name Open Price Close Price Week High Week Low Weekly Change Market Cap (A$m) 52 Week Range Cash (A$m) EV (A$m) EV/ EBITDA Project Quarterly Production (t) Ore Reserve (mt Cu) C1 Costs (US$/lb) C3 Costs (US$/lb) ABY Aditya Birla Minerals 0.36 0.35 0.36 0.35 ▼ -2.8% 108 86 23 0.2x Nifty 9,873 0.473 2.84 N/A AOH Altona Mining 0.15 0.16 0.16 0.15 ▲ 3.3% 82 26 79 5.5x Kylylahti 1,809 0.061 2.23 3.37 DML Discovery Metals 0.12 0.10 0.12 0.10 ▼ -16.5% 54 24 201 NM Boseto 5,034 0.191 3.45 N/A HGO Hillgrove Resources 0.07 0.07 0.07 0.06 — 0.0% 84 17 115 3.2x Kanmantoo 3,590 0.125 2.40 3.19 IVA Inova Resources 0.21 0.21 0.22 0.21 — 0.0% 153 33 120 NM Osborne 5,451 0.069 2.57 3.70 OZL OZ Minerals 4.38 4.41 4.43 4.29 ▲ 0.7% 1,337 433 904 7.1x Prominent Hill 17,379 0.748 1.95 3.56 PNA PanAust 2.27 2.18 2.32 2.17 ▼ -4.0% 1,299 94 1,385 4.4x Phu Kham (90% ) 15,483 1.127 1.45 2.12 SFR Sandfire Resources 6.76 6.50 6.95 6.45 ▼ -3.8% 1,012 77 1,220 6.1x DeGrussa 14,293 0.438 1.37 2.21 SRQ Straits Resources 0.01 0.02 0.02 0.01 ▲ 21.4% 20 41 101 NM Tritton 6,271 0.178 2.41 3.87 TGS Tiger Resources 0.30 0.31 0.31 0.29 ▲ 1.7% 206 13 193 3.7x Kipoi 1 (60% ) 11,116 0.303 1.06 1.35 Code Company Name Open Price Close Price Week High Week Low Weekly Change Market Cap (A$m) 52 Week Range Cash (A$m) EV (A$m) Project Name Annual Production (oz) Reserves (moz) C1 Costs (US$/oz) Capex (US$m) ABU ABM Resources 0.03 0.03 0.03 0.03 ▼ -3.2% 98 8 90 Old Pirate 100,000 0.3 383 27 ALK Alkane Resources 0.41 0.41 0.43 0.39 — 0.0% 153 64 89 Tomingley 55,000 0.2 882 96 AZM Azumah Resources 0.04 0.04 0.04 0.04 ▼ -2.6% 12 4 8 Wa 100,000 0.7 700 160 BAB Bullabulling Gold 0.06 0.06 0.06 0.06 ▼ -1.6% 22 1 21 Bullabulling 175,500 2.4 843 367 CAS Crusader Resources 0.23 0.30 0.30 0.23 ▲ 30.4% 38 3 35 Borborema 131,000 1.6 558 169 DRM Doray Minerals 0.70 0.65 0.70 0.64 ▼ -6.5% 92 26 67 Andy Well 74,000 0.3 592 53 GCY Gascoyne Resources 0.18 0.22 0.22 0.18 ▲ 22.2% 35 3 32 Glenburgh 73,000 0.3 819 54 GRY Gryphon Minerals 0.16 0.15 0.16 0.14 ▼ -3.2% 60 52 8 Banfora 151,000 1.1 774 208 IGO Independence Group 4.02 3.98 4.21 3.89 ▼ -1.0% 929 27 921 Tropicana (30% ) 470,000 3.9 558 752 IDC Indochine Mining 0.08 0.07 0.08 0.07 ▼ -3.9% 64 2 62 Mt Kare 130,000 1.1 800 218 IAU Intrepid Mines 0.27 0.27 0.28 0.24 — 0.0% 147 94 54 Tumpangpitu 143,000 1.5 376 204 KGD Kula Gold 0.10 0.13 0.13 0.10 ▲ 30.0% 16 4 13 Woodlark 90,000 0.8 730 160 MSR Manas Resources 0.05 0.05 0.06 0.05 — 0.0% 14 6 8 Shambesai 55,000 0.3 387 41 MLX Metals X 0.12 0.14 0.14 0.12 ▲ 12.5% 223 75 149 CGMP 95,000 1.2 881 105 MDI Middle Island Resources 0.11 0.09 0.11 0.09 ▼ -18.2% 11 6 6 Samira Hill N/A 0.3 N/A 1 MYG Mutiny Gold 0.05 0.04 0.05 0.04 ▼ -10.4% 22 2 21 Deflector 80,000 0.4 574 56 PAN Panoramic Resources 0.29 0.29 0.31 0.28 ▼ -1.7% 74 23 51 Gidgee 87,000 0.6 783 114 Mt Henry (70% ) 116,000 0.9 837 176 PIR Papillon Resources 1.09 1.12 1.15 1.02 ▲ 2.8% 378 62 317 Fekola 306,000 3.0 580 292 PVM PMI Gold 0.35 0.35 0.38 0.33 — 0.0% 145 113 32 Obotan 221,500 2.4 626 297 PXG Phoenix Gold 0.19 0.17 0.19 0.16 ▼ -10.5% 41 16 25 Castle Hill 100,000 0.7 756 118 ROL Robust Resources 0.26 0.26 0.26 0.23 — 0.0% 27 19 8 Andash (80% ) 70,000 0.4 27 96 SIH Sihayo Gold 0.04 0.04 0.04 0.03 ▼ -5.0% 32 3 29 Pungkut 46,000 0.3 635 60 SUM Sumatra Copper & Gold 0.12 0.11 0.12 0.11 ▼ -8.3% 46 19 27 Tembang 30,000 0.4 487 40
  4. 4. 30th September 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 . Page 4 / 4 WEEKLYAustralianCopperGoldReport Mergers & Acquisitions  A1 Consolidated Gold (ASX: AYC) has reached an agreement with LionGold Corporation for an investment of A$4 million to fund the development of the A1 gold mine through to production. If approved by shareholders, the placement will result in LionGold Corp owning 19.92% of AYC.  Cape Alumina (ASX: CBX) and MetroCoal (ASX: MTE) have signed an agreement to merge to create a diversified bauxite and thermal coal business with a staged development pipeline. The combined entity should benefit from:  an improved cash position of A$12 million (as at 31 August) to accelerate development of near-term bauxite projects in strong and growing global market and  a larger market capitalisation of over A$28 million with increased liquidity for shareholders.  Metals X has reached an agreement with Alacer Gold Corporation to acquire the whole of its Australian gold operations for A$40 million. The assets include the Higginsville Gold Operations, which consists of a 1.35 mtpa gold plant, the Trident and Chalice underground mines (total mineral resource as at 31 Dec 2012 is 15.9 mt at 3 g/t for 1.55 moz gold), and the South Kalgoorlie Operations, which consists of a 1.2 mtpa gold plant and a diverse list of open pit and underground mining opportunities (total mineral resource as at 31 Dec 2012 is 87.8 mt at 2.0 g/t for 5.69 moz gold. The purchase price represents a multiple of A$5.5/oz. Alacer incurred an impairment loss of US$412 million in the June quarter in relation to the Australian gold assets. Gold Producers Source: Capital IQ, LCC research. Assumption: A$/US$ exchange rate of 0.90. Note: * These stocks are not primarily listed on the ASX. Prices, market cap and multiples are based on their primarily listed market quote. Code Company Name Open Price Close Price Week High Week Low Weekly Change Market Cap (A$m) 52 Week Range Cash (A$m) Debt (A$m) EV (A$m) EV/ EBITDA Ore Reserve (moz) Quarterly Production (oz) C1 Costs (US$/oz) C3 Costs (US$/oz) BDR Beadell Resources 0.82 0.89 0.92 0.82 ▲ 8.5% 702 28 141 815 73.2x 1.9 36,179 679 N/A BEZ* Besra Gold 0.06 0.06 0.06 0.05 ▼ -8.3% 21 4 43 60 8.1x 0.1 18,500 793 1,330 CTO Citigold Corporation 0.05 0.05 0.06 0.05 ▼ -5.7% 68 1 0 67 NM 0.3 773 529 N/A DRA Dragon Mining 0.22 0.24 0.24 0.22 ▲ 6.8% 21 7 0 14 67.3x 0.1 17,223 928 N/A EVN Evolution Mining 0.83 0.87 0.89 0.81 ▲ 4.2% 613 14 141 740 3.7x 3.1 112,559 686 1,229 EDV* Endeavour Mining Corp 0.69 0.68 0.73 0.66 ▼ -1.4% 281 82 222 422 6.4x 2.5 73,700 809 975 FML Focus Minerals 0.01 0.01 0.01 0.01 — 0.0% 128 114 11 25 NM 0.5 25,172 1,709 1,765 GDO Gold One International 0.23 0.23 0.23 0.23 — 0.0% 320 8 238 550 7.0x 2.7 68,208 1,071 1,244 KCN Kingsgate Consolidated 1.75 1.69 1.75 1.68 ▼ -3.4% 257 42 200 416 3.8x 2.9 61,793 824 1,272 KRM Kingsrose Mining 0.41 0.40 0.42 0.39 ▼ -2.4% 134 1 6 139 NM N/A 1,395 6,445 N/A LSA Lachlan Star 0.21 0.21 0.22 0.21 — 0.0% 21 3 26 44 NM 0.4 16,160 1,137 N/A MML Medusa Mining 2.23 2.18 2.24 2.11 ▼ -2.2% 412 8 16 419 5.8x 0.6 15,642 355 N/A MOY Millennium Minerals 0.33 0.32 0.34 0.31 ▼ -4.5% 69 5 54 118 3.4x 0.7 16,441 685 844 NCM Newcrest Mining 12.50 11.47 12.55 11.41 ▼ -8.2% 8,782 69 4,210 12,923 4.8x 87.3 642,032 675 936 NGF Norton Gold Fields 0.13 0.14 0.14 0.13 ▲ 7.7% 130 56 115 189 7.7x 1.1 41,464 926 1,181 NST Northern Star Resources 0.85 0.87 0.88 0.82 ▲ 3.0% 369 61 12 320 4.5x 0.3 25,421 684 988 OGC* OceanaGold Corporation 1.60 1.56 1.64 1.50 ▼ -2.5% 458 18 247 687 3.7x 3.6 68,353 682 1,000 PGI PanTerra Gold 0.08 0.08 0.08 0.08 ▼ -3.7% 59 4 0 56 NM 0.6 6,661 1,037 N/A PRU Perseus Mining 0.57 0.55 0.59 0.53 ▼ -4.4% 250 35 0 214 3.0x 4.0 47,565 1,181 1,405 RDR Reed Resources 0.02 0.02 0.02 0.02 ▲ 5.0% 11 19 0 -8 NM 0.8 12,918 1,642 1,700 RED Red 5 - - - - suspended 8 23 16 NM 0.7 3,169 689 1,039 RMS Ramelius Resources 0.17 0.16 0.17 0.15 ▼ -6.1% 56 37 4 23 1.0x 0.6 18,988 1,382 N/A RRL Regis Resources 4.01 4.09 4.14 3.95 ▲ 2.0% 2,029 81 0 1,949 8.1x 3.0 72,134 601 N/A RSG Resolute Mining 0.63 0.63 0.66 0.62 — 0.0% 404 156 91 339 1.9x 4.4 102,685 757 963 SAR Saracen Mineral Holdings 0.24 0.24 0.25 0.23 ▲ 2.1% 143 13 22 151 2.5x 1.1 37,259 742 1,087 SBM St Barbara 0.57 0.55 0.58 0.54 ▼ -2.7% 268 129 328 467 NM 5.7 107,363 862 N/A SLR Silver Lake Resources 0.81 0.79 0.82 0.77 ▼ -1.9% 344 19 33 357 NM 1.7 55,600 645 981 TBR Tribune Resources 2.06 2.07 2.07 2.03 ▲ 0.5% 104 9 14 109 2.0x 0.2 19,133 401 N/A TGZ* Teranga Gold Corp 0.73 0.70 0.73 0.66 ▼ -4.1% 206 54 82 235 1.1x 1.7 49,661 642 1,063 TRY Troy Resources 1.56 1.54 1.58 1.51 ▼ -1.0% 258 41 0 217 3.7x 0.4 27,808 813 N/A UML Unity Mining 0.08 0.07 0.08 0.07 ▼ -2.6% 52 28 0 24 3.3x 0.4 13,212 881 N/A VGO Vantage Goldfields 0.05 0.05 0.05 0.05 ▼ -3.8% 12 1 0 12 3.9x 0.5 5,756 1,264 1,464

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