What does gold have in common with iron ore and coal? All three are travelling down the same road of structural oversupply, softer demand growth and severe cost-cutting by their producers.

1. Oz Metals
39th
Edition – 26th
July 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 BUGS ONCE BITTEN, TWICE SHY
Base Metals & Precious Metals Fundamentals
Source: COMEX, LME, Metal Prices, RBA, SHFE, Terra Studio
$50
$55
$60
$65
$70
$75
$80
Oct-14 Jan-15 Apr-15
CIFPriceofChineseImports
Bauxite
$A/t
US$/t
$2.0
$2.3
$2.6
$2.9
$3.2
$3.5
$3.8
$4.1
0
100
200
300
400
500
600
700
Oct-14 Jan-15 Apr-15 Jul-15
ThousandTonnes
Copper
SHFE COMEX
LME US$/lb
$1,000
$1,100
$1,200
$1,300
$1,400
$1,500
$1,600
$1,700
Oct-14 Jan-15 Apr-15 Jul-15
Gold
A$/oz
US$/oz
$4
$5
$6
$7
$8
$9
$10
0
100
200
300
400
500
600
Oct-14 Jan-15 Apr-15 Jul-15
$/lb
ThousandTonnes
Nickel
LME US$ A$
$5
$6
$7
$8
$9
$10
$11
$12
0
2
4
6
8
10
12
14
Oct-14 Jan-15 Apr-15 Jul-15
ThousandTonnes
Tin
Inventory
US$
A$
$0.80
$0.90
$1.00
$1.10
$1.20
$1.30
$1.40
0
200
400
600
800
1,000
1,200
Oct-14 Jan-15 Apr-15 Jul-15
$/lb
ThousandTonnes
Zinc
SHFE (kt) LME (kt)
US$/lb A$/lb

2. Oz Metals
39th
Edition – 26th
July 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 - More money managers are betting
copper prices on the London Metal Exchange will fall
further over coming months as demand from top
consumer China weakens due to economic slowdown.
Benchmark copper at around $5,475 a tonne is down
more than 15% since early May. The metal used in power
and construction hit a six-year low at $5,240/t two weeks
ago.
Thomson Reuters - Six years ago, when China last
unveiled how much gold was sitting in its central bank
vaults, local industry figures and global gold bugs were
convinced that Beijing was on the brink of a buying spree
that could transform the market. After buying a relatively
meagre 454 tonnes in the six years to 2009, as China's
economy raced ahead, the People's Bank of China's ultra-
secret bullion buying was expected to accelerate as it
spread risk away from its trillions of U.S. dollars. That
optimism proved to be ill-founded when China gave a rare
glimpse into the size of its gold stash. It said it has added
604 tonnes, worth $22 billion at current prices, since 2009.
Thomson Reuters - Blame poor rains or a lack of
weddings, but Indians, for whom gold is the investment of
choice, aren't rushing to buy bullion after this week's sharp
sell-off. India and China are the world's top gold buyers
and, after massive selling on the Shanghai Gold Exchange
on Monday helped drive down gold prices by 4% to a 5-
year low, traders hoped demand would perk up in India, or
elsewhere in Asia.
Thomson Reuters - Whoever took all the lead out of
the LME warehousing system in the second quarter
has just been kind enough to return it. A total 50,475
tonnes of the heavy metal were placed on warrant in
the South Korean port of Busan earlier this week.
First Quantum Minerals has started re-
commissioning the atmospheric leach circuit at its
Ravensthorpe nickel operation in WA on July 19.
The plant was shut down in December 2014 after a
structural failure at the leach tank caused an acid
spill.
Thomson Reuters - Platinum fell below the
$1,000/oz mark, leaving prices in triple figure
territory for the first time since February 2009, as
investors continued to lose faith in its fundamental
demand outlook. Weakness across the precious
metals in the face of a rising dollar - set for its
biggest weekly gain in two months - is also weighing
on prices, with palladium at its lowest since late
2012.
India plans to create a strategic uranium reserve to
ensure that the country's atomic reactors will not run
out of nuclear fuel, The Times of India reported,
citing a senior government official. "The reserve pool
could be anywhere between 5000 MT to 15,000 MT
which can last for 5-10 years," the official said.
Mining Weekly - A survey by the Queensland
Resources Council found that CEOs of resource
companies working in the state have cited regulatory
uncertainty as the biggest concern in the sector and
that the companies will continue to focus on
reducing unit costs of production in the near term,
wrote.
Australian Minister for Industry and Science Ian
Macfarlane and Western Australian Minister for
Mines and Petroleum Bill Marmion are set to launch
the UNCOVER Roadmap — an outline of the
minerals industry's long-term research and
development and new pre-competitive geoscience
data — in Perth this week. According to Mining
Weekly, the industry-sponsored resources road map
sets out, for the first time, a unified set of priority
activities to improve mineral exploration in the
country.
The downturn of the mining sector has had a serious
impact on Canada's three northern territories, with
two of them expected to have negative GDP growth
in 2015, the Conference Board of Canada said in a
report released July 20. Overall growth for the
territories is expected to contract by 0.9% in 2015,
the first such contraction since 2011, according to an
SNL Metals & Mining exclusive.
Specialty Metals
The Madagascar minister for mines has granted DNI
Metals a full commercial mining license for its Vohitsara
graphite project, allowing the company to move to full
commercial production at its options.
Valence Industries Ltd. signed a binding three-year
graphite sales contract with a new customer based in the

3. Oz Metals
39th
Edition – 26th
July 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
Asia-Pacific. The contract, which focuses on the
company's coarser flake graphite production that matches
known production capability and mine signature, provides
for sales in excess of US$50 million over the next three
years.
Funding, Mergers & Acquisitions
Mining executives and fund managers are concerned that
the decline in gold prices could stop a run of M&A deals in
the mining sector just as momentum was picking up,
Reuters reported. The value of completed gold mining
M&A deals so far this year has reached US$3.2 billion,
against US$4.4 billion in 2014.
South32 has hired advisers to fend off potential takeover
attempts amid speculation from analysts of potential bids
from Glencore or private equity firm X2 Resources,
London's Financial Times reported, citing "people familiar
with the matter."
Analysts said the sliding gold price poses additional
problems for Barrick Gold Corp., which is already putting
up assets for sale to generate funds in a bid to cut its debt,
Reuters reported.
Owning a combined 34% of CuDeco, China Oceanwide
International Investment, New Apex and Chinese state-
owned giant Sinosteel are likely to provide a short-term
loan facility to complete the development of the company's
Rocklands copper project in Queensland, Australia, on the
condition that CuDeco Chairman Wayne McCrae resigns,
The Australian Financial Review reported. The report said
McCrae has tentatively agreed to resign on Friday
"providing the guarantees of support are in place."
First Quantum Minerals has elected to execute the option
over Chrysalis Resources’ Shikila and Kabwima copper
projects in Zambia and advance to the earn-in period.
Reed Industrial Minerals Pty Ltd, or RIM, has signed a
conditional memorandum of understanding with Jiangxi
Ganfeng Lithium Co. Ltd., China's second-largest lithium
producer. Reed Industrial Minerals is a jointly owned
subsidiary of Neometals and Mineral Resources. The
MOU sets out the key commercial terms for Jiangxi
Ganfeng to acquire an upfront 25% stake in RIM via a
share sale and equity subscription, leaving Neometals and
Mineral Resources with stakes of 45% and 30%,
respectively. Neometals is expected to gain about
US$19.5 million from this initial transaction. The
agreement also covers Mineral Resources' building,
owning and operating the Mount Marion mining, crushing
and beneficiation infrastructure and equipment pursuant to
a fixed price mining services contract.
Fortescue Metals Group diversified its portfolio into copper
with the execution of an earn-in deal over copper-
prospective tenements near Orange in New South Wales,
Australia. CEO Neville Power said Fortescue signed the
joint venture agreement with Gold and Copper Resources
Pty Ltd.
The board of Mungana Goldmines urged shareholders to
take no action regarding Auctus Chillagoe Pty Ltd revised
off-market takeover offer. Auctus raised its offer to 17
Australian cents per Mungana share from the 13.5 cents it
offered back in April.
Rox Resources has exercised its option to acquire a 100%
stake in the Camelwood, Musket and Cannonball
tenements, which contain nickel sulphide resources, at its
Fisher East project in Kalgoorlie.
Rumble Resources has acquired for A$60,000 cash the
Thunderdome project, which covers 140 km2
in the Fraser
Range province, expanding the company's footprint in the
area to 3,590 km2
.
White Rock Minerals and Silver Mines have signed a
heads of agreement wherein Silver Mines will provide
White Rock with up to A$500,000 in funding as the
companies consider a merger, acquisition or other
combination of all or parts of their businesses.

4. Oz Metals
39th
Edition – 26th
July 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
Source: Company March Quarterly Reports. AISC reported in A$ have been converted to US$ using an exchange rate of 0.75
For further information, please contact: J-François Bertincourt, +61 406 998 779, jf@terrastudio.biz
Cadia-Ridgeway
Cowal
Telfer
GrannySmith
Tanami
Gosowong
Agnew/Lawlers
Boddington
StIves
LihirIsland
SuperPit
Darlot
HiddenValley
$0
$2,000
0 500,000 1,000,000 1,500,000 2,000,000
AISC(US$/oz)
Production (oz)
March 2015 Cost Curve for ASX-listed Gold Producers
(+ Australian operations from Gold Majors)
First Quartile
Second Quartile
Third Quartile
FourthQuartile