Gold prices have swung into defensive mode on fresh signs of resurgence in the U.S. economy, wilting the metal's safe haven appeal. Update on metals market and junior mining companies listed on the Australian Securities Exchange

1. Oz Metals
21st
Edition – 15th
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
GOLD STRUGGLES WITH U.S. ECONOMIC RESURGENCE
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
21st
Edition – 15th
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 - Gold prices have swung into defensive
mode on fresh signs of resurgence in the U.S. economy,
wilting the metal's safe haven appeal. Traders foresee
further downside potential as stronger than expected
economic data argues for an earlier rise in U.S. interest
rates. One major indication of gold's increased sensitivity to
U.S. statistics was the metal's slump on Friday to $1,163/oz,
its lowest price in three months, after the labour department
released data showing non-farm payrolls grew more than
expected in February. Other recent data on U.S. private
employment and durable goods orders has also hurt gold.
Thomson Reuters - Demand for spot copper in China
strengthened only marginally this week after most factories
returned from near month-long Lunar New Year holidays,
traders said, as end users expect lower prices and have
limited cash to buy copper. Purchases normally pick up after
the holiday period, but weaker than expected buying by
fabricators this year is weighing on domestic prices. This is
reducing buying of spot copper from the international market
by importers and is likely to trim China's imports in March
and April compared with last year. Factories still appeared
to have limited cash to buy refined cop-per despite Beijing's
recent measures to boost liquidity, although the measures
had slightly improved end users' views on copper prices,
traders said.
The weakness of the South African rand, which has dropped
near 13-year lows against the U.S. dollar, serves as a
double-edged sword for mining companies operating in the
African country, Reuters wrote. A weaker rand provides
mining companies cheaper costs and higher income from
sales, but also swells inflationary pressures on the ground
that will potentially drive wage claims and labor unrest.
Business News Americas wrote that Chile's copper output
increased 12.2% year over year to 516,900 tonnes in
January. The Escondida mine of BHP Billiton posted the
biggest increase of 44% after producing 126,600 tonnes
during the month.
Chile is pushing to pass a bill to protect the country's
glaciers, a move that could deter mining projects in the
world's top copper exporter, Reuters reported. A glacier
protection law would impede construction of large mining
projects high in the Andes or imply higher costs to meet
regulations as well as prohibit commercial activity on
glaciers in national parks.
State-owned Beijing General Research Institute of Mining
and Metallurgy sees the annual increase of lead
concentrate imported into China slowing to 5% in the next
two years, Metal Bulletin reported. The country saw its lead
concentrate imports rise 23% year-over-year to 1.8 million
tonnes in 2014 on the back of higher treatment charges,
according to BGRIMM.
According to Reuters, an Indonesian mining ministry official
said 11 new nickel smelters are to be built in the country
over the next two years at a cost of US$1.4 billion. Most of
the six new nickel smelters due to be finished in 2015 are
located in Sulawesi and have a combined investment of
US$920 million, Coal and Minerals Director General R.
Sukhyar said.
Russia won the right to explore cobalt ores in 150 sites
within the region of the Magellanic mountains at the bottom
of the Pacific Ocean, according to a Kommersant report.
Russia has 15 years to explore the sites, which could host
35 million tonnes of ore, and will then keep the 50 most
promising sites. However, no technology is currently
available for deep-sea mining and Russian companies have
virtually no interest in the sites, the report added.
The Western Australian government is drafting amendments
to the Valuation of Land Act 1978, which would cut recent
rate increases of up to 400% on mining tenements and up to
3,000% on petroleum exploration permits.
Global refined nickel consumption will increase at a
compound annual growth rate of around 11% in 2015 to
2020 as the commodity is used in more industrialized
products, according to Research and Markets. For instance,
the automotive and aerospace industries will raise the
demand for the commodity.
Mitsui Mining & Smelting expects zinc price to recover
toward US$2,300/t in the second half of the year, driven by
an expected deficit in the global refined zinc market through
2017, Reuters reported.
MMG CEO Andrew Michelmore remains confident that the
base metals-focused company will not be an easy target for
private equity firms eyeing mining bargains, The Australian
Financial Review reported. Equity firms like X2 Resources
would have a "very interesting conversation" should they
approach the controlling shareholder of the company, China
Minmetals Corp., according to Michelmore.

3. Oz Metals
21st
Edition – 15th
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
Funding, Mergers & Acquisitions
MMG is standing by its high profile buy of the Las Bambas
copper project in Peru from Glencore, even as the price of
copper has tanked, according to CEO Andrew Michelmore.
Chalice Gold Mines exercised its right to buy back two-thirds,
or 2%, of the existing 3% net smelter return royalty over the
Cameron gold deposit in Ontario for C$2 million. The
acquisition of the royalty is expected to increase the net
present value of the larger Cameron project, the company
said.
KBL Mining has secured a metals purchase agreement with
Quintana Mineral Hill Streaming Co. LLC that will net the
company US$23 million to pay off debt and fund the
development of its Mineral Hill copper-gold mine in New
South Wales, Australia. Quintana will be entitled to 24.1% of
the payable copper, lead, zinc, silver and gold produced at
Mineral Hill until a certain quantity has been supplied, after
which the streaming percentage will reduce to 12.1%.
Callabonna Resources has entered into a binding term
sheet to acquire 100% of the issued share capital of Alice
Queen Holding Pty. Ltd. Alice Queen Holding is a private
unlisted company, which owns 84.5% and 90% interests,
respectively, in the Horn Island gold project in Queensland
and the Looking Glass copper-gold porphyry project in New
South Wales. The purchase price has been agreed at A$6
million which will be satisfied wholly through the issue of
ordinary Callabonna shares.
Bauxite Sector
Source: Bloomberg, SNL, Terra Studio
Lithium-Tantalum Sector
Source: SNL, Terra Studio
Tin Sector
Source: SNL
Nickel Sector
Source: SNL
Copper Developers & Explorers
Source: SNL, Terra Studio
Copper Producers
Source: SNL
Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
Australian Bauxite 0.270 ▲ 2% (11%) 34 5 30
Bauxite Resources 0.080 ▼ (7%) (18%) 19 25 (6)
Metallica Minerals 0.050 ▼ (2%) (9%) 8 1 7
Metro Mining 0.035 ▼ (5%) 30% 10 8 3
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AJM Altura Mining 0.029 ▼ (3%) (55%) 14 3 13
GXY Galaxy Resources 0.025 — 0% 0% 27 3 93
ORE Orocobre 2.48 ▼ (4%) (11%) 365 26 367
PLS Pilbara Minerals Ltd. 0.041 ▼ (5%) (2%) 25 2 22
RDR Reed Resources 0.033 ▼ (3%) (13%) 17 7 14
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
CSD Consolidated Tin Mines 0.042 ▼ (9%) 2% 12 0 11
ELT Elementos 0.006 — 0% (25%) 5 1 3
KAS Kasbah Resources 0.042 ▼ (9%) (22%) 19 4 13
MLX Metals X 1.18 ▼ (6%) 50% 491 57 384
MOO Monto Minerals 0.001 — 0% (50%) 1 1 1
SRZ Stellar Resources 0.034 ▲ 3% 17% 10 4 7
VMS Venture Minerals 0.030 ▼ (9%) (3%) 9 7 2
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
TEV/
EBITDA
IGO Independence Group 5.39 ▼ (1%) 22% 1,263 57 1,171 NA
MBN Mirabella Nickel 0.135 ▲ 63% 366% 126 18 236 0.4x
MCR Mincor Resources 0.69 ▼ (1%) 18% 130 26 111 NA
PAN Panoramic Resources 0.56 ▼ (3%) 32% 178 64 120 1.6x
WSA Western Areas 3.80 ▼ (6%) 1% 884 231 833 NA
AVQ Axiom Mining 0.010 ▼ (17%) (33%) 36 2 34 NM
CZI Cassini Resources 0.07 — 0% (42%) 8 8 6 NA
DKM Duketon Mining 0.15 ▼ (3%) (44%) 11 7 4 NA
LEG Legend Mining 0.007 ▼ (13%) 0% 14 7 7 NM
MAT Matsa Resources 0.175 ▲ 21% 3% 25 3 23 NM
MLM Metallica Minerals 0.050 ▼ (2%) (9%) 8 1 7 NA
PIO Pioneer Resources 0.017 ▼ (11%) 31% 11 1 9 NA
POS Poseidon Nickel 0.13 ▼ (4%) 8% 89 4 105 NA
SEG Segue Resources 0.006 — 0% 20% 12 1 11 NA
SGQ St George Mining 0.050 — 0% (21%) 6 1 4 NA
SIR Sirius Resources 2.78 ▼ (4%) 9% 950 59 704 NM
TLM Talisman Mining 0.17 ▲ 3% 6% 22 16 7 NA
WIN Winward Resources 0.36 ▲ 58% 122% 31 6 28 NA
Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
Argonaut Resources 0.009 ▼ (10%) (44%) 4 1 3
Avanco Resources 0.072 ▼ (8%) (5%) 120 20 100
Avalon Minerals 0.030 ▲ 20% 50% 4 1 3
Azure Minerals 0.014 ▼ (13%) (42%) 11 1 11
CuDeco 1.41 — 0% (28%) 351 7 406
Caravel Minerals 0.009 — 0% 13% 7 1 6
Encounter Resources 0.11 — 0% (15%) 15 4 13
Emmerson Resources 0.025 ▼ (17%) (19%) 9 3 7
Finders Resources 0.14 — 0% (10%) 89 48 41
Golden Cross Resources 0.056 ▼ (8%) (20%) 5 1 4
Geopacific Resources 0.038 ▼ (3%) (27%) 15 3 14
Havilah Resources 0.210 ▲ 5% 50% 33 6 27
Hot Chili 0.12 ▼ (4%) (25%) 42 6 48
Hammer Metals 0.075 ▲ 4% (9%) 7 1 7
Intrepid Mines 0.13 ▲ 4% (7%) 46 74 (28)
Kidman Resources 0.047 ▼ (16%) (30%) 6 3 3
KGL Resources 0.16 ▲ 3% (31%) 22 10 12
Minotaur Exploration 0.10 ▼ (17%) (31%) 18 7 11
Metminco 0.005 ▼ (9%) (38%) 10 3 8
Mithril Resources 0.008 ▲ 14% 14% 3 1 2
Peel Mining 0.055 — 0% (20%) 7 2 5
Red Metal 0.04 ▼ (7%) (48%) 7 2 3
Regal Resources 0.046 ▼ (2%) 0% 10 2 7
RTG Mining 0.600 ▼ (8%) 3% 77 3 74
Rex Minerals 0.086 ▼ (14%) (22%) 19 14 5
Syndicated Metals 0.024 — 0% (25%) 7 1 6
Sipa Resources 0.085 ▲ 39% 130% 52 4 51
Southern Hemisphere 0.019 ▼ (14%) (56%) 5 2 4
Thundelarra Resources 0.070 ▼ (7%) (36%) 22 7 15
Xanadu Mines 0.080 ▼ (11%) (20%) 29 4 30
Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
TEV/
EBITDA
Aditya Birla Minerals 0.18 ▲ 3% (8%) 56 137 (48) NA
Altona Mining 0.11 — 0% (56%) 56 129 (73) NA
Hillgrove Resources 0.37 ▼ (5%) (19%) 54 9 64 1.3x
KBL Mining 0.023 ▲ 10% (23%) 11 7 34 NA
Mawson West 0.050 ▲ 25% 0% 11 48 40 NM
OZ Minerals 3.79 ▲ 2% 9% 1,150 219 932 2.7x
PanAust 1.17 ▼ (8%) (18%) 711 74 937 NM
Sandfire Resources 4.28 ▼ (4%) (6%) 667 58 751 3.6x
Straits Resources 0.004 ▲ 33% (20%) 5 13 162 NA
Tiger Resources 0.062 ▼ (2%) (52%) 71 80 220 NA
CST Mining 0.047 ▲ 2% 7% 1,274 136 178 0.4x
MMG 2.18 ▼ (2%) (9%) 11,531 251 83,367 14.3x
China Molybdenum 4.92 ▼ (3%) 9% 67,848 1,883 71,897 NA

4. Oz Metals
21st
Edition – 15th
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 Producers
Source: SNL
Gold Developers & Explorers
Source: SNL, Terra Studio
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$m)
TEV/
EBITDA
AGD Austral Gold 0.13 ▲ 8% 0% 62 NA 54 NA
ALK Alkane Resources 0.33 ▼ (11%) 50% 137 16 118 NA
AMI Aurelia Metals 0.27 ▼ (2%) 10% 103 22 204 NA
BDR Beadell Resources 0.25 ▼ (13%) 9% 196 13 301 4.6x
DRM Doray Minerals 0.45 ▼ (6%) (6%) 106 16 105 NA
EVN Evolution Mining 0.79 ▼ (9%) 22% 565 32 695 3.4x
IGO Independence Group 5.39 ▼ (1%) 22% 1,263 57 1,171 NA
KCN Kingsgate Consolidated 0.65 ▼ (16%) (2%) 144 54 228 NA
KRM Kingsrose Mining 0.24 — 0% (6%) 86 7 97 NA
LSA Lachlan Star 0.024 — 0% 20% 4 2 22 NA
MIZ Minera Gold 0.002 ▼ (25%) (50%) 4 0 9 NA
MLX Metals X 1.18 ▼ (6%) 50% 491 57 384 NA
MML Medusa Mining 0.80 ▼ (19%) 23% 166 13 159 NA
MOY Millennium Minerals 0.039 ▲ 5% 5% 8 2 47 NA
NCM Newcrest Mining 12.43 ▼ (6%) 14% 9,526 141 13,943 NA
NGF Norton Gold Fields 0.20 ▼ (3%) 56% 182 19 309 4.8x
NST Northern Star Resources 2.19 ▼ (0%) 47% 1,297 82 1,269 6.3x
OGC OceanaGold Corp. 2.17 ▼ (2%) 7% 653 NA 739 2.4x
PGI PanTerra Gold 0.145 ▼ (12%) (19%) 12 3 75 NM
PRU Perseus Mining 0.26 ▼ (26%) (2%) 134 37 100 1.7x
RMS Ramelius Resources 0.100 ▼ (9%) 96% 47 12 30 NA
RRL Regis Resources 1.29 ▼ (8%) (33%) 642 7 652 NA
RSG Resolute Mining 0.25 ▼ (24%) (6%) 160 19 191 NA
SAR Saracen Mineral Holdings 0.37 ▼ (15%) 45% 293 36 274 NA
SBM St Barbara 0.19 ▼ (12%) 81% 94 79 417 NA
SLR Silver Lake Resources 0.16 ▼ (18%) (18%) 81 24 87 NA
TBR Tribune Resources 3.25 ▲ 2% 23% 163 11 177 10.3x
TRY Troy Resources 0.43 ▼ (20%) (7%) 84 43 124 NA
UML Unity Mining 0.007 ▼ (22%) 0% 8 7 (4) NA
Code Company Name
Close
Price
Week Δ YTD Δ
52 Week
Range
Market Cap
(A$m)
Cash
(A$m)
TEV
(A$m)
AYC A1 Consolidated 0.031 ▼ (6%) (23%) 9 0 8
ABU ABM Resources 0.23 ▲ 2% (20%) 64 11 53
AWV Anova Metals 0.045 ▼ (12%) 67% 13 1 12
AZM Azumah Resources 0.027 ▼ (4%) 35% 11 4 9
BLK Blackham Resources 0.115 ▼ (8%) 125% 20 3 17
BOK Black Oak Minerals 0.40 ▲ 4% 46% 17 11 31
BSR Bassari Resources 0.016 ▲ 23% 33% 19 - 19
CHN Chalice Gold Mines 0.12 ▼ (12%) 10% 33 43 (10)
CHZ Chesser Resources 0.03 ▲ 3% (6%) 8 1 3
DCN Dacian Gold 0.44 ▼ (10%) 57% 42 8 35
EXC Exterra Resources 0.013 ▲ 8% 0% 2 1 2
EXG Excelsior Gold 0.098 ▼ (2%) 61% 46 2 45
FML Focus Minerals 0.008 — 0% 14% 73 81 73
GCY Gascoyne Resources 0.095 ▼ (5%) 34% 16 1 15
GMR Golden Rim Resources 0.008 ▼ (11%) 60% 10 1 10
GOR Gold Road Resources 0.33 ▼ (3%) 33% 193 21 172
GRY Gryphon Minerals 0.060 ▼ (14%) (6%) 24 34 0
IDC Indochine Mining 0.007 ▼ (13%) (42%) 10 0 11
KGD Kula Gold 0.049 ▼ (18%) 11% 13 3 13
MSR Manas Resources 0.020 — 0% 43% 9 6 7
MUX Mungana Goldmines 0.10 ▼ (17%) (20%) 24 5 29
MYG Mutiny Gold 0.046 — 0% 5% 32 3 29
OGX Orinoco Gold 0.070 ▼ (5%) 19% 10 1 9
PNR Pacific Niugini 0.060 ▼ (5%) 20% 24 1 23
PXG Phoenix Gold 0.095 ▼ (5%) (3%) 40 6 34
RED Red 5 0.110 ▼ (8%) 20% 84 38 66
RNI Resource & Investment 0.062 ▲ 3% (17%) 31 5 48
RNS Renaissance Minerals 0.048 ▼ (8%) (26%) 19 4 15
SAU Southern Gold 0.012 — 0% 50% 5 1 4
SIH Sihayo Gold 0.011 — 0% 38% 12 0 9
TAM Tanami Gold 0.023 ▼ (18%) 64% 27 1 37
WAF West African Resources 0.082 — 0% (18%) 22 3 22
WPG WPG Resources 0.036 ▼ (12%) (5%) 9 3 6
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 0.085 ▼ (1%) (15%) 26 5 33
DGR DGR Global 0.038 ▼ (5%) 19% 16 0 17
HRR Heron Resources 0.13 ▼ (7%) 4% 47 28 22
IBG Ironbark Zinc 0.095 ▲ 1% 19% 42 3 39
IPT Impact Minerals 0.018 — 0% (25%) 10 1 8
IVR Investigator Resources 0.014 — 0% (13%) 6 3 2
MRP MacPhersons Resources 0.115 ▼ (8%) (8%) 36 5 31
PNX Phoenix Copper 0.017 ▼ (11%) (43%) 6 3 3
RDM Red Metal 0.042 ▼ (7%) (48%) 7 8 (1)
RVR Red River Resources 0.13 ▼ (4%) 18% 23 4 19
RXL Rox Resources 0.024 ▼ (4%) (14%) 20 3 17
TZN Terramin Australia 0.125 ▼ (4%) 14% 189 1 188
VXR Venturex Resources 0.005 — 0% 0% 8 1 6