Copper and nickel are there. So too is aluminium. Tin was there last month. And as for iron ore, well, it's already gone there and beyond. As industrial metal prices sink ever lower, the historical reference point becomes ever starker.

1. Oz Metals
41th
Edition – 8th
August 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 / 5
TerraStudio
COPPER & NICKEL PRICES HIT SIX-YEAR LOW
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
41th
Edition – 8th
August 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 / 5
TerraStudio
Markets & Majors
Thomson Reuters - Power outages, strikes, floods
and drought as well as lower grade source material
are tightening copper supplies, potentially pushing
the market into deficit earlier than expected and
laying the ground for price gains later this year.
Estimates of how much copper output will be lost
vary. Morgan Stanley puts the amount at about
500,000 tonnes so far this year, while ICBC
Standard Bank reckons an annualised 1.33mt.
Bloomberg News - Glencore stock fell to a record
low of 199 pence in London trading — a plunge of
more the 60% from the company's 2011 US$10
billion IPO in London and Hong Kong — as
commodity prices continue falling.
SNL - Rio Tinto said its net profit attributable to
owners in the six months to June 30 plunged to
US$806 million, or 43.8 cents per share, compared
with US$4.40 billion, or US$2.38 per share, in the
same period in 2014. The low price environment
weighed down on the mining giant's results, slashing
its consolidated sales revenue to US$17.98 billion
from US$24.34 billion.
SNL - Barrick Gold has cut its quarterly dividend by
60% and lowered its capex guidance for 2015 by 20%
as the gold major significantly reduced its second-
quarter net loss on a yearly basis. The company
said its net loss for the three-month period ended
June 30 amounted to US$9 million, or 1 cent per
share, significantly lower than the net loss of
US$269 million, or 23 cents per share, incurred a
year ago. Barrick's adjusted net earnings for the
quarter, meanwhile, came in at US$60 million, lower
than US$159 million in the prior-year period,
reflecting lower gold sales and lower realized gold
and copper prices compared to the prior-year period.
According to ABC News, BHP Billiton confirmed that
more jobs will be axed at its Olympic Dam copper
mine in South Australia as the company reviews the
project's operation area, looking for efficiency gains.
However, the mining giant did not specify the
number of jobs to be slashed at the copper mine.
Diario Financiero - Chile's state-run copper miner
Codelco said that it would request charges against
contract workers who were responsible for
sabotaging operations at the firm's Ministro Hales
division. The company was forced to halt operations
at Ministro Hales after the workers illegally entered
the company's property.
Business News Americas Peruvian miner Compañía
Minera Milpo is interested in developing the
Michiquillay project, one of the country's largest
untapped copper-gold deposits, several months
after Anglo American pulled out from the project.
Southern Copper looks to produce 910,000 tonnes
of copper in 2016 and 1 million tonnes of the red
metal in 2017 as it increases output with new mines
and exploration projects, Gestión wrote. By 2018,
annual production would total 1.2 million tonnes, if
the company includes the stalled Tia Maria copper
project in Peru. Southern Copper plans to produce
782,000 tonnes of copper this year.
Separately, Southern Copper signed a US$100
million cash deal to acquire the El Pilar copper
project in Sonora, Mexico, Metal Bulletin reported.
The company expects the project to begin
commercial operations by 2018.
Gold Fields is on the hunt for potential toll treatment
deals for its three Australian mills, which are
currently only operating at 60% capacity, Stuart
Mathews — vice president operations, Australia for
Gold Fields Australia Pty Ltd. — said on the final day
of the Diggers & Dealers Mining Forum in Kalgoorlie.
Several miners launched a new gold industry group
in Western Australia to advocate against possible
royalty rate hikes and promote investment in the
sector at a time when access to capital is
constrained and exploration is drying up. Former
Australian politician Norman Moore launched the
new group, known as the Gold Industry Group, at
the Diggers & Dealers Mining Forum in Kalgoorlie.
Thomson Reuters - China’s lead stockpiles are
shrinking while imports appear to be profitable for
the first time in nearly three years. Is China’s crack
down on pollution starting to have an effect on its

3. Oz Metals
41th
Edition – 8th
August 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 / 5
TerraStudio
lead production? Should we expect imports to pick
up?
Mining Journal - The baggage of history, plus a low
nickel price, is weighing heavily on three of
Australia’s most famous mines with BHP Billiton,
First Quantum Minerals and Glencore facing tough
decisions at their respective Nickel West,
Ravensthorpe and Murrin Murrin operations.
The West Australian - Western Australia's
unemployment rate jumped to 6.4% in July, the
highest level in 13 years, on the back of the slowing
mining sector.
Reuters - The central bank of the Democratic
Republic of Congo said the country's gold production
jumped 79% year on year during the second quarter
to about 8,123 kilograms, while copper output rose 4%
to 278,621 tonnes.
Investor Daily - The Indonesian government plans to
amend a 2014 mining business permit regulation in
an attempt to provide legal certainty for ongoing
investment in the sector, according to Energy
Minister Sudirman Said. The revision will allow PT
Freeport Indonesia to extend the contract sooner,
but the minister said the revision is not only meant
for Freeport.
Base Metals
As a result of the depressed nickel price
environment, Mirabela Nickel will slow down
operations and further reduce operating costs at its
Santa Rita mine in Brazil, starting Aug. 14.
Panoramic Resources has suspended mining at its
Deacon and Jury-Metcalfe orebodies, within the
Lanfranchi nickel mine in Western Australia. As a
result, about half of the Lanfranchi workforce has
been made redundant.
Precious Metals
Doray Minerals said site works has begun at the
Deflector gold project in Western Australia's
Murchison region. Following construction of
Deflector, Doray would target annual gold production
between 150,000 ounces to 160,000 ounces of gold
equivalent from Andy Well and Deflector combined,
at an all-in sustaining cost below A$1,000 per ounce.
GBM Gold completed the maiden gold pour from the
Harvest Home deposit at its Goldsborough gold
project in central Victoria, producing a 107-ounce
gold doré bar.
Kidman Resources agreed to lease and operate the
Burbanks processing plant owned by Ramelius
Resources, in a move, which will further reduce
costs at Kidman's Burbanks gold mine in Western
Australia. Under the deal, Kidman has an initial one-
year lease with an option to extend by mutual
agreement. The company will pay Ramelius A$5 per
dry tonne of ore processed and A$1 per tonne of
capacity utilized in the tailings storage facility.
Specialty Metals
Industrial Minerals - China’s exports of flake graphite
plunged in H1 2015, following sky rocketing sales in
Q4 2014, causing total exports to drop by 49.4%
year-on-year, with shipments to the US and Japan
falling considerably in Q1 2015.
Metal Bulletin - Atlantic Ltd, owner of the troubled
Windimurra vanadium project in WA through
Midwest Vanadium Pty Ltd, is now in talks with its
largest shareholder, Droxford International, over a
"solvent restructuring" of its balance sheet.
Stratmin Global Resources has completed the
graphite plant upgrade at its Loharano project in
Madagascar, increasing plant capacity to 6,000
tonnes per annum of processed flake graphite. The
plant will move to 24-hour production six days a
week in August, and is currently delivering up to 900
kilograms per hour of refined graphite.
Syrah Resources said it is raising A$211 million
through a A$98 million placement and a A$113
million entitlement offer to fund the development of
the company's Balama graphite project in
Mozambique. Proceeds would also be used to fund
general and administrative costs and to progress
studies relating to Syrah's future potential projects
including a spherical graphite facility in the U.S.

4. Oz Metals
41th
Edition – 8th
August 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 / 5
TerraStudio
Funding, Mergers & Acquisitions
Acquiring Barrick Gold 50% stake in the Super Pit, in
Western Australia is not a focus for Newmont Mining.
Instead, the Denver-based miner will focus on
extending the life of the open pit and underground
deposits via laybacks and the development of a new
discovery, Tom Palmer — Newmont Asia Pacific
regional senior vice president — told reporters at the
annual Diggers & Dealers Mining Forum.
Ivanhoe Mines and Zijin Mining extended the
completion date for the latter's proposed US$412
million deal to acquire a significant stake in the
Kamoa copper project in the DRC.
Zijin Mining subsidiary Norton Gold Fields will make
a formal cash offer of 10 Australian cents per share
to acquire Phoenix Gold, valuing the latter at A$45m.
The offer will be dated Aug. 20 and will expire on
Sept. 21.
Zijin Mining executive director George Fang told
reporters on the sidelines of the Diggers & Dealers
Mining Forum, that the Chinese state-backed firm is
looking at further acquisitions in Australia if the
opportunity presents itself.
Evolution Mining is remaining tight-lipped on
whether it is considering raising its stake or
potentially buying fellow ASX-listed gold player
Phoenix Gold after it acquired a 19.8% stake in the
junior explorer. Executive Chairman Jake Klein
declined to comment on the mid-tier producer's
intentions on the sidelines of Diggers & Dealers,
saying only that Evolution likes Phoenix Gold's
projects.
Meanwhile, The Sydney Morning Herald wrote that
both Metals X and OceanaGold have indicated an
interest in striking more deals. Fresh from its
recently announced takeover offer for Romarco
Minerals, OceanaGold remains on the hunt for good
opportunities while Metals X is looking out for more
distressed assets.
Panoramic Resources Managing Director Peter
Harold said the company has put its Gidgee gold
project in Western Australia up for sale, but did not
reveal a price tag for the asset, The West Australian
reported.
Aus Tin Mining signed a nonbinding heads of
agreement to acquire McDermott Mining Pty Ltd for
A$1.3 million. McDermott owns the Granville East tin
project in Tasmania. Granville — currently on care
and maintenance — is comprised of two mining
leases, the Granville East open pit, the Central Big H
and Deep Lead prospects, and the Twelve Mile
processing plant.
Maximus Resources has inked a farm-in agreement
to secure a 90% interest in the Spargoville gold
project in WA from Tychean Resources within three
years. The company can initially acquire a 25%
interest in the 11,000-hectare project by paying
A$200,000 in cash and A$200,000 in shares.
Maximus will manage all future exploration activities
and expenditure allocations and can increase equity
in the tenements to 51% within two years from
commencement by investing a further A$200,000 in
exploration. The company can take its stake up to
90% by investing a further A$600,000 in exploration
within three years from commencement. Tychean
will retain 10% equity in the Spargoville project on a
pro rata basis up to a decision to mine, which can be
converted to a 1.5% net smelter royalty.
Sayona Mining has secured a four-month exclusive
option, for US$15,000/month, to purchase the
Itabela large flake graphite project in Brazil. The
term sheet requires the company to pay US$3.5
million and a 2% net smelter return royalty over all
mineral rights to the vendor should Sayona elect to
acquire the project.
Straits Resources has struck a deal with Standard
Chartered Bank to reduce its debt load by 55% to
US$50 million. In return, Straits will provide the bank
with redeemable convertible preference shares
equivalent to 60% of Straits' post-restructuring equity,
and a price participation structure. Straits also
secured a new senior debt facility through Standard
Chartered, with a period of seven years, which
includes a two-year upfront cash interest holiday.

5. Oz Metals
41th
Edition – 8th
August 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 5 / 5
TerraStudio
Segue Resources inked a joint venture agreement
over its Deralinya nickel-copper-platinum group
elements project in the southern portion of the
Fraser Range province in Western Australia with its
geological consultant, Omni GeoX. Omni can earn a
30% interest in the 760-square-kilometer project
through the expenditure of A$130,000 on exploration
activities.
Source: Company March Quarterly Reports. AISC reported in A$ 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
Gwalia
Henty
Bonikro
Syama
KingoftheHills
EdnaMay
Cowal
MtRawdon
Telfer
MountCarlton
Kundana
KanownaBelle
MoolartWell
GrannySmith
Tanami
Guanaco
Jundee
Gosowong
MtMagnet
CarosueDam
Pajingo
Ravenswood
BanHouayxai
Edikan
Agnew/Lawlers
AndyWell
Chatree
Cracow
Boddington
Higginsville
Rosemont
MountMonger
Paulsens
Nullagine
StIves
SimberiWayLinggo
Casposo
Challenger
Co-O
TucanoTorrecillas
LihirIsland
Paddington
LasLagunas
GardenWell
TomingleyAndorinhas
SuperPit
PlutonicDarlot
HiddenValley
SKO
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
0 500,000 1,000,000 1,500,000 2,000,000
AISC(US$/oz)
Production (oz)
March 2015 Cost Curve for ASX-listed Gold Producers
(+ Australian operations from Majors)
First Quartile
Second Quartile
Third Quartile
Fourth Quartile