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

1. Oz Metals
29th Nov 2014
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
Terra Studio
BLACK FRIDAY FOR US$ COPPER & GOLD
Base Metals & Precious Metals Fundamentals
Sources: Metal Prices, RBA, Terra Studio
$40
$45
$50
$55
$60
$65
$70
Jan-14
Apr-14
Jul-14
CIF Price of Chinese Imports
Bauxite
US$/t
$A/t
$2.75
$3.00
$3.25
$3.50
$3.75
$4.00
0
100
200
300
400
500
Jan-14
Apr-14
Jul-14
Oct-14
Thousand Tonnes
Copper
SHFE
COMEX
LME
US$
A$
$1,100
$1,200
$1,300
$1,400
$1,500
$1,600
Jan-14
Apr-14
Jul-14
Oct-14
Gold
A$
US$
$5.50
$6.50
$7.50
$8.50
$9.50
$10.50
0
100
200
300
400
500
Jan-14
Apr-14
Jul-14
Oct-14
Thousand Tonnes
Nickel
LME
US$
A$
$9
$10
$11
$12
$13
0
2
4
6
8
10
12
14
16
Jan-14
Apr-14
Jul-14
Oct-14
Thousand Tonnes
Tin
Inventory
US$
A$
$0.80
$0.85
$0.90
$0.95
$1.00
$1.05
$1.10
$1.15
$1.20
$1.25
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Jan-14
Apr-14
Jul-14
Oct-14
Thousand Tonnes
Zinc
SHFE
LME
US$
A$

2. Oz Metals
29th Nov 2014
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
Terra Studio
Markets & Majors
Metal Bulletin - Preliminary data from the International Copper Study Group showed that global refined copper surplus widened to 83,000 tonnes in August from 40,000 tonnes in the previous month, with consumption slightly increasing to 1.89 million tonnes along with a 2.3% rise in production to 1.97 million tonnes.
Business News Americas - A study conducted by Chilean state copper commission Cochilco concluded that the electricity requirement of the country's copper mining industry will almost double to 40 terawatt hours by 2025 from 22 terawatt hours at present.
Bloomberg - Codelco said its output and sales of refined copper will shrink by 5% in 2015. "We cannot continue selling the same amount, as we have less," a representative said. Codelco plans to hit annual output of about 2.5 million tonnes by 2025 from the current 1.7 million tonnes by investing US$24 billion in the next four to five years and a further US$5 billion over the next decade.
Reuters - Large Chinese copper smelters have offered term premiums 7.3% lower for 2015 exports, compared to this year's premiums, three trading sources told Reuters. Smelters have offered premiums of about US$128/t for term shipments of refined copper in 2015, down from US$138 for most term exports this year.
BHP Billiton's Olympic Dam in South Australia will not hit its growth ceiling of 450,000 tonnes of copper a year until the "middle of the next decade," The Australian Financial Review reported. This target will be achieved through progressive production increases based around carefully refined leaching technologies.
Thomson Reuters - China's net gold imports from main conduit Hong Kong rose to a seven-month high in October on strong demand for jewellery and bars at the world's biggest consumer of the precious metal. Net imports to the mainland rose to 77.628 tonnes in October from 68.641 tonnes in September, according to data e-mailed to Reuters by the Hong Kong Census and Statistics Department. Total imports from Hong Kong rose to 111.409 tonnes last month, from 91.745 tonnes in September. China celebrated the National Day holiday in October during which retail sales tend to be higher. However, the outlook for the country's gold consumption is not very strong. Chinese appetite for gold has dropped after last year's buying frenzy as consumers have become more cautious of falling prices, indicated by feeble purchases despite a plunge in global benchmark rates to a 4-1/2-year low earlier this month.
According to Reuters, BHP Billiton's Nickel West operations in Australia missed out on a potential supply deal when Western Areas bagged a two-year agreement to supply Jinchuan Group of China with 26,000t of nickel concentrate following a competitive tender process that began in August.
Deals, Funding, Mergers & Acquisitions
AFR - According to bankers and lawyers, the value of M&A deals within the mining sector so far in 2014 has dropped to approximately A$5 billion, indicating the lowest level in the past 10 years.
A1 Consolidated Gold signed a binding heads of agreement for the acquisition of Octagonal Resources’ Maldon gold operation in Victoria, Australia, for A$5.1 million in A1 Consolidated shares. The acquisition will give A1 access to a gold processing facility with a capacity of 150,000 tonnes per annum, removing the miner's need to construct a mill for its neighboring A1 gold mine.
Sumatra Copper & Gold Plc hedged 42,000 ounces of gold at a strike price of US$1,108.50 per ounce and 343,200 ounces of silver at US$14.47 per ounce. The company will pay a premium of US$300,000 for entering into the hedging program. The hedging was a prerequisite for a senior secured debt facility of up to US$45 million, agreed between company subsidiary PT Dwinad Nusa Sejahtera and Nomura Singapore Ltd. and Indonesia Eximbank, to develop the Tembang gold project in Indonesia.
Bloomberg - Randgold Resources CEO Mark Bristow said that the gold industry is a "busted flush" after the precious metal suffered a 38% slump since its 2011 peak. According to the CEO, this is an "exciting time" as competition in the industry "isn't that sharp." Randgold is said to have a war chest of US$500 million to US$700 million to acquire assets from floundering rivals.
Mining Journal - Sirius had 24 bankers and banker associates on site this week as finalisation of the debt needed to build the Nova project nears – with the expected debt providers believed to be HSBC, Westpac, ANZ and BNP Paribas.
Toro Energy secured A$10 million in financing from The Sentient Group and entry into the Canadian uranium sector through the acquisition of a stake in Strateco Resources Inc. Toro will acquire a 19.8% interest in Strateco, a C$3 million senior secured loan receivable in Strateco, C$14.1 million of junior secured convertible notes in Strateco and certain other interests from Sentient in return for 236.5 million new fully paid ordinary shares in Toro. Negotiations for a further A$10 million of project level funding are at an advanced stage.
Gold-focused WPG Resources Ltd has acquired a 100% stake in the Tunkillia gold project in South Australia through the acquisition of the residual 30% interest owned by Helix Resources Ltd, its joint venture partner in the project. WPG will pay HLX A$500,000 in cash and issue 10 million ordinary WPG shares upon receipt of Ministerial approval and transfer of the tenements. Further contingent consideration is payable upon commencement of mine construction over the existing resource of a further A$500,000 in cash and 10,000,000 ordinary WPG shares and includes a royalty.
ASX-listed GBM Gold has completed the sale of its remaining 20% stake in Inglewood Gold Mining Co Pty Ltd to Wilshire Asset Management. Wilshire will pay about A$2.4 million directly to GBM Gold in several tranches by 30 June 2015, and the first tranche has been received by GBM Gold. The transaction follows Wilshire paying A$4.5 million for a 50% interest in Inglewood Gold in November 2013, in addition to a further option allowing Wilshire to raise its stake to 80% by further investing A$1.5 million and assuming debt of A$3 million.

3. Oz Metals
29th Nov 2014
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
Terra Studio
Bauxite Sector
Source: ASX, SNL
Copper Producers
Source: SNL
Copper Developers & Explorers
Source: SNL
Lithium-Tantalum Sector
Source: SNL
Tin Sector
Source: SNL
Nickel Sector
Source: SNL
Gold Producers
Source: SNL
Gold Developers & Explorers
Source: SNL
Code Company Name
Close
Price
Week r YTD r 52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
ABX Australian Bauxite 0.30 ▼ (9%) 36% 38 2 36
BAU Bauxite Resources 0.11 ▼ (9%) (13%) 24 41 (17)
MLM Metallica Minerals 0.057 ▲ 2% 14% 10 1 9
QBL Queensland Bauxite 0.027 — 0% 238% 13 4 9
Code Company Name
Close
Price
Week r YTD r 52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
TEV/
EBITDA
ABY Aditya Birla Minerals 0.22 ▲ 13% (37%) 67 137 (69) NM
AOH Altona Mining 0.23 ▼ (2%) 36% 120 18 105 2.9x
HGO Hillgrove Resources 0.51 ▲ 1% (29%) 75 16 89 2.2x
KBL KBL Mining 0.035 ▲ 13% (20%) 14 7 29 1.8x
MWE Mawson West 0.072 ▼ (13%) (88%) 12 54 39 NM
OZL OZ Minerals 3.40 ▼ (3%) 8% 1,032 364 877 4.8x
PNA PanAust 1.65 ▼ (1%) (9%) 1,047 146 1,270 NA
SFR Sandfire Resources 4.58 ▼ (6%) (29%) 714 58 817 3.7x
SRQ Straits Resources 0.004 — 0% (50%) 5 13 128 17.3x
TGS Tiger Resources 0.16 ▼ (14%) (54%) 183 42 316 NA
985 CST Mining 0.008 ▼ (2%) (19%) 221 146 56 0.9x
1208 MMG 0.41 ▲ 3% 64% 2,151 154 4,105 4.4x
3993 China Molybdenum 0.75 ▲ 5% 44% 7,441 347 8,063 NA
Code Company Name
Close
Price
Week r YTD r 52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
ARE Argonaut Resources 0.016 ▲ 14% (32%) 7 2 4
AVB Avanco Resources 0.080 ▼ (2%) 13% 133 32 101
AVI Avalon Minerals 0.031 ▲ 3% (69%) 4 1 4
AZS Azure Minerals 0.023 ▲ 5% (23%) 19 1 18
CDU CuDeco 1.41 ▲ 1% (22%) 332 9 323
ENR Encounter Resources 0.17 ▲ 13% (11%) 23 4 19
ERM Emmerson Resources 0.030 ▼ (6%) (22%) 11 2 10
FND Finders Resources 0.165 ▼ (3%) (21%) 109 8 94
GCR Golden Cross Resources 0.080 — 0% (20%) 8 2 5
GPR Geopacific Resources 0.050 ▼ (18%) 67% 15 3 14
HAV Havilah Resources 0.110 — 0% (54%) 17 1 16
HCH Hot Chili 0.17 ▼ (11%) (60%) 59 13 57
HMX Hammer Metals 0.090 ▲ 13% (55%) 7 1 7
IAU Intrepid Mines 0.18 ▼ (13%) (44%) 98 11 (40)
IRN Indophil Resources 0.29 ▲ 2% 76% 349 215 140
KDR Kidman Resources 0.081 — 0% (56%) 10 3 7
KGL KGL Resources 0.24 ▲ 4% 129% 34 7 20
MEP Minotaur Exploration 0.14 ▼ (7%) (3%) 25 5 21
MNC Metminco 0.011 ▲ 22% (65%) 20 8 17
PEX Peel Mining 0.058 ▲ 4% (78%) 8 3 5
RDM Red Metal 0.11 ▼ (22%) (30%) 18 2 17
RXM Rex Minerals 0.15 ▼ (12%) (69%) 33 3 30
SMD Syndicated Metals 0.039 — 0% 15% 11 2 9
SRI Sipa Resources 0.033 ▼ (3%) (41%) 11 2 9
SUH Southern Hemisphere 0.055 — 0% 10% 14 2 11
THX Thundelarra Resources 0.110 ▼ (8%) 189% 35 1 35
XAM Xanadu Mines 0.100 ▼ (9%) 100% 24 4 25
Code Company Name
Close
Price
Week r YTD r 52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AJM Altura Mining 0.060 ▼ (18%) (57%) 27 3 43
GXY Galaxy Resources 0.030 — 0% (36%) 32 3 99
ORE Orocobre 2.59 ▼ (3%) 4% 342 26 317
PLS Pilbara Minerals Ltd. 0.044 ▲ 10% 267% 27 1 27
RDR Reed Resources 0.030 — 0% (48%) 15 7 10
Code Company Name
Close
Price
Week r YTD r 52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
CSD Consolidated Tin Mines 0.053 ▼ (4%) (34%) 13 0 14
ELT Elementos 0.006 — 0% (61%) 5 1 4
KAS Kasbah Resources Limited 0.070 ▲ 3% (36%) 36 4 30
MLX Metals X Limited 0.76 — 0% 12% 315 57 258
MOO Monto Minerals 0.003 ▲ 50% (40%) 4 1 3
SRZ Stellar Resources Limited 0.032 ▲ 23% (36%) 10 4 5
VMS Venture Minerals Limited 0.036 ▼ (5%) (80%) 10 7 4
Code Company Name
Close
Price
Week r YTD r 52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
TEV/
EBITDA
IGO Independence Group 4.20 ▲ 3% 35% 984 57 955 6.8x
MBN Mirabella Nickel 0.035 ▲ 17% 119% 33 34 68 NA
MCR Mincor Resources 0.57 ▲ 6% (4%) 107 26 85 2.7x
PAN Panoramic Resources 0.41 ▼ (11%) 64% 132 64 76 1.6x
WSA Western Areas 4.25 ▲ 1% 79% 987 231 975 6.7x
AVQ Axiom Mining 0.013 ▲ 8% (13%) 43 0 42 NM
CZI Cassini Resources 0.16 ▲ 19% 220% 18 8 11 NM
LEG Legend Mining 0.009 — 0% 13% 18 5 14 NM
MAT Matsa Resources 0.170 ▼ (6%) (19%) 25 3 22 NM
MLM Metallica Minerals 0.057 ▲ 2% 14% 10 1 9 NM
PIO Pioneer Resources 0.015 — 0% 25% 9 1 8 NM
POS Poseidon Nickel 0.15 ▼ (6%) 91% 88 4 118 NM
SEG Segue Resources 0.006 ▼ (14%) 50% 9 1 8 NM
SGQ St George Mining 0.050 ▼ (33%) (47%) 6 1 4 NA
SIR Sirius Resources 2.61 ▼ (1%) 15% 891 59 832 NM
TLM Talisman Mining 0.17 — 0% 57% 22 16 6 NM
WIN Winward Resources 0.16 ▼ (3%) (23%) 14 6 8 NM
Code Company Name
Close
Price
Week r YTD r 52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
TEV/
EBITDA
AGD Austral Gold 0.12 — 0% 0% 20 NA 82 6.7x
ALK Alkane Resources 0.24 ▲ 7% (31%) 97 16 81 12.0x
AMI Aurelia Metals 0.25 ▼ (2%) 9% 86 22 171 NM
BDR Beadell Resources 0.20 ▼ (17%) (75%) 160 10 222 1.8x
DRM Doray Minerals 0.29 ▼ (3%) (48%) 48 16 48 1.5x
EVN Evolution Mining 0.54 ▲ 1% (13%) 382 32 512 2.5x
IGO Independence Group 4.20 ▲ 3% 35% 984 57 955 6.8x
KCN Kingsgate Consolidated 0.70 ▲ 1% (21%) 157 54 257 NM
KRM Kingsrose Mining 0.28 ▼ (8%) (16%) 100 7 106 NM
LSA Lachlan Star 0.023 ▲ 5% (89%) 4 2 22 NA
MIZ Minera Gold 0.003 ▼ (14%) (57%) 7 0 12 NM
MLX Metals X 0.76 — 0% 12% 315 57 258 3.7x
MML Medusa Mining 0.65 ▲ 13% (68%) 135 14 131 2.3x
MOY Millennium Minerals 0.066 ▼ (6%) (65%) 14 2 53 5.4x
NCM Newcrest Mining 10.34 ▲ 7% 33% 7,922 141 11,983 NM
NGF Norton Gold Fields 0.14 ▲ 8% 4% 130 38 231 NA
NST Northern Star Resources 1.18 ▼ (1%) 50% 696 82 619 7.4x
OGC OceanaGold Corp. 2.15 ▼ (16%) 27% 648 28 772 4.2x
PGI PanTerra Gold 0.024 — 0% (41%) 20 6 88 4.2x
PRU Perseus Mining 0.30 ▼ (3%) 20% 155 37 119 5.1x
RMS Ramelius Resources 0.044 ▼ (8%) (55%) 21 12 11 NM
RRL Regis Resources 1.44 ▼ (6%) (51%) 720 7 753 NM
RSG Resolute Mining 0.27 ▲ 8% (52%) 170 19 201 1.9x
SAR Saracen Mineral Holdings 0.25 — 0% 36% 194 36 172 4.1x
SBM St Barbara 0.09 — 0% (66%) 43 79 304 NM
SLR Silver Lake Resources 0.26 ▲ 2% (52%) 128 24 117 NM
TBR Tribune Resources 2.65 ▼ (5%) 14% 133 11 148 8.6x
TRY Troy Resources 0.50 ▲ 3% (37%) 97 43 94 NM
UML Unity Mining 0.008 — 0% (80%) 9 7 3 NM
Code Company Name
Close
Price
Week r YTD r 52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
ABU ABM Resources 0.25 ▼ (14%) (24%) 68 10 58
AWV Anova Metals 0.032 ▼ (3%) 60% 8 1 6
AZM Azumah Resources 0.029 ▲ 16% 4% 11 4 9
BLK Blackham Resources 0.072 ▼ (10%) (58%) 10 1 10
BSR Bassari Resources 0.014 — 0% 75% 16 - 16
CHN Chalice Gold Mines 0.11 ▼ (4%) (19%) 32 44 (13)
CHZ Chesser Resources 0.02 ▼ (86%) (77%) 5 1 6
DCN Dacian Gold 0.30 — 0% 25% 22 11 11
EXG Excelsior Gold 0.057 ▲ 4% (17%) 26 1 25
FML Focus Minerals 0.010 — 0% (17%) 91 81 91
GCY Gascoyne Resources 0.11 — 0% (25%) 17 1 16
GMR Golden Rim Resources 0.006 ▼ (14%) (45%) 8 1 9
GOR Gold Road Resources 0.22 ▼ (10%) 117% 128 10 118
GRY Gryphon Minerals 0.064 ▼ (10%) (62%) 26 34 (10)
IDC Indochine Mining 0.015 ▲ 15% (65%) 18 0 20
KGD Kula Gold 0.040 ▼ (20%) (62%) 7 3 7
MSR Manas Resources 0.020 ▼ (9%) (38%) 9 6 7
MUX Mungana Goldmines 0.13 — 0% 381% 31 5 26
MYG Mutiny Gold 0.028 ▼ (3%) (11%) 19 3 16
OBS Orbis Gold 0.56 ▼ (2%) 124% 140 5 135
OGX Orinoco Gold 0.090 — 0% (30%) 11 1 12
PNR Pacific Niugini 0.060 ▼ (9%) (5%) 19 3 16
PXG Phoenix Gold 0.093 — 0% (40%) 34 9 25
RED Red 5 0.089 ▲ 2% 1% 68 38 29
RNI Resource & Investment 0.088 ▲ 5% 66% 41 5 56
RNS Renaissance Minerals 0.068 ▼ (1%) 13% 27 2 26
SIH Sihayo Gold 0.010 — 0% (66%) 10 0 7
SXG Black Oak Minerals 0.011 ▼ (8%) (15%) 15 3 17
TAM Tanami Gold 0.015 — 0% (32%) 18 1 24
WAF West African Resources 0.095 ▼ (5%) (32%) 26 3 24
WPG WPG Resources 0.038 ▲ 9% 31% 10 5 4

4. Oz Metals
29th Nov 2014
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
Terra Studio
Zinc & Poly-metallic Sector
Source: SNL
For further information, please contact: J-François Bertincourt m +61 406 998 779 jf@terrastudio.biz
CodeCompany NameClose PriceWeek rYTD r52 Week RangeMarket Cap (A$m) Cash (A$m) TEV (A$m) AQRAeon Metals 0.115 — 0%(12%) 35 5 42 CCUCobar Consolidated 0.058 — 0%(52%) 19 6 31 DGRDGR Global 0.033 — 0%10% 14 0 14 HRRHeron Resources 0.13 — 0%(11%) 45 33 14 IBGIronbark Zinc 0.095 ▲ 6%64% 42 2 40 IPTImpact Minerals 0.021 ▲ 5%(48%) 12 1 11 IVRInvestigator Resources 0.019 — 0%(60%) 9 3 6 MRPMacPhersons Resources 0.115 ▲ 5%(36%) 35 7 28 MTAMetals of Africa 0.11 ▼ (8%)22% 14 8 6 RDMRed Metal 0.11 ▼ (22%)(30%) 18 8 10 RVRRed River Resources 0.17 ▲ 10%1208% 29 9 20 RXLRox Resources 0.031 ▼ (9%)(6%) 26 3 24 TZNTerramin Australia 0.105 ▼ (16%)275% 138 5 188 VXRVenturex Resources 0.005 — 0%(50%) 8 1 7